It's been said that options premium selling (or any short gamma strategy) is equivalent of "eating like a bird and shitting like and elephant." In other words, they take all their volatility at once which causes them to blow up. Most online advise I follow teaches to sell premium. Then they say invest only about 50% of total capital. They say try to diversify, but I don't think it's as easy to do with options as with futures/equities. So I have an impression that individual/retail option trading is for people trading with play money or ex traders who just trade part of previously earned pot to juice up returns. Are there any traders making living trading options ONLY portfolios (not OPM) investing up to 100% of their capital? How do you mitigate risk? How do you position size and diversify when, essentially, you are either long volatility or short volatility? I realize volumes could be written on this subject and that my assumptions may be naive/invalid, but that's the point of the post. Thank you.