Great point: Underlying is important, however, I should take into account Volatility and Theta decay when it comes to the option price changing. Definitely these 2 are also big ones and can't ignore those when it comes to option price.
Hi. It is difficult to make money without making stops, but the detail is in knowing when to do it, you must have a tool that helps you not to fall to the bottom of the losses.
Thanks Pedro - yes risk management is definitely important to make money, but slightly difficult to use a stop on an option and not recommended. In that case, any specific "Tool" you would be referring too to reduce your loss??
Yes, it is a guide to check the option, not an exact exit, because volatility and time decay ( theta ) also affect options value. But it alerts you to monitor your possible exit versus an untimely Stop out.