I'm reading a Minervini book, based on the critical comments in that other thread. Not that it has anything to do with options.
Total misapplication of the concept. But it's all good. While the plebes spend all day on forums, searching for new gurus, reading/learning theory in hopes of finding "one good idea," the vital few will do what they do...
when it comes to learning a skill, like wood working I agree. But that doesn’t apply to learning abstract things. I actually spend most of my time reading management science books. Some are great, some are okay. But I’ve learned something from everyone of them that I have read.
I read his 2 main books a while back and liked them...definitely geared towards beginners looking for direction. there are also several free webinars he has put on that will help fill in the gaps...and marketsmith (although expensive) is pretty nice for that style of trading. I tried to apply those methods to long options and it was disastrous though. I think it could work but you will need to have a solid handle on rolling to lock in profits while in the trend. pretty much need to have a strong understanding of greeks and pricing and all of the other fundamental options stuff as well...not as simple as I once thought.
Unlearn everything you have learned from various sources. Cleanse, neutralize, your canvas palette. Modern, new, traders who have learned so-called trading from weird sources...is like observing newly racists and intolerant kids from similar households. Occam's Razor...the most simplest explanation or way, tends to be the one that works. Keep it simple....if you can just buy basic calls and puts, bet up and bet down accordingly, when you feel the move trend will happen....you can get rich fast. ATM, at the money, strikes options. The Devil...of course....though...is in the details. Having that foresight. That twinkle in the eye. And knowing, generally, when to bet up and down. Don't count on me being so privy to give that process mindset away, exactly, technically.
I was pretty decent at picking direction...unfortunately it was usually after a big move or reversal when IV is elevated...and although the trend would continue in my favor, crush and theta ate me up. I get what you're saying about keeping it simple...but nothing about options is simple. They are extremely complicated and not taking the time to learn the details absolutely killed me.
Look at each day's chart. The S&P, SPX. Each day...there is usually an obvious, major, line movement. Can you imagine if you bought ATM, at the money strikes, on or near that exact ideal buying spot...and sold at or near that exact, ideal, selling spot. You would make a lot of money fast, your account would grow so rapidly.