New to options - understand the concepts - have taking some trainings on the Greeks and IV - what I am struggling with is how to start and bring it all together. Don’t you have to ultimately start with speculation on an underlying equity - then you look at the Greeks and technicals to find a good position? Sorry for the beginner question

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Same boat. Ultimately, it does feel like speculation is a huge part of any position- because for every buyer, there's a seller. Seems like the technicals help you gauge potential gain/loss.

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Absolutely. You need to have a “view” on the underlying security (a ‘delta’ view), if you want to make any real money as a retail investor. You could bet on the other Greeks (gamma/vega, primarily) - but the risk appetite and collateral needed to make sizable $ returns will likely exceed the average retail investor’s net worth.

But that’s the wrong way to think about options. Think of them as a way to *very* efficiently express your view on the underlying, when you do have a view.

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