About options, let me talk about my own play style. If it happens to be a hot spot, you can play the expiration game. Other times, you can play 1 to 3 months, or more than 3 months for a steadier approach.

If you're buying calls, you must also buy some puts for risk hedging. For example, if you buy 10 calls, you should at least have 1 to 2 puts. If a black swan event occurs, you won't suffer heavy losses. The reverse can help you recover some losses. Whether the market goes up or down, you're covered. The reverse should have a closer expiration date than the forward, so the leverage is higher, the cost is lower, and the recovery is faster. It's meant to be a backup—just roll it over when it expires.

Don't think about selling; the reverse is like buying insurance. Just wait for it to zero out. Don't feel bad about the money spent. As long as the forward is steady, the reverse money will come back in no time.

If you're playing the expiration game and things aren't going your way, cut your losses decisively. You can sell the options and buy options with an additional week of time at the same level, then hold on. Don't gamble on the last two days—it's toxic.

For example, if it expires on Friday and by Tuesday it's not following your plan, decisively cut your losses and switch to a later expiration. Options with only 1 to 2 days left aren't about skill—they're about luck, which is meaningless. If you want to trade options long-term, you have to play it safe.

$JCCL(600362.SH)$Lockheed Martin(LMT.US)$Tesla(TSLA.US)$Alphabet - C(GOOG.US)$Taiwan Semiconductor(TSM.US)$Apple(AAPL.US)