I've been in the US stock market for over half a year, starting directly with options. Along the way, I've learned a lot of experiences and lessons, and I've come to understand iv, delta, theta, and gamma. The more I learn, the more cautious I become. I went from initially only buying out-of-the-money options with less than 3 months to expiration, to now only buying those with more than 6 months, even 1-year LEAPS, with the strike price mostly at-the-money. My view of options has shifted from leverage to a strategic tool. Besides single-leg strategies, there are many other strategies. The only reason I still primarily trade options after understanding their risks and difficulty is the hope for greater returns. I consider my actions to be speculative arbitrage based on value judgment. Finally, I'll say this: buying options is much, much harder than buying the underlying stock, and high volatility has a greater psychological impact. If you don't understand the company and can't even hold onto the stock, it's impossible to hold onto options.