---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40124218.md"
description: "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."
datetime: "2026-04-23T04:04:49.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40124218.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40124218.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40124218.md)
author: "[毛利](https://longbridge.com/en/profiles/22959265.md)"
---

# I've been in the US stock market for over half a y…


## Comments (4)

- **不红不卖 · 2026-04-27T10:38:58.000Z**: Only doing the end of the world
- **空空郎君 · 2026-04-27T03:27:38.000Z**: Data like iv, delta, theta, and gamma are meaningless.Because these data points are not supported by any probability.Only the magnitude of a stock's decline is an indicator supported by probability.When I buy options now, I start with two-year call options.
  - **毛利** (2026-04-27T03:49:10.000Z): What are you mumbling about?