Most traders learn CALLs and PUTs first.

The real challenge is knowing when to enter, how to manage the position and when to exit. 10 Options Trading Rules to Know Before Your Next Trade 1. Trend: Check Nifty or Bank Nifty direction before entering. 2. Theta: Sideways markets can reduce option premiums over time. 3. IV: High implied volatility means costlier premiums, all else equal. 4. Strike Selection: Understand the cost and risk of ATM, ITM and OTM options. 5. Greeks: Know how Delta, Theta and Vega affect your position. 6. Risk-Reward: Plan your stop-loss and target before entry. 7. Overtrading: Avoid emotional trades after a loss. 8. Events: Track expiry, RBI policy and major announcements. 9. Strategy: Option buying and selling need different risk plans. 10. Capital: Decide your position size based on the loss you can afford.