Alen,
Great enthusiasm, but please be mindful of a few things first.
Options:
1. Options are perishable equities and ultimately become worthless.
2. Options have Intrinsic value (what they MUST be worth based on the equity they track) and Extrinsic value (time remaining until they expire).
As an option get closer to expiration, the more theta (extrinsic value) they lose. Theta does not affect intrinsic value. Delta affects an options intrinsic value because delta measures the performance of the equity the option tracks.
Example. If XYZ is $50 per share and you purchase a 6 month X$40 Call option, the intrinsic value MUST be $10 minimum in order to prevent/avoid arbitrage. Now, because the option is 6 months out, you are necessarily purchasing time value which could be another $3+/-. So, the option would cost you $13 per share.
Now fast forward 6 months...the option is set to expire TODAY and the price per share on XYZ is still $50 (it hasn't moved at all). The 6 month X$40 Call option will no longer be worth $13 per share. It has lost all of its theta, but because it is still $10 ahead of $40, the option MUST be worth $10.
In this case, even though the security XYZ did not lose value per share, your option still did because of time decay.
3. Options are affected by volatility. As volatility increases, the option's value also increases - and vice versa. Mind you, volatility is constantly changing - fluid.
The problem with volatility is that if you purchase an option with a high IV (implied volatility) and then the IV falls, your option will lose value. You have to understand a fundamental principle of mean reversion. Mean reversion dictates that on average, the average wins. In other words, over time, all things revert to the average...they go from extreme highs and extreme lows back to the average, somewhere in the middle.
Therefore, if historic volatility is 40 and the option you're about to purchase is 100, then there is a high proabability that your option will revert to the mean - your option will lose value.
So far, for the options trader/investor, you must be correct about time, direction, and volatility. That's a lot to juggle, especially if you're new to the game - but not impossible.
In my own experience, I have been correct about directionand time, but because I neglected to review IV, the option did not appreciate as much as I thought it would. I still made money, just not as much.
For this reason and other reasons, many traders will enter into volatility spreads where they sell option with extremely high IV relative to historic IV with zero regard of direction because even if the stock it tracks appreciates in value, the volatility reversion will negate any possible gains. Of course traders will also employ these spreads when there is 30 days or less remaining in an option since the last 30 days, theta depreciates exponentially.
Mean reversion:
As mentioned above, over time, series data reverts to the mean. Take 1 exam and earn 100% - great. But take a different exam everyday for the next 210 days of the year. the average for the exam should revert to 50%, or close to.
As such, I would stear clear of day trading. Stick with macro price trends and study money management and risk management. a number of great articles inthis forum are dedicated to those topics and are excellent!
Options naturally are tools of leverage, but they come with a cost...delta, vega, theta, gamma..and little old rho who rarely is ever mentioned. get a handle on the top 3 and you're on your way.