Hulk's Rules
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Lotto trades no more than 1% of account value (wkly option/earnings trade)
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Short-term options no more than 3% of account value (<3 months)
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Longer dated options no more than 5% of account value (>3 months)
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No more than 20% of account value in option positions at any given time
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No more than 15 % of account value for single stock purchases
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Have an idea of where a stock can go and how long it might take when deciding on an option strike and expiration (this skill develops as you learn how to read charts)
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Avoid holding options through earnings (trading after earnings is lower risk and often higher reward)
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Cut losses quickly if a stock gives a sell signal (you can always buy back)
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Patience. The best trades come to those who wait for that supreme moment before buying
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After a big winning or losing streak take a few days off from trading to get your emotions back in check
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Assume that every position can go to zero when deciding on an options position size