I have found options trading to be both a stimulating and educational experience. Like many, I read a book about trading options (my favorite is the slightly old-school, but highly instructional book by Max Ansbacher called 'The New Options Market'). What Max told me, as if he was my Uncle, was: 'Options traders who only buy puts and calls will eventually lose a bunch of money'. I concluded that these kinds of traders are purely 'directional traders' looking for high leverage and wildly-profitable, short-term gain.
After absorbing this knowledge, I swore I was not ever going to become 'directional man' and, instead, trade options under the protection of hedged positions. But guess what? Directional trading can sneak up on you.
Here is where I am. First, I accept that it's OK to be directional as long as you are mentally prepared to loose all your money. Directional man does have a certain look about him. Mostly the look of loosing a bunch of money -- but having fun doing it. Second, I only let directional man come out to play once in a while -- only when the moon is full.
Make sure you follow the phases of the moon closely.