How to get expertise in options strategies?

I see there are many options strategies in the varsity but my question is do we really need expertise in all of them. I have heard the majority in the options world mainly prefer short straddle. So is it the right way to stick to just one strategy like “Short Straddle + adjustments” and find good experience in it to make consistent profits? or do I need to learn and practice all of them.

If a newbie has started relative value trading in options and has now become an expert in taking out consistent profits, what would have been his typical journey in becoming an expert with respect to options strategies?

Could someone please help me out?

There is no right answer to this, also there is no solution which fits all. One should learn all and practice and during the course with experience that individual will understand which is working for him/her, keep optimizing that and that’s how things are learned and that’s the only way.

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@siva Okay, I will do it. Thanks. Is there a platform where I can practice the strategies with virtual money for free? I am new to pair value trading and so do not have any idea where I can get to use free pay off diagram softwares to test my strategies and also trade with the virtual money. Could you please suggest one.


You can try out sensibull, but guess that is not free, anyhow one should be ready to spend some money to learn things, should consider that as investment, investing on them selves.

You can try neostox

@siva I agree. Thank you.

@Kunal_Gupta1 Let me check it. Thanks.