We tend to over complicate things too much. The whole idea of theta and gamma and vega is really pointless in the understanding of options. The reason those greeks exist is to manage very large complicated positions that can't be broken down easily by dissecting out synthetics. When you make a simple option trade, you are making a probability bet. No strategy is any better or worse than the other. Luck plays a huge role over the long run in this profession. If you have a strategy with large amounts of risk, sooner or later, bad luck will get you. There is nothing we can do about this. And the inverse of that is true. No matter how bad of a trader you are and you could be the worst trader on earth, if you have a position with huge upside potential, sooner or later, you will trip over some good luck and make a fortune. There are many stories like this in the floor where guys made millions on trades there were merely mistakes on their part and they left the floor to retire. Making money does not in and of itself justify the strategy. No more than someone who cheats on their wife and never gets caught. Look, I could sell naked puts in the NDX every month 200 pts OTM for .05 and .10. This strategy would produce a terrific track record over let’s say 5 to 10 years. Hell I might be able to go 300 pts out. People who do not know what I am doing will call me a god. A natural, the next Soros, how does he do it. The guy never loses! But the day will come when I not only blow out my account but probably my broker and perhaps my clearing firm as well. Now the trick is how long I can push my luck. What if I just did this for 5 years? What are the chances, what are the odds? Will I get away with it? This is not trading. But to an outsider, this guy looks like the greatest trader ever.