In this insightful episode of "Passive Trading and Active Investing," host Alex Novak explores the critical missteps in options trading. He compares the discipline to a strategic game, emphasizing the need for a well-defined approach and caution against treating options like lottery tickets. Alex highlights the pitfalls of emotional trading, the risks of excessive leverage, and the importance of understanding options pricing, even for simple strategies. He also touches on the significance of portfolio diversification, the perils of overconfidence, and the impact of taxes on trading outcomes. Concluding with tips for psychological resilience in the volatile trading world, this episode is a compact guide for anyone looking to navigate the complexities of options trading with more confidence and less error. Tune in to sharpen your trading acumen and avoid common mistakes in the dynamic world of options.