That’s not correct. With ANY option strategies that you want to give yourself an edge on, you should buy FAR MORE time than you feel you’ll need. Do enough short-term ones and you’ll see what I’m talking about. It’s an error of newer option traders.
For instance, if I were a betting man…I’d have thought my GDX calls would have taken off a week or two sooner than they did. They just really took off today. And the biggest time erosion on a contract happens in the final 30-45 days. So you have time ticking off of your contract very quickly.
It’s under “Important Things To Remember” in the book.