Dykstra: How to Fix a Bad Options Trade

Attention to detail often makes the difference between winning and losing. Look at some of the biggest championship games. They often come down to a bad managerial decision, or a player that has lost focus for a split second. I think many New York Mets fans will understand what I'm saying - oh, and fans of the Red Sox, too.

In this column, I have always said it is important for my readers to learn the details. In order to be on top of your game, you have to understand it first. If you don't know the rules, how can you possibly follow them? And when you don't follow them, how will you fix your mistakes?

I've talked a lot in recent columns about bits and pieces of my system, which I think many people are familiar with.

As a reminder, I make three picks a week in my subscription newsletter Nails on the Numbers, the only place to get my deep-in-the-money option calls picks. If you like money, you can check it out here.

I don't want people to follow my picks blindly. If you get the basics of the system, you are a lot less likely to make rookie mistakes. I have gotten a handful of questions in the last month regarding easily avoidable mistakes.

Many of them are from people who bought the wrong option. I typically go out four to seven or eight months out with most of my picks. However, lately I have peppered in some longer calls in there, going out to 2010.