Also known as the four greeks bearing gifts, the four horsemen are swift and merciless. Delta tears you to shreds when the price moves against you. Gamma mutilates any chance for recovery as you approach option expiration. Theta slowly bleeds your position to an anemic size. And finally, the lesser mentioned Rho accelerates the decay of your hope that some day the position will improve.
For instance, plot the risk/reward for any strategy you deploy. If it looks "too good to be true", such as a spread with a 100% reward at expiration for 5% risk, the option writers have a very good idea you may never see that reward.
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