Once a trader has determined to use options in their trading plan, they need to become familiar with the option trading strategies. Jumping into the market without being familiar with the techniques available isn't wise. That's why The Dedicated Trader has set aside a portion of its education center to deal with learning the various option trading strategies.

There are three areas of strategies for buying and selling options. There are strategies to use when the market is bullish or going up. There are strategies that work when the market is bearish or going down. There are even profitable strategies to use when the market is neutral or just treading water and staying in place.

A trader must be aware of the variety of strategies involved. Otherwise they run the risk of using a bearish strategy for a bullish market. That would be a disastrous move, sort of like putting a can of motor oil in the gas tank. Something will blow up. You don't want it to be your trade.

Bullish strategies include covered calls, long calls, bull call spreads, bull put spreads, protective puts, selling naked puts, and call backspreads.

Bearish strategies include long puts, naked calls, bear put spreads and bear call spreads.

Neutral strategies include long straddles, short straddles, long strangles, short strangles, the butterfly, the condor, ratio spreads, calendar spreads, and collars.

Most veteran traders recommend a newcomer take a look at the various strategies and choose one that will work best for their ability or personality. After making that choice, it is recommended that a trader practice that strategy over and over, until they become well-versed in its execution and delivery. There's no need to learn and become proficient in 10 different strategies. All you need is one.

A quality stock and options education is available through BetterTrades, the No. 1 stock market education company in the country. BetterTrades created The Dedicated Trader and processed it into a quality tool for education and trading.