Aside from basic definition and components that make up of option value, my piece of advice for option newbie is as below.
For beginner Asian investors, stay away from options if you wants to protect your investment. Your option contract could go worthless next morning when you wake up and check the market.
OTM option is just pure gambling and may result in  total lost of contract value. if you are lucky and strike the right direction, bear in mind, not everyday is Su...

1) Review if there are any change to fundamental of the company, your current cash position and market trend.
2) understand there is always market volatily and question whether your entry price is historical high and what are the maximum loss you are willing to take in each investment.
3) execute your plan accordingly

Market has been extremely volatile in 2022.
risk assets are suffering from value reset and many investor get trapped for chasing high early this year.
For long term investment, my philosophy would be not to time the market and continue to DCA your investment (no penny stock). Time should reward your investment fairly over 5-10years