Option Millionaires

[Liquid_Bull]

I am a newbie to options... but I think I might have purchased my first 2 potentially profitable option contracts today... Any thoughts or advice on my purchases and/or future purchases is welcomed.

Bought to Open 10 contracts of option MSFT JAN 20 2017 65.00 C at $0.20

Bought to Open 10 contracts of option PYPL NOV 18 2016 43.00 C at $0.37

I thought buying the higher strike prices would get me the cheaper prices I was after, but I knew I needed good earnings to push them higher which was an obvious risk. So I combined that with the farther out expiration dates to give me time. It felt "safer" lol. I'm not sure if selling sooner rather than later is better or to give it time. I don't know the sweet spot to look for or the signal to sell. When does time running out begin to decay the value of the contracts? etc. Once again, Any comments or advice from anyone on this board will be appreciated. Thanks in advance.