DrWorm,
May be I am not clear. It is a drill to do with every trade winner or loser so you can keep good lessons with you and remember mistakes and avoid them.
Options should not be more then 5 % of your capital I am talking about short-term options. That 5 % should be for all short-term positions. One should always do spread, even if it is giving you few % at least if you are wrong you are wrong few % less most spreads gives you 30 to 40% so you are taking same position but paying 30 40 % less, Once trade is comfortable you can always add a leg.
Long term could be used for leaps; In case of leaps always do spreads. One should not invest more then 5 % in one position. I do one thing for a long position I buy stock and write a call for period I want to hold and I am hoping it is going there. With premium I will buy 5-7 % out of money puts I might add a bit in that, now I have stop in place and I can ride it better.
When I am writing this I am reminding it to my self also.
Good luck.