Directional thesis

What you expect the underlying to do, with a horizon and a size. Without all three you cannot choose strike or expiry: only buy for the sake of buying.

In the chapter

XIThe method

The decisions, in order

From the same chapter

Position sizingHow many contracts, decided from the maximum loss you accept. Worked out before opening; after that it is negotiating with yourself.
Exit planAt what price or on what date you close, written before entering. An option can run out of time while you wait to be proved right.