It looks like you haven’t improved your strategy yet. You have a well defined strategy. Depending on your strategy, you need to check its performance by backtesting different stop loss (%) and target (%) and finding the optimal parameters.
Aside from general advice for option buyers, such as reducing the holding time as much as possible due to option dissolution, most of the risk management involving position size and lower stop loss (%) will depend on your strategy. You will have to work it out on your own.
You can choose not to put the SL and forfeit the entire premium if this works better in your strategy. Otherwise, having an SL always works better.
There are no rules that work all the time. Some basic rules are:
- Weekend holding options are risky due to Saturday and Sunday options decay.
- Buying options one day before expiration is again risky due to high decay ratio.
If you are new to trading or buying options, do not trade options. You will simply lose money like water or sand slipping between your fingers. Work on your strategy rigorously before you actually start trading, and even then be prepared to deliver heavy blows to your capital.