How to net out the time decay aspect of options portfolio?
Greetings friend, since time affects all options, often people focus on trying to “profit around” or minimize time decay. Some ways include a bear call spread, a bull put spread, a condor strategy or a long calendar spread. The theta-driven idea behind these strategies is that, absent a huge adverse move in the underlying stock/commodity that goes against your market view/strategy, the “short options” will gain more than the “long options” will lose due to theta decay… leaving you with a profit.
In general - long positions in options (puts or calls) have negative theta and short positions on options have positive theta. So as you can see, the strategies I outlined above combine long and short options together, netting out most of the theta. Granted, I am not a level 1000 genius options trader I am just a typical one doing it in conjunction with my general portfolio lol. So I will defer to any folks with more options expertise if they have their own answer. Cheers - good luck - you got this 
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