Re: buying options straddles
"is there any downside to this?"
It's called "time decay". Options erode in value over time. If the underlying instrument doesn't move much you can get anhilated. Often you will need a very large move and/or volatility spike for these to work out. I am often long atm straddles but am also always short something else to help offset said time decay.
Do some research. Pick some instruments you would be interested in buy straddles on and see how they react. Also read a good options book.
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