Do I need to understand Greeks to trade Options?

Straight up, if you have yet to understand Greeks, do not trade Options. I started trading Options without understanding the Greeks,I thought it wasn't important until I face problems like my profits were not as much as I thought it would be and my losers were much worst than I anticipated. I was bemuse to say the least until I discovered that Greeks played an extremely important role in Options. Now,Greeks are not difficult to understand,you just need some time to get use to the idea that they affect Option premiums(price) one way or another. For those who don't know what Greeks are,let investopedia.com explain them:

Delta:If you see a delta of 0.7 means that for every $1 the underlying stock increases, the call option will increase by $0.70.
Put option deltas, on the other hand, will be negative, because as the underlying security increases, the value of the option will decrease. So a put option with a delta of -0.7 will decrease by $0.70 for every $1 the underlying increases in price.

Theta:A measure of the rate of decline in the value of an option due to the passage of time. Theta can also be referred to as the time decay on the value of an option. If everything is held constant, then the option will lose value as time moves closer to the maturity of the option.For example,if the strike price of an option is $1,150 and theta is 53.80, then in theory the value of the option will drop $53.80 per day.

Gamma:The rate of change for delta with respect to the underlying asset's price.It is the first derivative of delta and is used when trying to gauge the price of an option relative to the amount it is in or out of the money.
When the option being measured is deep in or out of the money, gamma is small. When the option is near the money, gamma is largest.

Vega:The amount that the price of an option changes compared to a 1% change in volatility. Vega changes when there are large price movements in the underlying asset and vega falls as the option gets closer to maturity. Vega can change even if there is no change in the price of the underlying asset, this would happen if there is a change in expected volatility.
For example, if the vega of an option is -96.94 and if implied volatility were to rise by 1% then the option value would fall by $96.94.

Rho:Rho measures the sensitivity of an option or options portfolio to a change in interest rate.For example, if an option or options portfolio has a rho of 12.124, then for every percentage-point increase in interest rates, the value of the option increases 12.124%.

I completely understand if you feel lost and confused right now, if this is your first time reading about Greeks. Don't worry,it is completely normal to feel like Options are too hard to understand. I assure you that after a couple more reviews on Greeks,you'll be able to grasp the concept. I've been trading for a year now and I only focus primarily on Delta and Theta,albeit I'm not saying that you should discount the other 3 Greeks.

Cheers
Hyzel

"The average bottom-of-the ladder person is potentially as creative as the top executive who sits in the big office.The problem is that the person on the bottom of the ladder doesn't trust his own brilliance and doesn't,therefore,believe in his own ideas."

Robert Schuller