I expect I'm the only financial editor who will neither analyze the recent election or try to predict "Obamanomics," except for this: The day after the election, the first financial headline I encountered offered the following advice: "Obama-proof Your Portfolio."

The past year has been disaster, so I suppose stock traders may need to know how to politic-proof their portfolios.

I don't have that worry because I don't care about the market direction; option traders play both sides of the market. And in three words, that strategy boils down to: We make money.

Just since August, our portfolio has outperformed the Dow (DJI) by just under 50%. Fifty percent! I don't like to gloat, but while most investors were crying "uncle," Fast Options Profits subscribers continued enjoying our lightening-quick profits in two weeks or less, like 90%, 40%, 159 and 140%.

Sure, we've taken individual losses. But even our biggest single loss is still smaller than the Dow's in the same time.

But even with our windfall of profits, options traders still need to be careful.

Among the several historical precedents that are being taken out is what's known as implied volatility, or the expected volatility in an option. Simply put, higher implied volatility brings higher option prices, so it is important not to chase options prices when you trade. Now is not the time to overpay.

Opening the "Seller" Door

Remember, too, that just because you want to buy an option, doesn't mean you'll get it—the market maker must decide to sell it to you.