Most people enter the options game with the idea of buying some short-term options and watching them skyrocket to big profits. But after a few losing trades, the cold, hard face of reality inevitably sets in.

See, as an options trader, you do a lot of learning on your feet. And while everyone likes to brag about their success, it's really the mistakes that teach us the most.

Even professional traders have taken their lumps now and again, but one quality some of the best options traders have is that they usually never make the same mistake twice.

Here are the most common (and costly) mistakes you should try to avoid:

1. Having No Patience When Making a Trade.

This is my most important rule. Decide how much you are willing to risk in the options markets during the next 12 months. But don't commit all your money right away—spread your money and trades over an entire year.

In my Fast Options Profits service, I recommend placing one to three options trades per week, which are designed to play out within a three-week time frame, so you could have as many as a dozen trades in progress at any given time.

At Fast Options Profits, we are most interested in options that have a significant amount of time value, meaning options that are further away from expiration are more valuable than those that are closer to expiration because there is more time left for the option to build profits. The options market is open every business day of the year. If you can't place a good trade today, there's always tomorrow.

2. Not Planning Ahead.

Whatever you do, don't bet the farm. Options are not long-term investments—they are calculated tools that provide immense leverage. But, this leverage can work both ways, so make sure to never risk more in any one option trade that you wouldn't be completely OK with losing if the trade turned against you.

Remember, one option contract enables traders to control 100 shares of the underlying stock, so even if a contract might cost $50, if you normally buy five or 10 contracts, you shouldn't buy 20 or 30. It might seem like you're shopping at your favorite wholesale club, but if that trade turns against you, you're placing $1,500 at risk. And if you've shorted it and aren't in possession of the underlying stock, you could be scrambling to buy 3,000 shares. Suddenly, that inexpensive option doesn't look so cheap anymore!

Here's what to do: Draw up a game plan and spread your option purchases over several months. Then, try to invest the same dollar amount in each position. This eliminates the risk of having small investments in the winners and big investments in the losers.

3. Overpaying for Overpriced Options.

Sometimes options can be priced just right. Other times they seem downright cheap, yet in some other situations, they can be trading at a steep premium.

Options can be an inexpensive way to play a big-name stock, as one options contract (that controls 100 shares of stock) can seem like pocket change in comparison. However, you have to be extra-careful when volatility levels in the markets spike, because option premiums go up during these times but then pull back as investors gain more confidence.

When you pay too much for an option, it just takes a little adjustment to this volatility to whack the price down (even when the underlying stock doesn't move that much). Keep tabs on the Chicago Board Options Exchange's Volatility Index (VIX) and its Nasdaq Volatility Index (VXN)—the higher the volatility numbers, the greater the fear out there and, thus, the higher the prices.