Risk Management for small accounts

[mg8991]

Hi everyone. First time poster, long time and challenged options trader here. Know the terminologies and way they work fairly well, and also fairly good at using technical indicators to help forsee a lot of what goes on in the future price movement. However, I struggle with risk management, especially as it pertains to options. For the sake of my post, consider a trader with a smaller account than not. Say $10,000 and I'm trading the daily and weekly chart, so planning for moves over the next 2-4 months.

My question is how you all feel about stop losses with options, among a couple other things. Since options tend to fluctuate wildly with price action, should I just factor my risk into the purchase at the beginning and let them do what they're gonna do? For example, with a smaller account, say I want to risk 5% or $500 on a trade. Is it better to buy some options outright (or a spread) and just let it be? Follow up to that though is if yes, some cases would make it tricky to get my 3:1 risk reward ratio, or does that theory change given the circumstances too? 

As for the options themselves..Delta .70 seems to be a common agreement among traders and I've found more success with that, but again note the difficulty to achieve 3:1 that way. What about other tips to picking the options themselves, IV, Prob ITM or Prob Touch...do those really offer a solid edge as far as risk management or is it just noise?

Thank you all! Look forward to reading/sharing more ideas within the group! Take care