if you are referring to my post, effectively you must buy or sell calls and buy or sell puts in some combination to combat constantly changing market conditions. If you looked at the book - or Hull's book as well - you could have made money off the volatility drop of which you speak. Options are still priced off of mathematical models from the 60's, for God's sake, you think you might want to understand options - and their flows - down cold first. It's what you really need to understand to really "get the markets"....
A condor is a condor, a butterfly is a butterfly, and theta decay, well, time continues to decay. I'd read it if I was looking for a good series of lessons.