A long put option strategy is a single-leg strategy where you are ultra bearish on the future direction of the stock and as a result buy a put option looking for the stock to make a dramatic move lower. Long put options are very vulnerable to moves in implied volatility and time decay. These are the first options that most investors are taught (despite their low success rate). Unless we use them for hedging purposes, we do not trade single leg put options as part of our portfolio. However, they are a great way to hedge your stock portfolio if you feel the market could go lower in the future and you want some "insurance" protection.