Straddles are great for traders who don't mind taking a little extra risk for the potential of a larger payout. They can, however, be slow moving vehicles in some market environments. The friction between the put and the call can make it difficult to achieve profitability without significant or a lot of time passing. They tend to hold quite a bit of extrinsic value right up until expiration, especially if their strike is near the current share price (which is what you want). For this reason, I like to cash straddles out for a lower percentage of the max potential (around 20-25%).
I'll also mention that straddles are not a strategy I typically start off with due to their lower POP. Occasionally I might place a straddle for a little strategic diversification, but it is not a go-to setup for me. As I stated earlier in this article, straddles are a common result of defensive maneuvers. They can be an effective way to make money when volatility contracts, however timing this perfectly is difficult. Skewing to one direction can also help profits roll in faster, as long as you're directionally correct. This isn't my favorite strategy, but it's far from the worst. I'd give it 3.5 out of 5 stars XX