We have covered the examples and payoff functions with step by step details for trading the Long Put Option in the article: Long Put Option Trading Explained.
We've now added a video tutorial on the same to our you tube channel, which clearly explains the step by step process of understanding and trading a long Put option position. Readers are encouraged to subscribe to our video channel on youtube as we will continously add more video tutorials on option trading for a better explanation and examples coverage for option trading strategies.

So here is the

Video for Long Put Option Trading

Trading Put Option is favorable to the option trader when the outlook is bearish and it is expected that the underlying stock prices will continue to fall further and further. However, option trader on the long side of options (calls or puts) should keep in mind the effect of time decay and implied volatility constraints which adversly affect the prices. Options being a decaying asset, the trading need to be carefully planned.

Long Put Option Trading Details
Also note that common belief is that Long Put is unlimited profit limited risk trading position - it is not true. It is actually a limited profit limited risk trading position because on the profit side the profit is limited when the underlying stock price reaches zero.

Do note that trading long Put option carries a 100% loss risk as you may end up loosing all your option premium.
Being a long option position, it is very sensistive to time decay in options, hence take long call position with lots of time to expiry atleast 3 months and exit as the expiry enters the last month of options trading.