How to read theta in options?

Could you elaborate on how one might go about reading THETA in options? As an investor or trader, understanding theta is crucial for gauging the time decay of an option's value. What specific factors should one consider when analyzing theta, and how does it impact overall option pricing and strategy? Are there any common misconceptions about theta that traders should be aware of? Additionally, are there any tools or resources that you would recommend for beginners looking to learn more about theta and its role in options trading?