what's the best way to hedge his $110K options expiring in two days on the morning of earnings report? IV was dropping fast. would you sell puts with a different strike? I think once the position is of an insane size, it is hard to do anything. the problem with a hedge is that one has to deal with a huge hedge in addition to the huge position. in fact, one may end up losing more WITH the hedge
The point of this journal isn't to hedge risk. The point is to make very large directional bets and either hit some home runs or strike out. Just sit back and enjoy the show.
It's best to adjust from a position of strength... time provides that strength... If you strength is stripped, then get out! It's best not to get into a trade with no strength. Walter