Hi, If I hedge a call by being short the underlying (say SPY) and the price falls, I correct the delta by shorting more SPY, then if the price mean reverts surely I am going to lose on my Delta hedging? The new spy trade I got at rock bottom price, the price has gone up and I've lost - is that right? Is it correct to say that delta hedging carries with it a risk of the stock mean reverting, and conversely if the stock trends then I gain on the delta hedge. Is the right or have I missed something? Thank you for any help in understanding this process.