Actually, been there done that back in the 2000 and 2008 downturns. Gave up all the profits plus the principals too. I do know how important volatility and the greeks are in options. However, depending on one's method, knowing them is perhaps not as important in some cases: As an example, if I use long calls as a leverage on owning the underlying, once I bet on the direction, as long as the premium is less than paying for margin interest, I don't think the greeks matter. After that the trade off of margins call vs expiration is a no brainer to me. I don't want to be defensive, greeks are important and I will study them more thoroughly. It is critical to have a plan for the day when the fun stops. But how do I plan and what should my plan be, that will be my homework before Christmas. Merry Christmas to you.