Why people need to hedge in this kind of market or in any kind of market at all? From the second I try to answer the question, I am lost. Confusion 1: Full hedge means zero net sum + commission + slippage costs, doesn't it? Confusion 2: Partial hedge means spreading, doesn't it? Confusion 3: Does hedging mean enter and exist simultaneously? If not, the legging process is till a gamble isn't' it? Confusion 4: Haven't simply buying stock done better than any hedging strategy in the past year or not? 100% up room to go without hedging, particularly for small friends.