I'm am a relative newcomer to option trading so perhaps Elitetrader is where I should not be, but I'd like to hear some options experts ideas on what they would have done. I had a pure bullish position on PCU purchasing a moderate position in June 06 60 calls by pure luck the stock skyrocketed and the calls became pretty deep in the money. Given the huge profit, I exited the position when PCU started to weaken. I'm a very happy with the trade but consider myself very very lucky since my base metals hunch could have easily done me in. I am mostly an equities trader, and reserve only 5-10% of my portfolio for options trades. What would you have done with the position at this point? other than book the profit? 11Blade
I would be happy w/ the booked profit, but the only way I would have hedged it to a degree would have been to sell a deep in the $ put, shorting the common could give u acid reflux.