Thought I'd start a weekend chat on the subject. I prefer the Protective Puts to manage risk when I swing trade a large position. When I began trading I would swing stock positions unprotected (gambled). Then I started using Stop Loss orders under support but got shaken out of too many otherwise great trades. So I started swinging Long Call positions for a while to limit the downside risk and eliminate the shakeout factor, but my drawdown from expired contracts was unacceptable. I have found that I feel very comfortable swinging a large stock position (1 or 2 weeks) while holding the front month puts as a hedge. So far it's been my best strategy. And this way, my position doesn't expire on expiration day, just my insurance policy does. Example: I went long a modest stock position in GROW in the middle of the week and added a large Call position (Jun $22.50's @ .90) as it broke out on Friday. If GROW gaps up on Monday as I think it will I'll put in a bid for Jun $25 puts to lock in profits while letting the position work. I might even sell the stock position to pay for the puts with the profit, a free insurance policy. My only regret.....I didn't pick up some puts at the close in case of a Monday morning gap DOWN. Anyone else prefer the Protective Puts over the Stop Loss? Any opinions against it?