Don't sweat it, man. We all had to learn this at some point. I give you credit for replying in a civil manner - unusual at ET. Last I looked there were 30k+ offered at .05. No fill here unless SIRI takes off. Not worth it even if you are trading for free. With comms - forget it. The bid is the market price that you can sell it for. You may join the ask (which was .04 when I looked), with a limit order in hopes that a buyer takes it out. Generally, it's true that .05 options have little chance of gaining intrinsic value, but you may be successful with this 20 times and one bites you wiping out gains and more. There's a former MM who held short nickels, he can tell you what can happen. You risk serious losses for a probable very small gain. Generally, experienced option sellers would buy back an option before it reached .05. Usually, you want to sell an option with some decent value so that you may have the option to take a profit when time and/or the underlying moves in your favor. Selling a .05 gives you little flexibility. There's really no way to take a profit except to let it expire.