I was down almost 400% yesterday on this option. Now I'm up 35% and premium is coming down fast with 1 day till expiration. Unbelievable... Sometimes you need to give some room for the trade to work itself out.
It's entertaining to see someone trade by the seat of his/her pants. 32 posts to your name but unfortunately you seem to have learnt virtually nothing from this forum to make you a better trader - down 400% and you want to give it some wiggle room? You have lady luck on your side today. But of course tomorrow is another day, right? daddy'sboy
Great patience! As I said before, you should always relate decision to overall portfolio and life quality.
why go naked when you can be protected? I think it is a good time to pick up a basic options strategies book, before you go broke.
And a very simple way to protect yourself is to buy an equal amount of call contracts 1 or 2 strikes above the short contracts with the same expiry for a credit spread. Or: Buy the shares for a covered call.
I added short put yesterday and doing short straddle now. The stock is playing around the strike and the premium is coming down like a rock. Either the call or the put will expire worthless at the end of today and show a profit. Hopefully both will expire worthless ATM.
Please send me your trades so I can take the other side. By the way your posting, I'd be glad to trade vs you.