I bought a crapload of Feb out-the-money bond puts (expiring in 6 trading days) on Tuesday & Wednesday for 1-3 ticks each. They were 1-2 handles out of the money at the time, now they are slightly in the money. They are up about 10-20 fold and now represent about 7% of my total trading capital. My dilemma is how much of the position to hold, how long, and when to take a profit and on what size. I am still bearish on bonds and think there is a great chance they are down 2-3 handles more by expiration. However, I recognise there is a chance I may be wrong, and if I hold till expiry then the puts could easily be worthless. So effectively I am asking, what would your plan be in this situation? My logical side says book half on the open tomorrow, sell another 1/4 if bonds have a selling panic and trade down big in the next few days, and hold 1/4 of them to expiry. However, another part of me wants to hold the whole position, and risk losing the entire value in return for the chance to run these puts from 2 ticks and cash them out at 200 ticks on big size. What would you do?