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Strategies & Market Trends : Calls and Puts for Income
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To: Delfino R Zavala who wrote (5765)8/27/2013 11:58:15 PM
From: TheNoBoB1 Recommendation

Recommended By
Bocor

   of 5891
 
You'll probably get a different answer from every trader, but I will say my own methods are not too different from the comments made by Bocor. Time has a lot to do with it. I'll accept a smaller percentage if there's a lot of time left, so a trade that's achieved, say, 60% of the full profit in a few days would be considered for closing, where one with a week to go may not at 80%.

On the Options Strategies thread, I recently described a trade that had much of the elements mentioned by Bocor. I rolled it out while slightly underwater, but a bounce 10 days later delivered 72% of the possible remaining profit with 28 days to go. I nearly broke the sound barrier rushing to get out of that one :)

A friend uses a simpler system to decide if an exit is prudent. He simply asks himself if he'd enter the trade now at the current prices. If it's not an entry candidate, it's not a hold candidate either. There's plenty of fish in the ocean (although admittedly, like fishing, sometimes you can go awhile without catching anything).
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