Best options to insure against short-term swing trading losses?

[short&naked]

Given the example long spot position in the ES below (or other SP500 equivalent), assuming that the position is held for a week or two, what would be the most cost effective way to insure the long swing trade against anything larger than a 2% loss?

 

[gaussian]

Buy a put at your risk level to protect against downside risk? You'll be giving up profit though if you can even find a market for puts there.

Could also just put a stop order in if you're feeling frisky.

 

[systematictrader]

Given the example long spot position in the ES below (or other SP500 equivalent), assuming that the position is held for a week or two, what would be the most cost effective way to insure the long swing trade against anything larger than a 2% loss?

ditm call

 

[ironchef]

Collared your ES, zero cost.