How to protect my position?

===How to protect my position?===


As indicated above options can help, trading rules can help , but overall there are no contraceptives against the market - one will be f@cked, the question is only where, when and how bad.... :)

The only thing trader or investor can do about that is to control size of the position to avoid the force-major to be very painful.
 
There are two ways to protect your trading position: Hedging and stop losses. Hedging helps you to limit your losses to a point wherein you can reduce your risk in invested instruments. Stop losses is the security of amount invested and when investor is ready to give away some part of his investment as a loss. Once a particular stop price is reached, stop order is entered.
 
This
Tim Smith said:
The seven deadly sins (Lust, Gluttony, Greed, Sloth, Wrath, Envy and Pride) are also killers of traders too.

In your case its greed.

Always remember the words "sell with regret", i.e. take a profit (full or partial) but don't just sit there self-congratulating yourself whilst watching the markets take the profits away from you again, leaving you where you began (or worse !).

Number one rule of trading is to know when to take your profits and cut your losses. Never, ever, forget it, because the market will be happy to remind you !

Partial or full close, the choice is yours. But if I were in your shoes I would take money off the table - Best Advice on this board!
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