Stop loss for naked call going ATM

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
 
Quote from a529612:

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.
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Great patience! As I said before, you should always relate decision to overall portfolio and life quality.
 
Quote from a529612:

For those who are into naked call, is 200% stop too tight or about right if the position moves against you? If the option is currently ATM with 2 more days till expiration, should I wait and see before covering on Friday? Thanks!
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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.
 
Quote from WD40:

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.
More...

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.
 
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