Today I exited PAAS for 4.80 which is a 27% loss. I have a basic rule that I follow where if an option is not profitable after 5 days, and does not seem to be doing what I wanted/expected, then I exit the option. This saves me from just playing guessing games. Better to stay in trades that do what you expect, and leave the others.
As a side note, if tomorrow is an up day in the markets, I will likely suggest exiting QLD.
Pete
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