OK, it appears that I have wondered from my trading strategy and am trading on emotion. Yes it is good to take insurance — in my case I did that by buying BHPEL back at 0.105 yesterday to close out my position.

I didn’t expect BHP to hit $9.49. For the record I don’t think it will hit it before 27 Feb 03 when the calls expire. But what if it did? So I closed out.

I need to document my trading strategy and follow it for a few trades.