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It's been said that the worst thing that can happen to a new option trader is to have their first trade win big because it makes you think making money on options is easy . . . But congrats on this (so far) successful trade.

If you're thinking about exercising now, don't. Early exercise rarely makes sense in that by exercising the option you surrender any remaining time value. You would be better off selling the option and using the money to buy stock if you want to hold the stock long-term.

Closer to expiration, exercise might make sense if you remain positive on the stock. I'm not sure I would buy shares of UA right now because it's had quite a run-up (from $70 to $92 just since November of 2011). But I think UA is a great long-term holding, so getting shares for $75 is a good deal.

I very rarely buy long call or put options because over the long haul, buying options is an almost sure way to lose money. I prefer to sell and collect premium. In the few cases where I did go long, I found it was better to take profits sooner rather than later, both because time decay eats away at the option's value and also because stocks move up and down.

If it were me, I would sell the call, book the 85% gain, and buy some UA stock for the long haul. 85% gain in one month is a great trade.

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