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Great, Vince! I'm glad it worked out for you. I learned this option lesson the hard way with calls that had tripled in value over maybe 6 months. It was a nice gain, but I thought more was coming, so I held on and held on and held on. The LEAPs had maybe 10 more months on them. Long story short, I rode that 200% quick gain to a $0. That really hurt, given the magnitude of the loss.

You remember that old joke about the man on his honeymoon who leaves his wife asleep upstairs in the hotel and goes down to the casino with $20 to try his luck? He's incredibly successful, hitting blackjack after blackjack and running his cash pile up to $10,000. Then he starts to lose hand after hand, but instead of stepping away while he's still up, he holds on and thinks his luck will change. He continues losing, and then finally loses his last dollar. Defeated and broke, he goes back up to his room, and his new wife asks him: "How'd you do?" And he says, "I lost $20."

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