SOLD 1/2 POSITION IN CROCS CALL

Sold 1/2 position in .CQJIX

I had opened a long options position (thru the purchase of a call) on 6/22/06 prior to the launch of this blog. This was a Sept 22.50 Call. I purchased it at $3.20 and sold today for $6.50. One of my blanket money management rules is that once a position doubles, sell half of your position to retain your capitol. Now whatever happens, this is will not be a losing trade (excluding commission costs). In general, if a see a 20-30% drop in the option premium from this doubling, I'll close it to protect my profits, if the premium continues to rise, I'll follow with a trailing stop of that percentage. Always use MENTAL STOPS, don't let the market makers know what you're willing to take.