### Comment:
How far out do you buy? And do you always cut losses at 20%?

### REPLY:
I sort of run the gamut between 4-6 weeks out. Usually cut no more than 40% win/loss. But there are exceptions. I bought 294 p yesterday with an Oct exp. they’re prob down like 50% by now (not exactly sure, haven’t looked), but I’ll hold those.

### END.