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I have no experience with using options.( I have seen comments around that the Australian market is not very liquid for options here???) .

 The way I see it you are either right or wrong, so you would either stay in the  trade or close the position or if their is a reason to keep the trade open for a certain amount of time then you could hedge the position for that period required then close out.

Would you like to give us an example of a trade that is going wrong and what type of strategy you would implement to "retain control of the trade"

Cheers

Triathlete