Buy it back if you are sure oil is going to moon. Sometimes I roll up or down if I am going to be paid today. If not I am just defending an ill timed trade and I move on. I sold XLE puts and they were down fast. Rolled them and got paid again. Completely solved a month later with a decent profit. If you can't make money moving to a new option it's pointless.
And yes you have to manage greed. You also have to manage water over the dam emotions. Won't be the last time you miss the timing. I sold XOM puts at 53. 56 would have paid better. Or maybe 60 or 65 by next week? Booking the gain and calling it a win because if is.
And yes you have to manage greed. You also have to manage water over the dam emotions. Won't be the last time you miss the timing. I sold XOM puts at 53. 56 would have paid better. Or maybe 60 or 65 by next week? Booking the gain and calling it a win because if is.