Like many of you, I recently collected the distribution on 1600 units of ETP, sweet! I know that 1600 units is probably smaller than many of you currently have, but to me it is a substantial part of my IRA.
I learned long ago that if you own this stock, you need to own a hedge to protect yourself against downturns like we currently have. Along with 1600 units, I am short 16 Jan 45 Calls, long 10 Sep 45-40 Put spreads, and long 6 Jan 45-40 Put spreads. With these hedges, I am currently delta neutral on the total position.
When the time is right, I will dump these hedges and buy more units.
Stop complaining about this MLP and use you head with how to trade it. You really should be happy with the volatility that this MLP has provided you! Protection is cheap, use it!