I was long on FFIV with Nov Calls, cashed out on Tuesday and (regrettably) went short with Puts later in the day. After watching FFIV's very positive performance (vs. the overall markets blood bath), I decided it was time to take my losses and cash out. Bought a boat load of Nov/Dec calls as again, FFIV being green in a not so rosy red day, was the smart thing to do. (The key with options is to know when you're wrong and save your $$$ for another day.) If the markets rebound tomorrow (and I think they will) we are looking at an easy 7-10% positive day for FFIV. With all the bad things that happened today, FFIV is standing very well. I'll make back the money I lost and then some.
My point is, I'm not one of those I win everytime posters and can admit when I made a mistake. It's better to live by that motto, learn from it and get better. You just keep improving your %'s with options and eventually it pays off - don't get greedy!!!