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training_data/curated/text/ce0370bd6976c9bc946c428c04e82b134d34c5c0c973421f59d225ab8d4763ea.txt

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+Day One
+This was one of the volatile days. The stock rallied from $40 to $42 early in
+the day and had fallen back down to $40 by the end of the day. Big moves
+like this are hard to trade as a short-gamma trader. As the stock rose to $42,
+the negative delta would have been increasing. That means losses were
+adding up at an increasing rate. The only way to have stopped the
+hemorrhaging of money as the stock continued to rise would have been to
+buy stock. Of course, if Mary buys stock and the stock then declines, she
+has a loser.
+Let’s assume the best-case scenario. When the stock reached $42 and she
+had a −560 delta, Mary correctly felt the market was overbought and would
+retrace. Sometimes, the best trades are the ones you don’t make. On this
+day, Mary traded no stock. When the stock reached $40 a share at the end of
+the day, she was back to being delta neutral. Theta makes her a winner
+today.
+Because of the way Mary handled her trade, the volatility of day one was
+not necessarily an impediment to it being profitable. Again, the assumption
+is that Mary made the right call not to negative scalp the stock. Mary could
+have decided to hedge her negative gamma when the stock reach $42 and
+the position delta was at −$560 by buying stock and then selling it at $40.
+There are a number of techniques for hedging deltas resulting from
+negative gamma. The objective of hedging deltas is to avoid losses from the
+stock trending in one direction and creating increasingly adverse deltas but
+not to overtrade stock and negative scalp.