Hedge

Una posizione presa per compensare il rischio di un’altra — per esempio comprare una put per proteggere azioni che possiedi.

A hedge is a position you take specifically to reduce the risk of another position, not to make money on its own. Think of it as insurance: you accept a small, known cost in exchange for protection against a large, uncertain loss. Most of the time you actually hope the hedge expires worthless, because that means your main position did well.

A common example is the protective put. Say you own 100 shares of a stock trading at 50. Buying a put with a 45 strike caps your downside at that level no matter how far the stock falls, and the premium you pay is the price of that safety. If the stock climbs, you lose only the premium and keep the upside.

The typical mistake is over-hedging or paying for protection you don't need. Puts cost premium and lose value to theta every day, so hedging a position you'd happily hold through a dip just quietly drains your returns. Match the hedge to a risk you genuinely want to remove, not to every wobble in the chart.

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