Have to say, I found this site excellent, with a plain english approach to investing. I have been doing a basic Covered/Buy Write strategy over the last 10 months, and it has done quite well. Now with some market volatility I thought it best to start some "hedging". My first question to the forum is about ASX XJP Put Options. ASX articles - Portfolio protection with index puts My query is regarding the Max. Loss of portfolio. Little unsure how this works, as this would time decay and set by the market, so I am not sure how you can so this is the max protection. My understanding is to cash out, you would have to sell out at that point, or await to expiry date. This is a bit fuzzy??? Any first hand experience or views on this, or even other approaches?