How to use Options to lock in profits/minimize losses on held Securities

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If you hold or are currently shorting a publically traded security and you're in the black, there is an easy way to minimize future losses and lock in profits and thereby reduce your risk but without trading the underlying security.  We will use options to accomplish this.

Imagine you own 100 shares of security A and it's up 25%, but you don't want to sell, but you're also not convinced that it will advance in price in the near term.  How can you use options to lock in these profits and possibly make even more money?

It's simple.

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