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Unfortunately I can't be more specific as I do not have any experience with trading options.
It's only that I've heard about that from one fx trader and was intrigued by the idea - liked it. I would love to be able to control risk without using stops (avoid stop hunting).
That's why I asked, expecting some info especially from fx traders who do use such a technique
It might be a good idea on long timeframes, to reduce a bit the slippage and commission costs of the options.
But no magic, covering your trade by an option can limit your loss, but it will limit your profits too.
Well, I was expecting a bit of magic really - keeping an open position till it turns good (not worrying too much/closing it when in loss). It seems as if I need to stick to old fashioned stops and hope for little or no slippage if there is such a thing.
May even try fx futures one day - they look more transparent (than spot fx)
