As for protection, holding a security is for the final exiting price.
- Turbulances en route to destination are irrelevant. Why care about price en route, and why need protection?
- Or, if destination is uncertain, why need to pick the security to begin with?
- Or, if one needs small drawdown as required by high leverage, protection may be needed to avoid being wiped out. But the protection comes at a price, which defeats the original purpose of high leverage. So why use high leverage to begin with?
