Pay attention to the expiration date. Time value is one of the most important factors when trading options. Having the entire option expire and losing its value would be bad. Understand that options decay over time. If you feel it's time to sell, sell. It's better to take a small loss than losing everything.
Source: http://www.contrarianprofits.com/articles/10-tips-to-successful-options-trading/3987
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