You might luck out. There's resistance at 60 and the market is due for a reaction, but it's impossible to say if it will come before expiration on your option... but there is a chance. Aside from that, you've gotten some good advice that you should not ignore. You definitely need a game plan for times just like this. I would suggest a value stop loss (ie. if the option value falls to $x you're out). Likewise you should never trade something you don't understand. I still remember very clearly busting my second account by "dabbling" in options when I had no idea what I was doing.

Which brings me to the second piece of advice that you already got: if you don't know what's going on - get out! Don't wait. A small loss is much preferable to a big one. And I have to concur that trading options is a bad idea for a new trader. There is a lot that goes into option valuation (not to mention basic supply and demand for the strike price you are holding) so many times you can be "right" and you still end up losing money because of things like time decay on your option.

The best option plan I heard of was selling/writing options. It's not sexy, but it's consistent because most of the options you underwrite will expire worthless. I'm not sure how it works in stocks, but it can be lucrative if done right. Of course there is the unlimited risk problem, but that's a whole other story.

In short I think you should pick a loss number you are "comfortable" with and exit the trade if the market price trades there (no exceptions!) Regardless of whether your trade ends in the red or black you should do yourself a favour and refrain from trading options until you understand more about them. Last piece of advice, avoid the fancy multi-legged option strategies. They rarely work and only make your broker rich.

Okay, I'm putting the soap box away now.

Erich