Might be a dumb question, so please forgive me if so but I've never really done any options trading before.
So I bought in on CCIV after doing some DD and reading some correlations with executives on this potential LUCID merger. My entry price was $15.30. It's now sitting at over $34 right now and if this merger does go through it should make a nice move from there. What is my best strategy to hedge some of it? Sell a portion? Put options?
I understand the risk of investing in a SPAC, and I know that if this deal doesn't go through this stock will plummet. I've got a stop loss set at $27 but if they make an announcement that it's off the table during non market hours, that isn't going to matter (since I don't have the capability of trading after hours or during pre market). Any helpful advice/suggestions would be much appreciated.