Even when the pros get the trade right, they never get too greedy. Trading requires patience and discipline. So, be sure to take a methodical approach to locking in profits.

When you’re the proud holder of a winning trade, the best way to take profits is by “edging out” of a position. You might “edge in” to your traditional long stock investments (i.e., taking a bite here and there to initiate your position and add to it on dips), so it’s the same theory when closing your options trades. Only instead of buying lower, you’re trying to sell higher!

Here are 3 profit-taking tips to ensure you squeeze all the juice out of your successful options trades:

1. If and when a trade doubles in value, sell 50% of the position to get your money back.

2. Depending on momentum, you might want to let the trade run further to see whether you can double your money again. At that point, it is wise to sell another 25% (or, half of the remaining position) in case the momentum turns in the wrong direction.

3. And finally, the last 25% you can let ride “playing with the house money” — sometimes you win big, and sometimes the option value stagnates or turns in the opposite direction. Either way, you should cash out while you’re still riding high.

You can close your options trades at any time, but depending on their style, you may have restrictions on when you can exercise them. Bryan Perry has more for you in “A ‘World’ of Option Exercise Types.” He also offers other ways that you can “Keep Risk in Check.”