Originally Posted by Columbia

My strategy is to lock in a specific % of gains-keeps emotions out of it. I never expect nor wait for the underlying to hit the strike price + premium paid. (APPL was unique in that expiration was 2 years out and my far OTM calls quickly became ITM). I will watch this one(Jan '12 12.5s) as I am curious about the potential "recovery play" this summer. In this case, I would sell them all with a 25% gain which could be in the next month or two (my estimation). I am typically all out 4 months out (September in this example), so as to avoid premiums being quickly eroded.

BTW, a great website with a variety of strategies.
Options Strategies: Getting Started