You can certainly do that. The way we manage each position, as pointed out, is to sell half the position at a 100% gain, and then allow the other half to ride. That way, were working on house money. In practical terms, it is exactly like the strategy of trading just one position and setting a stop-loss at 100%.
In that strategy, a stock is up 100% and you set the order and let it ride higher, knowing you will at least get back your initial investment. In our strategy, were locking in our initial investment by selling half, and letting the other half potentially generate bigger gains for us.
The reason we dont use the actual stop-loss strategy is because options are so volatile to begin with, and many of the ones we trade have wide spreads between bid and ask prices, so there is a very strong likelihood that if we set a 100% stop when the shares reach that level, wed be stopped out of the entire position at 100% quickly, without the opportunity to ride the position higher. By closing just half, we stay in the game.
After the second half rises more, then our team begin to manage the downside with stop-loss orders.