Close BIDU 220 Put Options @ 1.10

Ok, I admit defeat. I finally sold all my BIDU 220 Put options at 1.10 while I still can get some money out of it. It represents loss of 86% in matter of one week. No matter what bad news hit Wall Street, it still turn green. I was betting on unemployment report this Friday but although the number is bad, it still running high. My RIMM also not doing so well, at this time of writing it only worth a mere 0.33. I guess I really need to set a rule on limiting my loss, while on stock the general rule is 8% but since options is 3 times more volatile probably I set my loss limit at 20-25% and stick to it!