The longer the warrant is valid for the better you are off. I've heard of warrants that can be valid for up to 5 years, but I've never seen one valid for more than 6 months in SA. Selling now also depends on whether you think the share will go down or up in the next 5 months. Commentators are saying both, so you need to do your own research. Although it's difficult to sell at a 50% loss, you might feel better doing it. If your warrant then goes down another 30% and then starts going up, you can buy lower down. If you sell and the warrant starts going up you can buy again. You might lose something but you won't lose everything. When I trade warrants, I am prepared to lose 100% of my investment, so I only trade with a maximum of R10,000 and usually R5,000. In November I made R5,000 twice (100% of my investment twice; I could have done it three times if I wasn't greedy) on GFI warrants which is the only share's warrants that I trade. I think you need to decide on the number of different warrants you can manage. For me in a full time business which isn't share trading, watching a single company's warrants is enough for me. And I only buy call warrants at this stage. Having said all this, the theory says you should decide how much loss you are prepared to take at the outset and set a trailing stop loss accordingly. Or if you'd rather be warned, set an alert. Last week one of my stop losses triggered for a large sale outside the day's range. Ce Le Vie, I have funds to play on another day and I still made a 90% profit. The warrant then went up, but is now lower than what it sold for.
