Option Millionaires

[The Weaver]

Ok. But can you speak on the position that I just laid out as I feel that would help more then generalities.

I bought contracts for .80, again for all intents and purposes lets say 1 contract. It is now trading at 2.00.

The way that I am currently thinking is I could sell my 1 contract for $200 and get 120 profit or I could excercise it, since it is in the money (was in the money took a bit of a dip) and make about $4k?

Or is there something I am overlooking?