Offer your thoughts or opinion on the input financial query or topic using your financial background.

When trading put options, is your total risk decreased if you are in a position to exercise the option?
In absolute terms the risk is about the same.  If you own the stock and your put option goes in the money, then you have the option to get rid of your stock at yesterday's higher price.  If you don't, you can sell the option for a higher price than you paid for it. But, as you calculated yourself, the net gain or loss (in absolute terms, not percentage terms) is the same either way.