[Soultrader]

The ES is one way to hedge it. If you're short the YM and the exchange goes down, just go long the ES. They move identical to each other so by the time the exchange goes back up, you'll most likely be break even. You can avoid a large loss this way. Perhaps you can hedge by taking some positions in some ETF's as well. The QQQQ's or the SMH might be good for a hedge.

I've never traded options so I would not know.