J828:Hedging is actually a useful tool. It ensures you don't lose your entire shirt. You lose some of the profits, but hedging can save your butt! Look at Southwest Airlines. They made a killing by "hedging" their bets on oil. They had cheaper oil than other airlines for quite a while.
And by diversifyinh your portfolio, you can hedge against losses in one area of your portfolio with gains from other areas. That is what I do.