You could remain hedged at all times by entering into a series of rolling forward agreements--however with the volatility inherent to BTC and the lack of debt or swap markets denominated in BTC from which a forward curve could be derived, you're still SOL.
Perhaps as a newly scammed individual (out 5 BTC last night)--I'm still a bit bitter, but the reality is that the success of fiat currencies to date and especially the establishment and development of financial markets (specifically debt and derivatives which are traded OTC) has been predicated almost completely on trust in your counterparties. As trust appears to be anathema to the founding principles of BTC, I believe it will be very difficult to successfully recreate derivative markets for the BTC ecosystem--and as such, I don't think we'll be seeing cost effective ways to hedge (and as a corollary, stabilize BTC exchange rates) for the foreseeable future.
If anyone wants any input or a sounding board to discuss hedging and derivatives--fell free to get in touch--I'm still a newbie here but AFK I might have a clue or two on how these markets work
