how to Hedge? problems, interest, receive

rohitdoshi

I have some problems on the concept of hedge?

For example, if i enter a interest rate swap (long fixed, short floating), so i am exposed to the risk of interest rate decline. RIGHT? then i need to hedge. how to do it? easy, enter another swap (pay floating, receive fixed). Ok. I finish hedge. I think this kind of hedge is perfect, but it is one hedge method.

Also i can purchase put option on interest rate as another way of hedging interest rate decline risk? right? when interest rate goes down, i will gain from put option on interest rate to offset the loss from swap.
So my question is, actually, i can make hedge via any financial products that can gain from interest decline, in this case. for instance, a call on fixed income securities. Right?