See risk graph of position right before closing it out below…

Our trade with profit target hit and right before closing it out.

July ‘10 Iron Condor Closed For 8% Profit is a post from: Iron Condor - FREE Trading Videos

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We launched our July trade this last week and so far so good. We’ve put some curbs in place for any big moves that might occur short term and even though we’ve flattened this trade out considerably our theta is still really rich and expect to hit our profit goal in just a couple days - knock on wood…

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Today on the 20th - with another big down day - our ‘magic put’ kicked in once again pushing our current P&L line up nicely into profit where we did wind up closing. See risk graphs below…

Above: Our ‘Magic Put’ Adjustment kicks in as the market tanks again

Above: After one of our downside hedges have been removed as
we begin to unwind this position for a closed profit

TO LEARN MORE ABOUT THIS TYPE OF TRADING CLICK HERE

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We’ve pretty much tied off our current butterfly position with the 2 adjustments shown in the graph below while the market continues to whip around here with fairly big moves. This current position with adjustments will hold up well regardless what the market throws at us over the next week or so - while at the same time still allowing us to make some profit between now and then.

Adjustment To Position During Whippy Volatile Action

Plan to include a video clip here shortly showing a bit of trouble we ran into while initially moving into this adjustment. Usually the bid / ask prices on the RUT are filled quickly and easily right at the mid point - however for some period of time there after the ‘flash crash’ it was unusually difficult to get fills on these types of adjustment spreads on the RUT - and we were forced to move to a plan B to adjust our iron condor / butterfly positions instead of being able to hedge the way we normally do.

Iron Condor Course - Learn How To Adjust
>>> CLICK HERE <<<

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One of the fastest and easiest ways to hedge / adjust the type of option income trades we do (like iron condors, butterflies) is to simply purchase a cheap extra long call or put in the direction that the market is heading.

While some traders discount this technique, the power it can have was proven with a live butterfly trade we had on during Thursdays meltdown.

About 2 hours before Thursdays big sell off started, we purchased an OTM put as a way to ‘adjust’ and ‘hedge’ our iron butterfly we had on. This was just a normal adjustment we make when our position hits certain criteria. Of course we had no idea was about to happen to the market a few hours later.

When you look at the graph below, realize that before the craziness started, while this position was still within - or ‘under’ the profit tent area, it was a losing position - underwater to the tune of about -$100.00 - or about -2.5%

When the market started crashing, that OTM put we had purchased earlier in the morning really kicked in.

In the screen shot below (taken at 11:40 PST) you can see how suddenly we are way outside our profit tent, however, thanks to that extra OTM put, our -$100.00 loss has now become a -$10.00 loss - basically break even….

Screen Shot Above Taken at 11:40 am

Then, in the screen grab below - which was taken at 12:09 PM PST (about 30 minutes later) - our trade is now at a profit of over +$1000.00 - or over +20% - thanks to the purchase of that extra OTM put…

Screen Shot Above Taken at 12:09 pm

Iron Condor Course - Learn How To Adjust
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The iron condor strategy is used by option traders ideally in non trending situations. The spread takes advantage of theta decay in options – as the day progress moving towards expiration day, all options are losing value – and in the case of the iron condor strategy – as long as the ‘sold’ strikes of the trade are placed well out of harms way (of the underlying reaching or ‘breaching’ them) these trades can usually expire worthless allowing the iron condor trader to keep the entire premium received.

Iron Condors are built from 2 individual credit spreads – one on either side – once again, placed as far out of harms reach (of the underlying touching or moving through them) as possible while still bringing in a respectable credit.

Placed above the stocks current price is a bear call credit spread – usually positioned at least one standard deviation away from the underlyings current value. Below the iron condor investor places a bull put spread credit spread – also usually at least one standard deviation away from the stocks current trading price.

During the duration of the trade, the underlying can fluctuate around just as long as it doesn’t do so too wildly – and just as long as it remains within the predetermined ‘range’ created by the sold credit spreads on either side.

This type of option spread can carry with it an extremely high probability of winning as in most months the underlying, if chosen correctly, should not too far away from it’s current position. In the months where the underlying DOES begin to move too far, too fast – the trader managing these positions should have an adjustment plan in place to contain and cut short losses – which can be significant with these types of trades due to the high probability of winning / poor risk to reward set ups. However, if one does understand the proper way to manage and adjust the iron condor trade during it’s few seldom months per year – this type of trading can be extremely rewarding.

Iron Condor Course - Learn How To Adjust
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There are a number of different ways to trade the iron condor options strategy.

It seems as though many option traders prefer the wider and higher probability condor. This options spread usually has wings on either side, spread wide apart on the risk graph screen. The wider the two credit spreads are placed apart from each other - the higher the probability that either one won’t be touched or penetrated by expiration day - however the downside is that the wider these two vertical spreads are placed apart, the less credit that will be brought in - which in turn increases the risk on trade.

Lower probability iron condors of course have the two credit spreads closer to one another. These trades bring in more premium, however the probability of not touching is lowered the closer the two credit spreads come towards each other. These lower probability iron condors can bring in higher returns, however because the two verticals are both closer to the current at the money position, they will most likely require more adjustments and management. But to help offset that fact, remember, there is more premium brought in at the beginning of the trade which can assist in funding adjustments.

Finally, the iron butterfly, which is technically an iron condor (a put credit spread and a call credit spread). The shorts on this trade are both sold at the same strike - usually At The Money (where the underlying is currently trading at on the price chart). This is the lowest probability iron condor and will require the most management - but again, like the intermediate condor described above, this is offset due to the fact the a larger amount of premium is initially brought in which can help a lot in the funding of adjustments.

Iron Condor Video Course - CLICK HERE

photo credit: Kent Wang

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The iron condor option strategy is an option spread that allows the option trader placing the trade to realize a good return on investment in a relatively short amount of time by ‘betting’ on where the stock or index being used WON’T go within a specified period of time.

Instead of trying to guess which way a stock is headed, which is how ninety plus percent of investors trade - with this trading strategy, the iron condor seller instead attempts to make an ‘educated guess’ where the stock won’t go - or a general area to which the stock will be confined over the next so many days to expiration.

A tool that the iron condor trader has to help in determining this is the standard deviation calculation. The standard deviation is a mathematical calculation that specifies how far up or down an underlying SHOULD move within a period of time based on past / current performance of the underlying.

While of course the ’safe’ range that is given by the standard deviation calculation is certainly not guaranteed to be one hundred percent accurate in all situations - it does provide a very good starting point for iron condor traders in helping to determine at which strikes and how many days from expiration to place their trades.

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Upon first learning about iron condors, many new option traders will just put them on without having a full plan in place for how to manage the trade if it goes against them - or how and when to close the trade once it is profitable - or if they will even close it at all.

I was guilty of this myself when I first discovered this option selling strategy. I was so stunned and excited at the concept - that I didn’t do what more likely would have been the more responsible thing to do - which is step back, take some time, start studying and learning more about all the ins and outs of the strategy and then start paper trading it.

Instead, I was so ’sold’ on the pitch given to me by this strategy that I simply just logged into my broker account and slapped one on. And I think this is the exact same thing that happens to a lot of ‘rookie’ iron condor traders when they first learn of this trade.

Unfortunately what inevitably happens is that eventually at some time the stock or underlying being used will go a little wild and the position will start to get into some trouble and losing some serious money and then it is at THAT point that the new iron condor trader will try and get serious about properly educating themselves on how to manage and adjust these trades. The problem is that at this point it is usually too late.

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There are two faces to the iron condor spread.

The first face is the one most new traders are introduced to. When the iron condor and the rookie option trader first meet - usually the picture that is painted of the iron condor is one of magnificence - grandeur - a wonderful, little known, very difficult to lose from investment secret that has been hidden from the general public by market makers who didn’t want to let the cat out of the bag. A trade that requires just a few minutes per month to manage - that can kick off incredible returns of over ten percent per month, and on and on and on.

Well, of course the rookie option trader instantly falls head over heels in love with the iron condor - and why shouldn’t they? it’s almost too good to be true!

The problem - is that it is too good to be true.

Sort of.

See, the iron condor IS a magnificent trade - and it DOES take very little time to manage - and it CAN kick off outstanding returns.

The problem, is that what the rookie option trader WASN’T told upon first meeting the iron condor - is that the iron condor spread has a nasty side that shows it’s face every so often. And it’s nasty enough to completely destroy everything good that the ‘good side’ of the iron condor can provide.

Iron condors have a high probability of success - however that high probability of success comes at a steep price - which is an absolutely horrendous risk to reward ratio. And if not properly managed the returns that the iron condor can produce can be completely obliterated by just one bad month if the trade is not managed properly.

The key to winning with this strategy is to understand that the the iron condor does have a dark side - but as long as a trader has the proper knowledge to manage those tantrums and fits that are occasionally thrown by the iron condor - this trade really can turn out to be all that it’s cracked up to be.

photo credit: Steve Snodgrass

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The iron condor spread is actually constructed from other option trading spreads.

For instance, the iron condor is built from two seperate credit spreads - both a bull put spread - which is a credit spread constructed from puts with the traders view that the stock or underlying is nuetral to bullish - either staying in the same general area on the chart or heading up.

The other end of the iron condor spread is built from a bear call spread - which is a credit spread (also known as a vertical spread) constructed from calls with the trading viewpoint that the stock or underlying be utilized is nuetral to bearish - either staying in the same local on the price chart or is thought to be headed downwards.

Overall, the iron condor credit spread is a trade put on when the trader placing it is somewhat confident that the underlying being used will be staying in somewhat of a range and not expected to be so volatile as to penetrate either short strike of either the bear call spread on the upside or the bull put spread on the down side.

photo credit: James Byrum

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When many retail traders first start dabbling in options trading before long they come across the iron condor spread - either from an online ad, a live seminar, an option trading friend or neighbor - or an online advisory service touting it as the greatest thing since sliced bread.

And don’t get me wrong - the iron condor IS a great trade - and all those stories and claims of making 5 to 10 percent monthly returns without having to even look at market - and how the odds are so much in their favor - and how it is just like becoming the ‘house’ instead of the gambler - yes - all that is true too - but there is something that is being left out of these various conversations and claims which potentially causes the new option trader to misunderstand this strategy from the beginning and to start trading it with the wrong expectations.

While it is true that the iron condor and the credit spread strategies offer high probabilities of winning - in some cases as high as 80 and 90 percent - what usually isn’t talked about is the risk to reward ratio of these trades - which can be as high as 10 to 1.  Many times in order to achieve the 80 to 90 percent probability trade that they are always talking about - that trade will have a 10 to risk risk to reward ratio - meaning that the trader is risking 10 dollars to make just 1. This is not a very good risk to reward ratio. In fact it is awful.

When you do the math, you will find that even with the wonderful 80 to 90 probability of winning trade - it would only take 1 loss to completely wipe out the 8 to 9 wins you are expecting to make through the year - and perhaps even MORE.

Which is why it is so important to fully understand these option spread strategies and when and how to properly manage them when things go wrong - which they certainly will - believe you me. However, once you DO know how to properly manage the ‘problem’ months that will come along - this trade really can be the great trade that they all talk about. But if you are just getting into this game - be aware.

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Credit spreads are a way for option sellers to sell premium without the risk of doing so naked - or uncovered. Because the credit spread is comprised of 2 options - the sold option and the purchased option to ‘cover’ the short position - option sellers are able to generate good premiums with limited risk.

A credit spread option example could appear as is following…

Sell 4 AAPL 200 Puts
Buy 4 AAPL 195 Puts

If an option trader were to sell a similar ‘naked’ position as the one above, the risk would be huge as the trader would be liable to purchase the stock at 200 even in the event that the stock crashed to 0 overnight. Although some might argue that this would never happen - gigantic gaps can and have happened - and many a naked cal and put seller have been burned. In fact similar situations have been known to out traders completely out of business.

Back to our example, if a trader were to put on a similar position - only doing it without the purchased 195 put for ‘coverage’ - in the event of a dramatic down move the trader would be liable for purchasing the stock at 200 per share regardless of where the stock wound up free falling to.

However, with the 195 put purchased for ‘coverage’ - the most the trader can lose in a sell off situation is the difference between the two strikes of the spread (5.00) minus the credit that was originally brought in.

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As option trading has become more and more accessible to the ‘retail trader’ so has the resources and education necessary to make what some might call more complex option spread strategies achievable. Option spread strategies like the iron condor spread, the calendar, the credit spread, the butterfly spread, and so on were quite likely little heard of just a few years ago.

However now, it is extremely easy to find information regarding these option strategies as well as many others. Late night television features programming and the investment and / or finance section of your local bookstore is full of these publications.

Perhaps one of the draws of this type of investing for the retail crowd is the leverage which option spread trading allows - as well as the number of available option strategies that can be put on and benefit with very little time involved watching the market and without having to pick market direction.

In particular, the iron condor option spread - along with the credit spread (which is what the iron condor is constructed from) is one which is quite easy for the novice option trader to understand. I think it could be safe to say that the option strategy progression many if not most new option traders make goes as follows:

Start off by trading either Covered calls or perhaps straight calls and puts, then they progress on to debit spreads, then credit spreads. Right in here a few of the more adventuresome might take a detour and try naked put and / or call selling - until they get burned and retreat back to credit spreads. Then iron condors before moving on to the butterfly spread, double diagonal, and more.

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(Note: To Subscribe To This FREE Options Trading Newsletter Click Here )

In this weeks issue…

*  VIDEO: The STRADDLE Strategy
*  VIDEO:  5 YEAR RETIREMENT PLAN
*  Which Way Is This Market Headed?
*  VIDEO: The Reverse Butterfly
*  VIDEO: Market Recap & Trading Strategies
*  VIDEO: Dolphins…

Here’s this weeks report…

*********************************************

*** WHICH WAY IS THIS MARKET HEADED? ***

Adam takes a current look at the Dow and Gold…

*********************************************

*** VIDEO: THE STRADDLE STRATEGY ***

Options Training Video detailing the Straddle Strategy…

*********************************************

*** VIDEO: FIVE YEAR RETIREMENT PLAN ***

See How Wall Street Insiders ‘Snowball’
Their Accounts Into Huge Amounts Fast…

*********************************************

*** VIDEO: REVERSE BUTTERFLY ***

Options Training Video detailing the Reverse Butterfly…

*********************************************

*** VIDEO: WEEKLY WRAP UP & STRATEGIES ***

Options Video recapping the week in the market and
more option strategies…

*********************************************

*** VIDEO: TOTALLY TRADING UNRELATED ***

Dolphins…

*********************************************
NOTE: To Subscribe To This FREE Options Trading Newsletter Click Here
*********************************************

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The condor spread is one of the lesser known and/or used option spread strategies.

While the name is similar to the more popular ‘iron condor’ strategy - the ‘condor spread’ is different - even while the risk graph of the trade looks the same.

The difference between the condor and the iron condor is that the condor spread is constructed of all calls or puts - while the ‘iron condor’ is comprised of BOTH call options and put options.

An iron condor example on IBM looks as following:

Buy 2 110 IBM Puts
Sell 2 115 IBM Puts
Sell 2 125 IBM Calls
Buy 2 130 IBM Calls

The iron condor example above utilizes both calls and puts - and it is constructed of 2 separate credit spreads.

A condor example on the same underlying would look as follows -

Buy 2 110 IBM Puts
Sell 2 115 IBM Puts
Sell 2 125 IBM Puts
Buy 2 130 IBM Puts

The condor example above uses ONLY puts - and is composed of a put debit spread as well as a put credit spread.

While constructed differently however - if you were to compare these two option spread strategies next to each other on a risk graph or payoff diagram - they would look extremely similar if not identical.

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Several different option spread trading strategies which investors can use for creating monthly income include the iron condor, credit spread (or vertical spread) - the butterfly spread - and others.

Option spread trading refers to the act of selling one option and buying one option. In the case of the iron condor strategy - these options would usually be in the same month. Credit spread option strategy would include the same month options as well - and the options would either be all calls or all puts. Diagonals would be comprised of the same underlying - however the months could be different months - and the same is true with calendar spreads.

Non directional trading investors find option spread  trading enticing because it is a way for them to use leverage to benefit from the theta decay of options while limiting their risk. These trades allow the option trader to sell premium and collect that theta - while purchasing cheap ‘insurance’ to cover themselves in a worse case scenario.

Option spread trading has become fairly popular recently and more and more retail traders are getting their feet wet in this type of investing - whereas not too long ago these type of option spread strategies were little known and traded only by professionals.

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At the core of the iron condor strategy is the vertical spread.

If we were to reverse engineer the iron condor strategy - take it apart - split it in half - and look at what the spread is actually constructed from - we would find that it is simply 2 credit spreads. A vertical spread on either side.

Usually the iron condor trader will construct their trade anywhere from 1 to 3 months away from expiration day. For example - if an iron condor trader were setting up a March trade - the trade might be initiated as early as Jan of that year. I think most iron condor traders would agree that this might be as far away from expiration one might want to place this type of trade - and it seems as though most prefer to place them much closer to expiration day - usually somewhere in the 30 to 40 day range.

To place an iron condor trade - the investor would either sell 2 separate vertical spread - or credit spread - an equal distance away - or out of the money - from where the ETF they are trading with is presently trading at.

For example - if the investor were placing an iron condor on the SPY - they would sell a call vertical spread above where the SPY is trading at - and they would sell a put vertical spread below where the SPY is trading at.

These two individual credit spreads can be sold either one at a time - which some refer to as ‘legging in’ - or some brokers allow them to all be placed together as a full iron condor ‘package’.

photo credit: Orin Zebest

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Option selling has become more main stream recently as more and more retail traders learn about the various option spread trading strategies which can provide actually quite impressive returns over short periods of time.

Option selling is the act of an investor ’selling’ an option - either call or put - to bring a credit into their account. The trader doesn’t necessarily have to own the option prior to selling it - or even own a related base asset such as the stock that the option is derived from (such as is the case with covered call selling)

Even though the investor may not need to own the option first - or a related asset - in most cases the investor DOES need to have enough cash in their account to ‘cover’ the sold option if it were assigned - or they could also cover it by purchasing another nearby option - such as would be done in the case of a credit spread option position - or a debit spread.

Some popular option selling strategies include:

Iron Condor
Credit Spread
Butterfly Spread

Option selling is a great way for investors to benefit from the fact that options are a decaying asset.

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An option selling strategy that has gained a lot of popularity in recent years is the iron condor.

This option spread trading method is comprised of two vertical spreads - or credit spreads - on the same underlying stock / ETF / index. It is made up of an out of the money bear call spread - a credit spread option trade that benefits when the underlying asset remains below the sold short strikes - and a bull put spread on the opposite side of the position.

While there are numerous ways to trade the iron condor option spread trading technique - one popular way is to sell the shorts on either side as far away as possible with the hope being that while the trade is in progress the stock / index vehicle being used won’t reach those levels - which the probabilities say they shouldn’t.

Although it is true that this trade is a high probability trade and when placed correctly the trading asset being used should not breach either sold strike of the trade - of course this is always a possibility - and the risk on these trades can be significant.

Regardless of the favorable probabilities traders of the iron condor option trading strategy should always have a risk management plan in place before putting on these trades.

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Here is an illustration of a condor spread -

Go long 4 50 Calls
Go short 4 55 Calls
Go short 4 60 Calls
Go long 4 65 Calls

The risk profile of this looks similar to that of the iron condor.

Also - if once one takes a good look at the trade, it also could be argued that this trade is a split strike butterfly trade - or a traditional butterfly trade where the shorts being sold are separated.

Finally - the condor trade - like the one illustrated above - is also a common adjustment technique used by iron condor traders to ‘roll’ the side that is in trouble further away from a threatening move.

For example, in the illustration above, of an iron condor trader had a trade on where the call side was made up of a sold 50 / 55 call credit spread - and it was being threatened - a way that trader could adjust the trade would be to roll the threatened credit spread further up away from the underlying.

To do this in one simple trade would be to place the trade described above - which would wind up moving the 50 / 55 call credit spread up to a 60 / 65 call credit spread.

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If one were to take the iron butterfly spread apart - reverse engineer it if you will - then take a look at the components - they could come to the determination that the butterfly spread trade is basically a straddle spread - with cheaper wings purchased for protection.

At the core of the trade - it’s just the sale of a straddle. It’s what the iron butterfly spread trade really wants to be.

Following is an example of an iron butterfly trade:

Purchase 1 36 Put
Sell 1 38 Put
Sell 1 38 Call
Purchase 1 40 Call

If you remove the 2 purchased options - the 36 put and the 40 call what is left?

The short 39 put and the short 38 call. A sold straddle.

This straddle is what makes this trade money. The purpose of the 2 purchased wings is to provide protection and margin relief.

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A variety of individual butterfly strategies are in the option income traders ‘toolbox’ for use - including the ‘regular’ butterfly consisting of either calls or puts, the iron butterfly position, and the broken wing butterfly - or ’skewed’ butterfly.

The ‘regular’ or traditional butterfly is made up of either all calls or put options. These are usually constructed with the short strikes being sold at or near where the stock or underlying investment vehicle is currently trading at. The wings of this version of the butterfly spread are bought out an equidistant length away from where the shorts were sold.

An Iron Butterfly could actually be viewed as an iron condor - it is made up just like an iron condor trade -  the difference being that the shorts are sold at the same strike price as each other - as if attached together. One could think of this trade as an iron condor just ‘pushed’ together in the middle.

The broken wing butterfly can be made up of puts, calls - or both calls and puts. What makes this trade different is that both wings are not spaced apart equally on either side. One wing is shorter than the opposite side - making this trade ’skewed’.

Usually traders consider the butterfly spread trade to be a non directional trade - however these trades can also be constructed to be played directionally.

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Butterfly Spread Trade - March 2010 - RUT

This last week we closed out our RUT Iron Butterfly Trade for a profit of just over 10%.  Total days in trade: 8 days.

Learn more on these butterfly spread trades.

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Right before closing out butterfly trade position (above)

We love trading these butterfly spread trades - iron condors on the SPY as they are so liquid and easy to get in and out of.

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6-26-09

This month we took our iron condors off a little earlier than we normally would allowing us almost 3 full weeks of ‘vacation’ - not having to worry or watch the market in regards to this trade whatsoever. These last few months have been beautiful for these trades.

Also see some of this months other trades at our butterfly spread trade blog

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SPY BUTTERFLY - JUNE 09 - CLOSED

6-15-09

6-15-09

This months Spy Butterfly turned out nicely. On closure of main position left some extra OTM long calls on since they were worth less than what it would have cost in commisions to close them - AND - if the market blasted off for some reason before expiration day they could become a nice little lottery ticket.

To learn more JOIN OUR FREE IRON CONDORS NEWSLETTER. Click Here

Find more on this and other trades at butterfly spread blog / site.

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5-27-09

5-24-09

This months Iron Condor trade was pretty much text book perfect. Put it on, place our exit orders, take it off. Almost seems like there’s something ‘wrong’ here with the market behaving so nicely…

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‘Scalping Theta’ uses the underlying STOCK to manage the option position in a unique way rather than just using options. (This adjustment strategy is taught in this video course - click here)

This adjustment technique can be used with managing iron condor trades and calendar spread trades as well.

Following find a screen grab of the risk graph right before this ‘Theta Scalped’ trade was closed out…

Go Here to get the Free Iron Condor Weekly Email Report.

Also, take a look at butterfly spread

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Iron Condor / Butterfly Spread Trade closed for May 09 is a post from: Iron Condor - FREE Trading Videos

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3. *** RUT JUN IRON CONDOR CLOSED ***  RUT IRON CONDOR - JUNE 09 - CLOSED  5-27-09...
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*** THE FORGOTTEN OPTION TRADING STRATEGY ***

Recently I found a great resource guide online that explains and breaks down a little known option trading strategy in really easy to follow step by step detail.

I had known about and even used this strategy over the years - but over the last couple of years I had put it on the back shelf - but after reading this guidebook I’ve found a renewed interest in this trade and will be starting to trade some of these.

To learn more join our free iron condors option trading newsletter Click Here

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*** THE FORGOTTEN OPTION TRADING STRATEGY *** is a post from: Iron Condor - FREE Trading Videos

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*** NEW OPTIONS TRADING VIDEO PROGRAM ***

Great new weekly options video program produced by floor traders called Strategy of the Week. Every week a market maker explains, discusses, and trains a new option trading strategy, such as calendar spread, butterfly spread, iron condor, covered call, and more. This is a great and informative new show and like all the others - it’s FREE.

For more info on where to find this sign up for our free newsletter… Click Here

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*** A NEW OPTION STRATEGY for VOLATILE MARKETS ***

A few newsletters back we showed the ‘V-Spread’ - a new Iron Condor related option trade perfect for volatile markets. If you missed it you can read more by joining our newsletter by Clicking Here

This last month we put on another ‘DIFFERENT’ sample strategy trade that can work great in these wild swinging markets.

To learn more join our iron condor email newsletter by Clicking Here

How To Trade, Manage, and ADJUST Iron Condors - TRAINING COURSE is a post from: Iron Condor - FREE Trading Videos

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New Iron Condor Training, Tools, Webinars, and more - Click Here

Feb. was a good month for our Iron Condor
trade.

Although our new March trades aren’t in any
trouble yet - the market is currently in sort of
a precarious position - causing us to be extra
cautious.

Join our free iron condor newsletter by going here

*** Feb Iron Condor Expiration *** is a post from: Iron Condor - FREE Trading Videos

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*** IRON CONDOR / OPTIONS WEBINAR REPLAY ***

There was a great options trading webinar this
last week and if you missed it you can catch a
f.r.e.e replay of it.

For more info join our free newsletter by Clicking Here

*** IRON CONDOR OPTIONS TRADING WEBINAR REPLAY *** is a post from: Iron Condor - FREE Trading Videos

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*** Is There Actually Such A Thing As A Win-Win Trade? ***

*** HEARD OF THE ‘3 LEGGED BOX’ TRADE? ***

VIDEO: Here is a really interesting options trading video on an option strategy called the 3 leg box.

To learn more join our free iron condor options trading newsletter by Clicking Here - and receive free Iron Condor Training, Tools, access to Webinars, and more. To get the Free Iron Condor Weekly Email Report - Click Here

*** THE HOLY GRAIL OF OPTIONS TRADING? *** is a post from: Iron Condor - FREE Trading Videos

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3. *** IRON CONDOR - Geoffs Christmas Trading Video *** New Iron Condor Course, Video Training, Tools, and more...
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Good new article resource on various ways to win on option positions
even when your wrong..

Click Here to join our online options trading newsletter and learn more.

- ALSO -

*** MODERN DAY NOAH? ***

Here’s a great video someone sent me this past
week on Peter Schiff.

This footage was shot several years ago - and
watching some of the so- called ‘gurus’ rolling
their eyes and laughing at Peters predictions is
surreal…

Click Here to join our Iron Condor newsletter and
learn more.

** GOOD IRON CONDOR / OPTION ‘ADJUSTMENT’ ARTICLE ** is a post from: Iron Condor - FREE Trading Videos

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Iron Condor Video Training Course, Tools, Webinars, and more - Click Here

Go Here to get the Free Iron Condor Weekly Email Report.

*** MORE IRON CONDOR / BUTTERFLY TRADES COOKING ***

After closing out last weeks Iron Condor Butterfly trades, we put on some new ones this week…

If you’re interested in learning more about how we trade these things be sure to join the list for our new upcoming butterfly trading newsletter by clicking here

CRASH PROTECTION For IRON CONDOR TRADES

Oct 08 was the closest thing many newer Iron Condor traders have experienced first hand to a crash - and the graphic in this weeks newsletter shows a ‘Crash Protected’ Iron Condor and how it performed during that crash.

This trade is a version of the Iron Condor which is used during periods of high volatility. Had this Iron Condor trade been put on in the traditional manner - it most likely would have gotten creamed as the crash occurred…

To learn more please join our free iron condor newsletter by Clicking Here

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*** IRON CONDORS - Geoffs Christmas Trading Video ***

This year instead of sending out a cheesy Merry Christmas email
Geoff prepared an early Iron Condor Christmas gift / video.

It’s a FREE video that will teach you what he does and how he profits
around earnings.

Click Here to join our newsletter and learn more.

This isnt specifically about trading Iron Condors or Credit Spreads - at
earnings time there are too many unpredictable forces operating.

However, he does have a strategy that he employs on stocks that have
a tendency to gap or move big during those times.

This new Iron Condor ‘related’ strategy can add enormous benefit to YOU and your
trading account for 2009.

Click Here to join our email newsletter and learn more.

*** IRON CONDOR - Geoffs Christmas Trading Video *** is a post from: Iron Condor - FREE Trading Videos

Technorati Tags: Butterfly Spread, Credit Spread, Iron Condor, Vertical Spread

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*** NEW COVERED WRITE STRATEGY ***

Good new video link on how to do
a covered write trade…

Click Here to to join our newsletter and learn more…

*********************************************

*** NEW *LIVE* TRADING VIDEOS ***

Bill just added these short live trading videos showing
how he makes between $60 to $150 daily in 10 minutes
during his ‘lunch hour’ - using a very simple strategy
with very little risk.

Join our newsletter and check these out…Click Here

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This month we decided to dip our Iron Condor toe back in
the water with our Monthly Butterfly Trades (similar to Iron
Condor Trades - except maybe better!)

- ALSO -

Dont miss Bills daily live trading videos, or the
featured Covered Write Video - and the Iron Condor Xmas
Video link found by clicking the link below…

To subscribe to our Iron Condor newsletter for Free, go here

** Dipping Our Iron Condor Toe Back In The Water ** is a post from: Iron Condor - FREE Trading Videos

Technorati Tags: Butterfly Spread, Credit Spread, Iron Condor, Vertical Spread

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*** IRON CONDOR SUPERTRADER INTERVIEW ***

Excellent new article / interview from a
successful 62 year old retail Iron Condor
trader - and how he trades, manages, adjusts…

For more info on this article Click Here

Iron Condor Course, Video Training, Tools, and more - Go Here

*** IRON CONDOR SUPERTRADER INTERVIEW *** is a post from: Iron Condor - FREE Trading Videos

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*** NEW IRON CONDOR VIDEO COURSE ***

Here is a new ‘option income course’ that is absolutely
worth the investment.

For more info Click Here

Includes training on new and unique ways to trade Iron
Condors, Calendars, as well as some more advanced
*Power Strategies* that are perfect for trading in these
turbulent stock market times.

For more info and to subscribe to our Iron Condor newsletter
for FREE - Click Here

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*** IRON CONDOR: GREAT NEW FREE TRADING VIDEOS! ***

There are some GREAT *NEW* FREE Trading Videos
up on the website for us to watch (absolutely no cost).

In particular, watch the one titled ‘Market
Wizard Insights’ by Jack Schwager. Also, ‘The
Art Of Morphing / Adjusting’ By Ron I.

These are really great - recommended.

To find out more and to  join our free newsletter Go Here

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*** GREAT NEW OPTIONS TRADING VIDEO COURSE ***

Good new Options Trading Online Video Course - Go Here

In particular be sure to check out Video Module called:
‘Advanced Techniques and Strategies’. This stuff is
perfect for trading in our current market environment.

To subscribe to our Iron Condor newsletter for Free, go here

*** GREAT NEW OPTIONS TRADING VIDEO COURSE *** is a post from: Iron Condor - FREE Trading Videos

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*** JOIN US THIS THURSDAY for a FREE Iron Condor Trading WEBINAR ***

Your invited to join us this Thursday for a free
online Iron Condor trading webinar.

Shown will be: “How To Profit From The Markets Current
Extreme Volatility Using Iron Condors and Simple Credit
Spread Strategies”

Space is limited and spots fill fast so please reserve
your spot now - go here
To join our FREE Iron Condor / Option Income Strategy Online Newsletter go here

*** Join Us For LIVE Iron Condor WEBINAR *** is a post from: Iron Condor - FREE Trading Videos

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*** IRON CONDOR - EERIE STOCK MARKET PREDICTION ***

This week we revisited an old posting that we
shared here in this newsletter last June.

The following blurb was taken from the June 21,
2008 weekend report. Be sure to take a look at
the levels predicted compared to where we are now.

Go Here to join our Free Iron Condor / Option Income Online Newsletter.

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One thing that has always driven me nuts with
option trading education is the lack of basic
‘How To’ information. I have bought huge books
and lengthy courses that are full of ‘What is
a call’ type info - but very, very few ever had
anything ‘Practical’ I could actually use to
make money. It has always been very hard to find
information that would give me simple step by
step directions on how to actually make money
consistently with options.

In this weeks newsletter we look at one source
that actually did provide applicable info - plus we
include a list of several other option educator
resources that do deliver on their claims.

To subscribe to our Iron Condor newsletter for Free, go here

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Iron Condor: Following is an excerpt taken from the The Complete Iron Condor Strategy Guide E-Book …

IRON CONDOR: How To Know When It’s Time to Exit or Adjust

The Iron Condor Option Trading Strategy is a great trade.

Its simple to understand, easy to put on, has a high probability of success, kick off a great yield that can provide monthly income, and most of the time they work out beautifully.

MOST of the time.

The downside is that the Iron Condors Risk / Reward ratio is terrible - especially when compared with other option trading strategies.

Even though they DO work out just fine MOST of the time – all it takes is that ONE time to completely drain my account and put me out of the game for good.

That is, unless I know how and when to properly manage and adjust them.

There are different types of Iron Condors – each with their own different risk /reward ratios.

However, for illustration purposes, I will be using the main Iron Condor I use on a regular basis. Its what I call the ‘Plain Vanilla’ version of the Iron Condor.

Here it is:

10 point strike wings on an index vehicle, about one and a half standard deviations away from current price, between 30 and 50 days away from expiration. 80% or higher probability.

Now, using the above Iron Condor example – I could expect to take in a credit of around 1.00 on an average month. My risk would be 9.00.

Or, if I were to put on the above trade using 10 contracts, I would bring in a credit of around $1000.00 and be risking $9000.00

I am risking $9000.00 to make $1000.00

This risk to reward is terrible.

The above trade has around an 80% chance of success.

It should work out fine 8 times out of 10.

It’s the OTHER 2 times I need to be worried about.

Lets say I did the above iron condor for a total of 10 months – and I did absolutely NOTHING to manage or adjust. I just let the probabilities play out.

Heres what could happen…

I profit $1000.00 for 8 months.

$1000.00 X 8 = $8000.00 PROFIT.

Not bad. That’s almost a 100% return.

But then the other 2 months lets say I lose my max risk: $9000.00.

$9000.00 X 2 = 18000.00 LOSS

$8000.00 PROFIT – $18000.00 LOSS = 10,000.00 LOSS

Ouch!

Okay – lets say I don’t lose my max risk. Lets cut it in half.

Lose $4500.00 X 2 = $9000.00 LOSS

$8000.00 PROFIT – $9000.00 LOSS = 1,000.00 LOSS

Obviously – in order for this option trading strategy to work, I need to have a plan to protect – and keep – the profits I generate during the 8 good months – from the losses that will occur (and they WILL occur, believe me) during the 2 months that will be bad.

So what is that plan?

I need to know how to properly manage / adjust.

But� FIRST – I need to know WHEN to adjust.

So when do I adjust?

Lets go back to those numbers…

If I win $1000.00 8 times out of ten – HOW MUCH can I afford to LOSE 2 times out of ten?

If I can afford – both financially and psychologically – to just go back to break even at the end of ten months of trading, then my answer would be around $4000.00 per trade.

I could afford to absorb a loss of $4000.00, 2 trades out of 10.

At the end of ten months, I could be back at square one.

I win $1000.00 8 times, I lose $4000.00 2 times = $0 PROFIT.

On the other hand, lets say I dont want to make any less then $5000.00 during a 10 month span – then the most I can afford to lose on a trade would be around $1500.00

I win $1000.00 8 times, I lose $1500.00 2 times = $5000.00 PROFIT

THIS makes much more sense to me.

In the above example, $1500.00 equals about 1 and 1/2� times my original credit – or my expected monthly profit for the 8 good months.

I find this a good gauge to work off of.

I may even tighten it up to 1 times my original credit. But NEVER more than 2 times my original credit.

Anything more than 2 times would cause me to risk losing too much for my total income goal - AND it would wind up taking me MORE than 2 winning months just to make up for the loss - which could be hard to deal with emotionally.

Anything less than 1 times my original credit, I feel I am not giving the trade enough room to breathe and do its thing.

What this does is change the Iron Condors terrible 9 to 1 Risk / Reward Ratio to a much more acceptable 2 to 1 – or 1 to 1 Ratio.

So – before I ever even put a trade on - I decide what that ratio - or max acceptable dollar loss number - will be.

I’ll call this my ‘Maximum Pain Number’. It’s the maximum amount of dollars I am willing to lose while in the trade. In the above example it was 1 1/2 of my orginal / average monthly credit intake - or $1500.00 Loss.

I believe most times this number wont be hit.

But when it does (and it eventually WILL, believe me) – that’s my cue its time to either get out of the trade entirely - or adjust.

AND ACTUALLY - if I’m going to adjust, I need to begin doing so BEFORE my maximum pain number is hit - to take into account slippage and in order to give the new ‘adjustment’ position some room to breathe. If I am going to adjust, I usually begin planning/doing so when I am just over 3/4 of the way to hitting my maximum pain number.

This way, by not letting my losses get out of control, I always know that worst case scenario (I take my Maximum Pain Number LOSS) - based on the probabilities - I should still be profitable at the end of ten months.

AND best case scenario (I successfully adjust) - I could pull out of a losing trade and make it profitable once more.

I feel this concept might be the MOST IMPORTANT part of the Iron Condor strategy to fully understand and follow - religiously.

I believe in a poor risk to reward yet high probability trade - like the 80% probability Iron Condor I do - if I can just keep my losses under control and NEVER allow them to exceed my Maximum Pain Number (in this example 1 to 2 times my average monthly credit intake) - in the long run I will be profitable.

I NEVER allow an Iron Condor Loss to exceed my predetermined MAXIMUM PAIN NUMBER!

Until next time, Good Trading!

Join our FREE Iron Condor / Option Income Trading Newsletter by going here

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