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cactiman

Registered: Dec 2011
Posts: 962

08-06-12 08:49 PM

Opened the Upper Legs of some November SPY Iron Condors today.
Sold 150/151 Bear Call Spreads into Resistance at 140.02.
Is 150 high enough? Time will tell.
Will now wait for a Pullback to a Higher Low in the Uptrend (around 135?), and then Open the Lower Legs.
Probably with 130/129 Bear Put Spreads, for a total Range of 20 points.
Should make 13-15% per month on the trade, if all goes according to plan.
Anyone else doing "Steady Eddie" trades like this?

spy08062012.png
This has been downloaded 357 time(s).

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webicknell

Registered: Mar 2012
Posts: 59

08-06-12 09:46 PM

I have not traded the SPY... been trading Iron Condors (legging into them) on RUT and NDX.... But always farther out... I look at Deltas of below 5 before I trade.

Not 10-15% a month, but maybe 2-3%, but I can sleep at night.

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rocky_raccoon

Registered: Mar 2012
Posts: 111

08-06-12 10:36 PM

@cactiman:

How much of your account do you allocate to an IC trade?

What do you do if it goes against you?

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diaoptions

Registered: Aug 2011
Posts: 392

08-06-12 10:57 PM

Quote from rocky_raccoon:

What do you do if it goes against you?

Nothing you can do but take the loss, or wait it out to expiry. The short options of the IC are you insurance to minimize the loss, a very simple concept which doesn't need second guessing once the position is open.

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rocky_raccoon

Registered: Mar 2012
Posts: 111

08-07-12 04:27 AM

Quote from diaoptions:

Nothing you can do but take the loss, or wait it out to expiry. The short options of the IC are you insurance to minimize the loss, a very simple concept which doesn't need second guessing once the position is open.

That's why I asked him about position sizing. If taking a close to total loss is the only option then the overall position should be fairly small.

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cdcaveman

Registered: Aug 2011
Posts: 3514

08-07-12 04:45 AM

Roll parameters.. there's a article about it in the last stocks and commodities mag call queen of condors.

Its on the rut to...

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