I have a question regarding return/risk and need your input. I currently have the following CME pit traded Dec 2003 S&P 500 future (SP) option Iron Condor which I entered on Nov 13th when the price was approx 1055. Long put 965, Short put 985, Short call 1120, Long call 1140 and I collected a total of 2.0 pts x $250 or $500 less commissions and fees of $24 x 4 legs for a net of $404. This required approx $2300 in margin. The 20 point difference in the strikes "limits" my loss to 20pts less the 2 pts premium received x $250 = $4500 of Risk. This, if my thinking is correct, means I have a return to risk of $404 to $4500 or 9%. Is my strategy reasonable? Am I insane to risk that much for so little a return? If either strikes were penetrated what exit strategy should I incorporate? Any opinions/suggestions/advise ?