IRON CONDOR 101

How good do you think you would get at managing Iron Condor trades if you could manage 100 different trades in a day?

By comparison, in real time, placing one trade a per option cycle, managing 3000 trades would take you…

The day I was scheduled for the procedure, the market moved against my position. An Iron Condor trade I had placed was in a bad way. I stood to loose a lot of money.

I didn’t know if I should close the trade….or if I should adjust the trade…I didn’t know how to manage it…honestly I didn’t have enough experience to know what I was doing. Really honestly; I shouldn’t have been in that trade to begin with.

All I could think was: I wish I had traded Iron Condors a thousand times before so I had the experience to know what to do.

But I hadn’t. And I was going to be unconscious under general anesthetic for hours while the doctors worked on me.

I can’t tell you how stressed out I was….I should have been focused on my health…but all I could think about was what would the index do while I was out on the operating table.

I woke up in the hospital, and the first question I asked by wife was: "Did the S&P index go down at all?"

Not "Hey, did they find any cancer in there?" or "Hey, am I going to live or die?"

Needless to say I wasn’t popular around the house for a few days. Fortunately for me, I got lucky; the doctors gave me a clean bill of health and the S&P moved back into a place where my trade was profitable again. Whew.

But that experience got me thinking about how…

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