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Leave A Reply (2 comments So Far)


  1. Jeff
    2 weeks ago

    Gavin,

    Thanks for the this website. I stumbled on it and look forward to exploring further. I’m impressed thus far. I have a couple questions.

    First, I noticed your trade results. Are you still publishing your results and trades? I only saw 2011 and 2012.

    Second, I have limited experience with Iron Condors. While there seems to be a lot of resources on the web about various rules opening an iron condor, I have not found a lot of specific strategies making adjustments. Seems to me, the adjustments are as important, if not even more important. I currently have an iron condor I opened 7/8 set to expire 9/20 (so, 1 month till expiration). My initial net credit was $3.31. At this time, it would cost around .70-.80 to close (2.51 net profit per position). At trade opening, I planned to exit the position between 8/20 – 9/10 with a target debit of .50. I’m currently debating changing my limit order to .70 and close the position. Is there a strategy to protect profits? Every strategy I have considered has cost more the .20 additional profit. I expect the debit to continue to decrease rapidly over the next few days. But as a trader, I also know to be prepared for an unexpected move and don’t be too greedy to take profits. I would appreciate your thoughts.

    Thanks!
    Jeff


  2. Gavin
    4 days ago

    Hi Jeff,

    Thanks for the feedback and kind comments, always nice to hear.

    I’m now releasing my trades in real time to members via an alert service at http://www.optionstradingiq.com/tradealerts.

    Taking profits when you have them can be a good idea as the market can turn quickly, particularly with these types of trades. You might make small profits 5-6 days in a row and then one spike in vol wipes out those gains in one fell swoop.

    I tend to take profits if there is still 3-4 weeks to expiry if I have made 50% of the total potential profit. Otherwise, as it gets closer towards expiry, I would look to take 80% out of the trade. Occasionally I will hold to expiry if the stock is right in the middle of my short strikes heading into expiration week.

    Hope that helps and thanks for visiting the site. Let me know if there is anything else I can help you with.