UPDATE 2/21/13, Evening
THE ORIGINAL ALERT WAS SENT VIA WORDPRESS PHONE APP LIKE USUAL LATELY.
IM NOT ABLE TO COPY AND PASTE TRADE GRAPHICS UNTIL AFTER THE FACT, AND THEREFORE HERE ARE THE TRADE DETAILS FROM MY BROKERAGE SITE.
| 02/21/13 | Bought to Open | 9 | SPX Put
Spx Feb 22 2013 1475.00 Put
|
SPX Feb 22 2013 1475.00 Put | $0.80 | -$733.78 | ||
| 02/21/13 | Sold to Open | -9 | SPX Put
Spx Feb 22 2013 1480.00 Put
|
SPX Feb 22 2013 1480.00 Put | $1.15 | $1,030.12 |
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CONDOR COMPLETED OUR EXISTING FEB22 1540/45 BEAR CALL SPREAD WITH 9 FEB22 $SPX 1480/75 @.35 CREDIT.
SELL TO OPEN
FEB22 1480 PUTS
BUY TO OPEN
FEB22 1475 PUTS
@.35 NET CREDIT
ADD THAT TO .50 RECEIVED ON BEAR CALL FEB22, =.85 CREDIT FOR THE WEEK.
You like legging into condors better ? Also do you ever adjust at a certain delta or just leave alone ?
Yes, I like legging into condors at this point in time. In this FED Induced market right now, the market could elevate down fast at any point in time, like last week. I prefer to stay way ahead of the market at this point in time bear call spreads, and roll out if necessary. I only deploy bull put condor sides if I see the market has short term neared a bottom. This year, will likely see a major correction and I like to keep a tight leash on bull put credit spreads. If I was unclear, or you have further questions, please don’t hesitate Dre.
That’s cool , so how far out are you starting your iron condors? Are you doing front month as well or beyond?
I usually prefer to do weekly bear call spreads, like todays Mar1 SPX 1540/45 and then condor later, its a scary thing to condor bull put wise my friend. I almost condored too early today, and would have cost me big potentially. I held off and may condor later, this is a hard business being a bookie op options. When writing spreads, you are essentially writing lottery tickets. you have to be nimble, know when to roll and such.
If you are new to this game, you can get hurt easily. I learned most of it, myself, but @bookingalpha refined my skills in credit spreads. He autotrades accounts through various brokers. He is like a brother to me, and trust him with my life. Click his link here, he will save you the heartache of having to learn the hard way, and roll your trades for you when trouble arises~~~~ make sure you set autotrade of no more than 20% per trade in acct. maybe only 15% to be safe and diversified. Let me know if you have any more questions!