We’re going to take a loss on this trade. It’s sitting around a -1.5x credit loss which is our normal stop loss point on iron condors.
I want to impress upon you how important it is not to try and massage the trade back to a profit. It is MUCH MUCH easier and simpler to get profits on a new trade than it is to try and turn it into a winner.
Here’s the closing order:
| IncomeLab Order Ticket | ||||
| Type | Asset | Duration | Strike | C/P |
|---|---|---|---|---|
| STC | SPX | 6 JAN 16 | 2170 | Call |
| BTC | SPX | 6 JAN 16 | 2180 | Call |
| BTC | SPX | 6 JAN 16 | 2300 | Put |
| STC | SPX | 6 JAN 16 | 2310 | Put |
| Total Credit: | 3.5 | |||