UPDATES:
3/21: i closed the lower the lower leg so bought back the 805/800 short put spread for $.02.
By end of day i will likely get to close the upper leg for abt the same (if not today tomorrow).
3/22: closed (bought back the credit call spread 855/860) for .04. this was a sure winner (what are the chances of open tomorrow mkts up 4%? since the answer is not ZERO then i close this cheap spread)
NOTE: this is am settled so thursday is last day to trade and never leave a short leg open into fridays.
Also, you can read my older RUT post for more details that may apply here (chart there too).
Summary:
3/16: i put this iron condor on for a week. I collected 611.12 ($.7)
3/21: I closed 805/800 leg for -33.44
3/22: I closed the upper leg 855/860 for -51.44
Total profit in 6days $526.24 not goldman sachs money but music to most mortal ears.
I will likely repeat similar trade tomorrow for another week.
Btw, if you like these posts spread the word, folo @racernic & peruse the rest of my post including the sides (if you know what I mean ;-). I do these post for free and have no subscription pitches etc.
Original trade post:
As soon as I closed my last Mar RUT winning trade for max profit (less .05), i shared the setup for the next RUT trade. I chose weekly Iron condor:
3/16:
sold 805/800 Put spread
Sold 855/860 Call spread
order executed at $.70
Did it 9times so collected 611.12 remember that this is a weekly trade and wanted to stay away from trouble as much as possible and still have a decent premium.
As with any trade there are risks but in this case the I am very comfortable with the dollars at risk. I always try to know and manage my risk; I ask 'what will I lose if the crap hit the fan in the worst possible way.' If I know the answer to this and am ok with it then I should be ok.
THIS IS NOT A RECOMMENDATION OF ANY KIND. I ONLY INVEST MONEY I CAN AFFORD TO LOSE.
