IWM February Iron Condor closed.
The bears were out in full force once again today; this morning's move caused our February IWM Iron Condor to be stopped out. At approximately noon, the position was closed for a $1.36 debit. This resulted in a loss of $54 before commissions, or 12.8% of the total risk/margin.
Before closing I analyzed the cost of the adjustment. However, the sudden move down, along with the increase in volatility removed all the credit potential in the position without increasing the size. Being on the more conservative side as a trader, I felt it was a better risk management decision to close the position for a "reasonable" loss rather than to add capital/risk to the table.
I will be looking to open a March IWM Iron Condor sometime early next week; and will post details closer to the entry date.
As always, stay keen on your risk management and trade carefully,