SPX Weekly Iron Condor Stopped out on Greek Debt Deal.
Stop Loss order hit on the position entered earlier today; position closed as follows:
- BOUGHT SPX February 4 2125 Call 3.40 debit.
- SOLD SPX February 4 2135 Call 1.40 credit.
- BOUGHT SPX February 2045 Put 1.55 debit.
- SOLD SPX February 2035 Put 1.30 credit.
Closing order executed as a single order: BUY " Iron Condor" .
Net Debit to Close Iron Condor: $2.25 (all four legs. )
Net Credit to Enter Iron Condor: $1.40 (all four legs), as posted earlier today
(Loss): Loss of ($85). This represented 10% of the margin/risk and the pre-set max loss for the trade.
It's never easy to have a position be stopped out on the day of entry, but in the long run it's best to stay with the plan and move on to the next week. This is the first weekly position we have had to close for a loss so far this year, so the trade will remain in the trade plan as long as market conditions are within the guidelines.
As always, stay keen on your risk management and trade carefully,