SPX Weekly Iron Condor Closed; Stop Loss Hit

Our stop loss exit order triggered this morning for the May 5 weekly Iron Condor; position closed as follows:

- BOUGHT SPX May 5 2155 Call, .15 Debit.

- SOLD SPX May 4 2165 Call, .10 Credit..

- BOUGHT SPX May 2090 Put, 5.75 Debit.

- SOLD SPX May 2080 Put, 3.70 Credit.

Closing order executed as a single order: BUY " Iron Condor" .

Net Debit to Close Iron Condor: $2.10 (all four legs. )

Net Credit to Enter Iron Condor: $1.25 (all four legs)

(Loss): Loss of $(85).

This represented a loss of 9.7% of the margin/risk and the pre-set max loss per the guidelines for the trade. Some traders may choose to stay in and "hope" for a bounce; however, my risk management is to cut my losses before they could accelerate and move on to the next trade. This is the fourth week in 2015 that we have had to take a loss on the weekly Iron Condor, and results for the year including these losses are still positive.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin