New Trade Entry: SPX Weekly Iron Condor for October 2; order filled.

Order executed for this week's position:

- SOLD SPX October 2 2015 Call, 1.80 Credit.

- BOUGHT SPX October 2 2025 Call, .85 Debit.

- SOLD SPX October 2 1910 Put, 2.70 Credit.

- BOUGHT SPX October 2 1900 Put, 2.05.

Order was filled as an "Iron Condor" for $1.60 net credit (all four legs).

Margin/Risk is calculated by the width of the wings ($1,000), less credit received.

Margin/Risk for this week's trade: $840.

Target Gain: 7% of margin/risk or $60.

Max loss: 10% of margin/risk or $85.

Below is the risk graph of this week's position as shown on my broker's platform:

SPX October 2 Weekly Iron Condor:

Below is the SPX chart showing the short strikes:

SPX 6 month chart

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPX stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPX reaches either short strike.

Having said that, it is an individual's own decision whether to wait for target gain, or max loss, on any position. I recommend following your own trade style; there is nothing wrong with exiting a position early. Remember with weekly trades, there are 52 opportunities in a year to trade so it is important to be comfortable with your trade size and position. Remember, trading is an art, not a science.

For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, 2014, and can be found here: Link to Articles

Trade updates will be posted as appropriate.

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

Dot Hazlin