SPX December 2 Weekly Iron Condor Closed; Stop Loss Hit
The bulls were too much for the trade we just entered this morning; our stop loss exit order triggered a short while ago for the December 2 weekly Iron Condor; position closed as follows:
- BOUGHT SPX December 2 2115 Call, 4.30 Debit.
- SOLD SPX December 2 2125 Call, 2.10 Credit..
- BOUGHT SPX December 2010 Put, 1.05 Debit.
- SOLD SPX December 2 2000 Put, .80 Credit.
Closing order executed as a single order: BUY " Iron Condor" .
Net Debit to Close Iron Condor: $2.45 (all four legs. )
Net Credit to Enter Iron Condor: $1.60 (all four legs)
(Loss): Loss of $(85).
It is always extra anxiety when we have to close a trade the day of entry. However, we still have a good track record for the year on the weekly Iron Condor, so we will just take our lumps as per the trade guidelines and move on.
This represented a loss of 10% of the margin/risk and the pre-set max loss per the guidelines for the trade.
As always, stay keen on your risk management and trade carefully,