SPX December 16 Iron Condor; Stop Loss Hit and Position Closed
The continuing rally was too much for our weekly position; the stop loss was triggered and the position was closed as per the guidelines.
Closing details are as follows:
BOUGHT SPX December 16 2290 Call, 5.80 Debit.
SOLD SPX December 16 2300 Call, 3.90 Credit.
BOUGHT SPX December 16 2195 Put, .70 Debit.
SOLD SPX December 16 2185 Put, .45 Credit.
Net Debit (all four legs): $2.15
Net Credit to Open Position: $1.30
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. We still have a good track for the year on the weekly Iron Condor, so we must take our occasional losses and stay on the path of our trade plan.
As always, stay keen on your risk management and trade carefully,