SPX February 17 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 February 17 2325 Call, 4.35 Debit.
SOLD SPX February 17 2335 Call, 2.50 Credit.
BOUGHT SPX February 17 2260 Put, 1.05 Debit.
SOLD SPX February 17 2250 Put, .80 Credit.
Net Debit (all four legs): $2.10
Net Credit to Open Position: $1.25
This represented a loss of ($85), 10% of the margin/risk and our pre-set max loss. It's never easy to take a loss, but as I read recently "the art is not always in making money, rather it is in keeping it." We will continue with our trade plan with the utmost attention to risk management at all times.
As always, stay keen on your risk management and trade carefully,