SPX August 25 Iron Condor; Stop Loss Hit and Position Closed

Poor entry timing on today's weekly trade; just after we got the fill the market headed south. With the continued selloff, our stop loss was hit and the position closed as follows:

Closing details are as follows:

BOUGHT SPX August 25 2495 Call, .30 Debit.

SOLD SPX August 25 2505 Call, .05 Credit.

BOUGHT SPX August 25 2420 Put, 10.80 Debit.

SOLD SPX August 25 2410 Put, 8.90 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. Some traders may choose to stay in the position as there could "very likely" be a bounce in the morning, but I prefer to go on the more conservative side and exit before the loss gets potentially much larger.

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

Dot Hazlin