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For what it's worth, this is exactly why I only trade a maximum of 40% of my account using this strategy. If I need to defend a position, I want to be able to throw as much cash into my rolled position as is needed to stay positive. If a .60 credit position goes against me and I end up...

I'm going to the TOS Advanced Options workshop in Chicago on 5/31 - 6/3. Anyone else going then? SPX Positions for May so far: May 1365/1375 Call Spread - 8% on margin May 1220/1230 Put Spread - 6% on margin May 1350/1355 Call Spread - 6% on margin -Cash

Andy, This is what I have been trying to work out over the last few months. Black Swans concern me quite a bit, but I am still trying to complete the IC each and every month. I have about $120k I put up for margin every month (not including my reserves for adjustments). In order to make my...

Dangling legs? What's not to be comfortable about that???? :D

Great job piccon!!!! I am sure you will enjoy this weekend ;-)

Thanks for clarifying. This makes sense to me now. I look forward to following your posts and success.

Donna, I have to agree. In my opinion, going WAY OTM is saying my strategy is Non-Directional. However, knowing you will most likely hedge or move positions seems to be more of a Directional strategy. I prefer the Non-Directional method knowing I will be required to hedge or roll once in...

When rolling out and doubling your contracts, what percentage of the time would you say that you end up on the short end of break even? I am curious because, while I have not been trading these spreads long, most of the time I have to more than double my WOTM positions in order to break even...

The more I think about it, I thinki it was 1984 Where DOES the time go?

Ahh, good 'ol 1986 - nothing better!

We spend the summers in Poland each year. It is much more affordable, but it has its tradeoffs. Food seems to be much more expensive, but living expenses are much less. I love Poland, and if someone told me I had to pack up the family and move, it wouldn’t break my hart one bit.

Chris, I'd be curious to hear how you handle your distributions to yourself. For example, if you need 10k per month to live on, does your strategy get you the 10k and that's it, or do you make 20k on an average month - 10k for you and 10k to keep your account growing? Does anyone trading...

One other nice feature is that TOS removes your maintenance immediately when the SET comes out. Other brokers remove the maintenance requirement over the weekend. -Cash

piccon, Point well stated and taken. However I am far from panicking. I think it's important to define rules and decision points early so, if the market does threaten a position, you are acting on pre-defined rules, and not emotion. I was only stating what one of my decision points is...

Ryan, I have the some position (1345/1355) that is looking a little vulnerable out there. Have you determined your line in the sand yet? If the SPX closes above 1325 anytime soon, I will be looking to get out of the way... -Cash

Nice fill!! What time did you get it? Last 15 minutes of the day?

Do you always put you positions on 7 or 8 weeks away from expiration? Did you leg into each side, or sell the entire condor at one time? You are WAY out of the money, that's for sure, but I wonder if you could have gotten better credit if you would have waited and used the market swings to...

Aint that the truth!! I would like to put on April Positions about 5 weeks from expiration. I have a sneaking suspicion that we are going to be right smack dab in the middle of this range at that time. I may have to pull the trigger earlier than I like, or later :mad:

Ooops. Yes, I mean the 1235/1225 March PUT. Thanks for correcting me Donna.

With another down open coupled with put sku, I was able to finally complete my IC for March. Just sold 1335/1325 @ .50 credit. For the first time in March, I am finally smack dab right in the middle of my IC. I have a 90 percent or better probablility that all of my positions will expire...