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Of course it's easier to answer those questions than "how to find an edge" as there's no set route you need to take to find it.

Yes.

I didn't say that I trade iron condors exclusively.

In some months I did.

Actually, no, if I lose 10 times in a row I would still have about 35% of the intial amount. I keep the percentage at risk constant, which means that as I lose I will reduce the size of my positions. Sorry to disappoint you.:D

It would be the max loss in an IC, which is the difference between the short and the long strike less premium received. For example, say I got a $100K account. I sell a 10-point (10 points is the distance between the long and the short) IC on the SPX at 3 points. Since I'm willing to risk 10%...

I see, my figures are based on the total account return. My average monthly exposure is around 10%. That is, if the underlying expires outside the long strikes then my loss for the month is 10% of the total account.

I'm having a mixed emotions day. I hate the takeover as a TOS customer, but at the same time I'm up 50% on the day as a shareholder.

No, that's after commissions.

Generally, I don't leg in either. I place my shorts about 1 standard deviation away. 100% in good and -100% in bad years sounds like your position size is too large relative to the total account.

My goal is to make about 15-20% per year with ICs. A bad year would be around -15%.

Yes, I do trade them. I lost money on them last year, about 5-10%.

Customary closing conditions are NOT customers. Customary as in the usual practice/process of closing the deals.

Since when do customers have any say in takeovers/mergers? You are misunderstanding the issue, this is up to shareholders and regulators, not customers.

Ditto. If TOS seizes to exist in some form or shape then it's gonna be really bad! This is really frustrating. The only bright spot is that I'm long some thinkorswim shares.

Any combination can work.

Legging in requires, as noted above, market timing skills. Generally, you should avoid being naked short options when legging in so it doesn't blow up in your face should something crazy happen in the market. You also need to have the discipline to complete the position (or at least get out)...

No book is gonna teach you to trade profitably, it's up to you to develop a trading method that works.

Sorry mate, just couldn't resist it.

CLOE as in Co-operative Learning Object Exchange!? Wow, what do market makers do there?:D