Money Management in Credit spread strategy

By the way,

do you know is there ever any writer write book about Money Management in Options ?

Especially for credit spread trader like us ?

Anyway, tomorrow i trying to put bear call spread, my sentiment still bearish (don't want to use Iron Condor on market like this, VIX still not stable-not want to risk my position)

I try to put SPY/IWM/QQQQ/DIA at 1SD on the up side, target profit is 10%, Risk 15% and plan to exit 10 days before expiration date (take 7%-10%), my position have probability to expiry more than 80% (as i do not make a bull put position).

How about you guys ? still on Iron Condor ? or also directional like me ?
 
A brief comment about terminology in regards to the IC mentioned in this thread.
When you open a position you SELL the IC (not buy, as Mark suggests) and take in a credit.
When you close the position you BUY the IC for a debit.
db
 
Quote from nell:

By the way,

do you know is there ever any writer write book about Money Management in Options ?

Especially for credit spread trader like us ?

How about you guys ? still on Iron Condor ? or also directional like me ?
More...

1) My book, <b>The Rookie's Guide to Options</b>, includes discussions on risk management and money management. Risk is an important topic, but the emphasis is on helping rookies <i>understand</i> options and how to use them as risk-reducing investment tools.

2) I'm still using iron condors, but with extra protection.

Mark
http://blog.mdwoptions.com/options_for_rookies/
 
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