Andy:
My book was does not specifically cover SPX spreads or Iron Condors as it is focused more generally on trade adjustments and risk/trade management.
As for my secrets, it is not akin to the formula for Coke. It is more specific to my risk and trade management approach and how I handle my positions. This is something that is unique for every trader and it is more important to develop that approach yourself than copy the ingredients from someone else. The approach comes mainly from experience, although learning other people's styles and reading many books does give you different perspectives.
My thread gives a glimpse into how I am trading/manging these posiitons but for those that follow along, the better resource is to use the thread to inspire your own approach within your own risk tolerance guidelines. Factors such as years trading, background, education, experience, emotions, available capital, risk tolerance, stress, time management and approach to money all affect your ability to trade. The key is working within your own framework to develop the plan that best suits you.
If you were starting a new business, naturally we would look to established business for guidance and advice but failure would result if we tried to copy the blue print exactly.
So my "secrets" are really nothing more than the way I use my experience, risk tolerance and risk and trade managment skills to guide me in selecting strikes, credits and follow-up adjustments. If you follow along you can get a general outline of my approach and use that to formulate my own ideas.
A few months ago, I met with a hedge fund manager who mainly sold put spreads on the SPX. His approach was much more conservative than me and he only focused on put spreads. Also, he used really wide spreads. I never went into a detailed discussion with him about his specific approach because I could tell his stlye and tolerance was quite distinct from mine and our processes for position selection and management were too different. But in talking in general with him it was interesting to see a different approach to the same trade.
Phil
My book was does not specifically cover SPX spreads or Iron Condors as it is focused more generally on trade adjustments and risk/trade management.
As for my secrets, it is not akin to the formula for Coke. It is more specific to my risk and trade management approach and how I handle my positions. This is something that is unique for every trader and it is more important to develop that approach yourself than copy the ingredients from someone else. The approach comes mainly from experience, although learning other people's styles and reading many books does give you different perspectives.
My thread gives a glimpse into how I am trading/manging these posiitons but for those that follow along, the better resource is to use the thread to inspire your own approach within your own risk tolerance guidelines. Factors such as years trading, background, education, experience, emotions, available capital, risk tolerance, stress, time management and approach to money all affect your ability to trade. The key is working within your own framework to develop the plan that best suits you.
If you were starting a new business, naturally we would look to established business for guidance and advice but failure would result if we tried to copy the blue print exactly.
So my "secrets" are really nothing more than the way I use my experience, risk tolerance and risk and trade managment skills to guide me in selecting strikes, credits and follow-up adjustments. If you follow along you can get a general outline of my approach and use that to formulate my own ideas.
A few months ago, I met with a hedge fund manager who mainly sold put spreads on the SPX. His approach was much more conservative than me and he only focused on put spreads. Also, he used really wide spreads. I never went into a detailed discussion with him about his specific approach because I could tell his stlye and tolerance was quite distinct from mine and our processes for position selection and management were too different. But in talking in general with him it was interesting to see a different approach to the same trade.
Phil
