I agree. It was late and I should have given that more thought/detail. My apologies.
As for the spreads, you're right re: SPX. Again, I was speaking in more general terms as to one method to reduce risk.
Most of us know all too well what it's like to get into a trade with the best of intentions, thinking our risk level is acceptable. Then we realize how badly things could really go - and what the consequences COULD be - and fear and panic sets in. I have found that closing even a tiny bit of my position greatly reduces the stress and makes it much easier to further reduce until the pain goes away. Closing out even a fraction of the position relieves stress ("Gee...that wasn't so bad...let's do a bit more") and clears/focuses the mind.
Of all years, this past year has shown us how quickly and ugly things can become. In the case of an iron condor, your risk is limited and known before putting the trade on. Thus, you have certainty re: your worst case scenario - a very nice thing to have. In the case of the OP it's really just a matter of him not thinking things through before opening the position since the possible outcomes were fully known. The open-ended risks are the true beasts.
