≈ What can make me feel this way? My girl. ≈
T: – All right, now I want you to go to Add Simulated Trades tab and type in SPX.
[typing SPX … ENTER]
C: – OK, now what?
T: – Find contracts between 45 and 60 DTE.
[breaking a sweat …]
C: – OK, here they are.
T: – Now expand the view and find the .05 delta strikes on the Puts column.
[still sweating …]
C: – OK, here they are.
T: – Click on the bid, hold the CTRL key and click on the ask on the lower strike. Keep a 5-dollar spread.
[hold CTRL… click .. what is a ‘spread’?)
C: – Done.
T: – This is a Bull Put Spread. Now move on to the Call side and find the .05 delta strikes.
[Lord, please help me…]
C: – OK, here they are.
T: – Now keep the CTRL key down, click on the bid at the 0.05 delta and then on the ask on the next strike price available. Remember: 5-dollar spread.
[shaky hands…]
T: – This is a Bear Call Spread. You’ve just created an Iron Condor.
Sounds silly now, but that was my mentorship session #3 with Tim Justice. If you could take a picture of me, at that moment, I would resemble Mr. Magoo trying to assemble the trade.
I fell in love with my first Iron Condors on SPX. They were the first contact I had with a trading system. Discipline, focus, rules, and perfect execution.
That will be the topic for tonight’s Cash Flow Club and guess who’ll be teaching it: yes, Coach Tim Justice. He will be teaching the Iron Condor from the new Tackle Trading Playbook.
Chart of the Day
Notes from session #3
The only notes I took after the third mentorship session with Tim. I couldn’t think of anything else after that.
Video of the day
How To Build a Safe Iron Condor
Coaches Tim and Cody work their way through the Tackle Trading Spreadsheet and teach students how yo build a proper and safe Iron Condor.
Today’s line up
Options Theory
Removing Risk from a Long Call
Long calls lie at the beginning of the options path. They’re simple and mark the first of two building blocks (puts are the second) that every trader uses to construct positions. Profiting them calls, however, is deceptive. It looks like it should be easy, but it’s not.
Traders Lounge 11PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Cashflow Club 8:30PM EST
Held every Thursday, this show helps you perfect your favorite cashflow strategies.
Halftime Report 12:30PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Market Recap
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
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