≈ 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.
[… here’s the tab … typing SPX … ENTER]
C: – OK, now what?
T: – Now I want you to find contracts between 45 and 60 DTE.
[breaking a sweat … slowly scrolling to find the contracts…]
C: – OK, here they are.
T: – Now expand the view and find the .05 delta strikes on the Puts column.
[sweating … scrolling endlessly to find the strikes … ]
C: – OK, here they are.
T: – Click on the bid, hold the CTRL key and click on the ask on the lower strike. Let’s keep it to a 5-dollar spread.
[click… hold CTRL… found the lower strike … click .. what is a ‘spread’ again?)
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 … scrolling endlessly to find the strikes.]
C: – OK, here they are.
T: – Good job. Now keep the CTRL key down, click on the bid at the 0.05 delta then on the ask on the next strike price available. Remember to keep a 5-dollar spread.
[CTRL … click … click … shaky hands]
T: – This is a Bear Call Spread. You’ve just created an Iron Condor. I want you to do the same on each contract between 45 and 60 DTE. Trade only one contract each.
Sounds silly now, but that was my mentorship session #3 with Tim Justice. I’m going to make this a personal series. I’m Christian and Tim was my mentor, way back in 2015.
If you could take a picture of me, at that moment, you would see my hands were like spiders over the keyboard and my nose was almost touching the computer screen. Would resemble Mr. Magoo.
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. Once you master it, the Iron Condor becomes a core strategy in your portfolio. The love that once came from fascination, turned into a love out of respect.
This next Wednesday (Sep 26th) we are holding a webinar for the Cash Flow Condors System. Click HERE and sign up. Allow yourself to fall in love with an Iron Condor.
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
Iron Condor Strategies Part 1 – Profiting with Options
In this video, Coach Tyler introduces you to the Secret n.1 of the Cash Flow Condors System: How to generate high probability cash flow by selling options.
Today’s Lineup
ENVIRONMENTAL HEDGING
Hedge that tomato 🍅
Fall is finally here and I am very excited for three reasons. First, it’s veggie season and I will be able to plant a bunch of greens without burning them. Second, fall in Texas is like spring in any other state so I will enjoy the weather and do some outdoor activities without the risk of dehydration or first-degree burning.
Coaches Lounge 11am EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
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 4:30pm EST
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.
2 Replies to “Tackle Today: My First Condor Part I – Love Story 💘”
I just learned about Iron Condors in Options 1 class, and have been paper trading this strategy. Love it! Want to master it!
Great to know that, Jocelyne! See you on the webinar!
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