Description of Options Mastery #3: Iron Condors
Learn to trade options iron condors
Struggling to consistently trade options profitability? Learn how to increase your success rate with your iron condor option trading in our new Options Mastery: Iron Condor course
What will you learn in Options Mastery #3: Iron Condors?
Video 1: Introduction to the Iron Condor Course
In module #1 I will give you an introduction to the course. We will cover the following topics:
- What you should do prior to taking this course
- Overview of the main topics we will cover during this course
- My recommendations for getting the best out of this course
Video 2: Introduction to Trading Iron Condors
In this module I am going to give you an introduction to the basics behind iron condors. Topics we will cover include:
- The main goal behind trading iron condors
- How do you trade iron condors?
- How is an iron condor set up?
- What does the profit picture of an iron condor look like?
- Trading iron condors in a real life trading platform
- Breaking appart the construction of an iron condor
- Different variations of iron condors
- How do you make money with iron condors?
- What kind of stocks should you trade iron condors on?
Video 3: Iron Condor Basics, Commissions, & Probabilities
In this module we are going to talk about how you really make money with iron condors and how to trade iron condors successfully. We cover topics such as:
- Basic Iron Condor setup
- Basic Risks associated with trading iron condors
- Difference between trading stocks vs. trading iron condors
- Commissions that you pay when trading iron condors vs. trading stocks
- Pros and cons of spreading your wings/strikes when trading iron condors
- How to be more successful when trading iron condors?
- The role of probabilities and how they can affect your profitability
- How to increase your chances of success
- My #1 advice for someone who new and is just starting to trade iron condors
- Real life example of an iron condor trade
Video 4: Buying vs Selling Iron Condors
In this module I’m going to share with you the difference between buying and selling and iron condor. Here are some of the topics we cover in this video:
- The difference between buying and selling iron condors
- Pros and cons of buying and selling iron condors
- When you should you be a buyer or a seller of iron condors?
- What buying and selling iron condors look like in a real life trading panel
Video 5: Neutral Iron Condors, Volatility, & Risks
In this video we focus on the volatility risks associated with iron condors. In this video you will learn:
- The importance of understanding volatility when it comes to trading options
- Why most people are wrong when they are setting up a neutral iron condor
- The right way to create and position a neutral iron condor
- How to find your biggest risk when trading iron condors
- How volatility works as you trade options
- Why you shouldn’t set up an iron condor right in the middle
- How to set up a bullish or bearish iron condor trade
Video 6: Finding Good Iron Condor Set Ups
In module 6 we’re going to talk about how to find nice setups when trading iron condor. In this video you will learn:
- Key points you need to watch out for to finding great iron condor setups
- How you can find good iron condor trades in a real life trading panel
- Examples of good and bad stocks to trade iron condors on
Video 7: Iron Condors on Expensive vs Cheap Stocks
In this module I’m going to share with you some concepts on trading iron condors on expensive stocks vs. trading them on cheaper priced stocks. The topics that we cover in this module include:
- Pros and cons of trading iron condors on expensive stocks
- Pros and cons of trading iron condors on cheaper stocks
- My personal preference when it comes to trading iron condors (expensive or cheap stocks)
- What it looks like to trade iron condors on expensive and cheaper stocks in a real life trading panel
Video 8: Right Time to Get Into Iron Condors
In module 8 we’re going to discuss when is the optimal time to get into an iron condor trade. In this video lesson we will cover:
- The right time to get into an iron condor
- How many days until expiration should you enter your iron condor trade
- What day of the week and time of the day is it better to enter an iron condor trade
- Safer times of the day and week to put on an iron condor
- Risks associated with certain times and days when you enter into an iron condor trade
- The ideal market conditions to enter an iron condor trade
Video 9: Short vs Long-Term Duration Condors
Module 9 focuses on longer term duration vs. shorter term duration traders when it comes to trading iron condors. In this module we cover topics such as:
- How long or how short should you do an iron condor?
- What exactly does “longer term” and “shorter term” mean when it comes to iron condors?
- Pros and cons of shorter term trades vs. longer term trades
- Why you should keep an eye on volatility when choosing the duration of your trades
- When should you choose to do shorter term duration trades or longer term duration condors
- How to spread out your risk by playing with the duration of your iron condors
- How to look at the volatility trend and what it tells you about trading iron condors
- The best time frame and duration for people just starting with iron condors
Video 10: How Long to Hold Your Iron Condors
In this modue we’re going to take a look at how long you should be in an iron condor trade. We will cover topics such as:
- How long should you be in an iron condor trade and when to get out early
- 3 Key factors that will determine if you close out your iron condor position early
- When you should let an iron condor expire
- When to close your iron condor early (before it expires)
- When and how should you take off your profits when trading iron condors (scaling)
Video 11: Iron Condor Risk Management
In this module we’re going to focus on risk management when trading iron condors. You will learn:
- Basic risk management strategies for iron condors
- Risks associated when trading iron condors
- The most important risks you need to watch when trading iron condors
- How to properly position yourself within your trades based on the risks
- The right and wrong way of allocating your capital when trading iron condors
- The problem of overlapping trades and how you can avoid it
Video 12: Big Picture to Adjusting Iron Condors
In module 12 we are going to discuss the concept and theory behind making adjustments when trading iron condors. In this module we cover the following topics:
- The big picture behind making adjustments and why you should adjust your positions
- When you should adjust your iron condor trades, when to let them sit, or when to close them out early
- Advantages and disadvantages of making adjustments to iron condors
- The different types of adjustments you can do when trading iron condors
- The cycle of adjustments and how to think about adjustments
- How to decide when, how, and how much to adjust
- The #1 thing to watch when making an adjustment
Video 13: Creative Adjustments & Managing Iron Condors
Module #13 is about adjustment variations and finding the right way to adjust positions for your personal circumstances. Some of the topics we will cover include:
- The big picture behind creative adjustments and managing iron condors
- The two main risks that you should adjust for
- Common types of Adjustments you can do when trading iron condors
- How to adjust the right way based on your personal style, risk levels and goals
- Adjusting iron condors in a real life trading panel
Video 14: Managing Your Overall Iron Condor Portfolio
In module #14 you will learn various ways to hedge and adjust your portfolio. Topics we will cover include:
- How to manage and adjust your overall portfolio in one single transaction
- Different types of adjustments that you can do to manage and hedge your entire portfolio fast
- How to adjust your portfolio in a real life trading panel
Video 15: Iron Condor Trade: Amazon Part 1
In this module were going to enter into a low-probability iron condor trade on Amazon. We are going to start with 49 days out and show you the position each day the trade move forward.
I’ll also share with you how to make subtle adjustments as the stock runs up on.
Video 16: Iron Condor Trade: Amazon Part 2
In this module, we will continue with our Amazon trade as the days tick closer to expiration.
As we move forward in the trade, I’ll show you when I would take profits into strength or reduce my contract size. You’ll also get my insight on other variations to adjustments and the pros and cons of each type of adjustment.
Finally, we will wrap up the module by closing out the trade and taking our profits off the table.
Video 17: Iron Condor Trade: Facebook Part 1
In this trade example we are going to evaluate different iron condor setups for Facebook.
I will then share with you the process of entering a high probability iron condor. As time moves forward, we will evaluate our position and how are trade performs.
Video 18: Iron Condor Trade: Facebook Part 2
In part two of our Facebook trade example, I will share with you how to hedge and adjust your iron condor for the downside as a selloff starts within the stock.
You will see different types of adjustments and hedges for our position and then will choose one to follow one of the adjustments. As we wrap up the trade, we will discuss taking off each side individually and closing out the trade.
Video 19: Iron Condor Trade: Apple Part 1
In this module, we will evaluate an iron condor position on Apple. I will share with you the ideal strike prices that I’m picking and why am choosing the strike prices.
We will then enter a high probability iron condor and evaluate it as we get closer to expiration.
Video 20: Iron Condor Trade: Apple Part 2
In part two of our Apple trade we will continue to follow the progression of our decay curve. As we get closer to expiration all share with you when I would take profits and the strength and reduce my position.
You’ll see how many contracts at takeoff into strength and why I’m taking those contracts off at that time – until we finally close out the position.
Video 21: Iron Condor Trade: Tesla
In this trade example we will look at a quick iron condor trade on Tesla – holding the trade for short time-period. We will cover the trade setup and entering the position.
Then we will evaluate our position as time moves forward as well as some basic adjustment strategies. We will finally close off the trade profitably as we see a favorable opportunity.
Video 22: Iron Condor Trade: McDonald’s
Module 22 is a bit different in that I share with you the process of buying and iron condor rather than selling an iron condor.
In this module I’ll share with you when you may want to buy an iron condor and how to enter that position. As we monitor the position, I will share with you when to take profits and when to close out the trade.
Video 23: Iron Condor Trade: Caterpillar Part 1
In module 23, we will look at entering into a skewed iron condor trade with Caterpillar (CAT).
I will give you some insight on why I would set up this trade as a skewed position or slightly unbalanced. We’ll talk about how much unbalancing we want and then getting into the position.
As we continue to follow the position, we will tweak our contract size from increasing contracts to reducing contracts depending on what we see in the stock price.
Video 24: Iron Condor Trade: Caterpillar Part 2
In part 2 of our Caterpillar trade we will continue to monitor our position as we get closer to expiration. I will share with you when I’m looking to reduce my position size and take some profits.
You’ll also see my reasoning behind closing the position early along with some other reasons of when you may want to reduce your position size.
Video 25: Iron Condor Trade: SPX Part 1
In this module show you how to enter an iron condor trade for an index like the SPX. We will create a high-probability condor that is unbalanced or skewed.
We will then get into managing this position slightly by adding to the position to put and call side.
Video 26: Iron Condor Trade: SPX Part 2
In part two of our SPX trade, we get into a bit of trouble and I share with you how you can hedge this position slightly by using a diagonal spread.
We will also discuss other possible adjustment variations and when it would be the appropriate time to use those adjustment strategies.
Video 27: Iron Condor Trade: RUT Part 1
In this module, we will discuss setting up an iron condor trade on the Russell (RUT). Just like in our previous SPX trade, we will enter into an unbalanced or skewed position and then slowly tweak it as the market moves.
Video 28: Iron Condor Trade: RUT Part 2
In the second part of our RUT iron condor trade, I will share with you some adjustment strategies as things move against us. You’ll see how we can adjust by buying a single put or by just adding or reducing contract sizes.
Video 29: Iron Condor Trade: RUT Part 3
In this final part of the RUT trade I will share with you my thoughts of taking this trade all the way to expiration.
You’ll see exactly what it looks like when you let an iron condor expire. You’ll also see my thinking process of letting things sit as they are and expire versus taking them off early.
Video 30: Iron Condor Trade: Netflix Part 1
In this trade example, we are going to position an unbalanced bullish iron condor on Netflix. I will share with you my setup process along with why I chose the strike prices that I did.
We will then start watching the position closely every single trading day as the stock starts to move.
Video 31: Iron Condor Trade: Netflix Part 2
In the second part of our Netflix trade example I will share with you some adjustment strategies and how we can tweak the position as price starts to move against us. We will look at tweaking the position by adding and removing verticals.
Video 32: Iron Condor Trade: Netflix Part 3
In this final Netflix trade example, you’ll see me take you straight on the way down to one day remaining.
However, I will share with you why I closed this Netflix trade one day before expiration even though the iron condor was in a fairly safe position.
Video 33: Final Words of Wisdom & Resources
In module 33 we wrap up this course with a few final words of wisdom and resources that you can use as you move forward with your trading journey.