Iron Condor

Track

Mastery

Putting it together: adjustments, volatility, assignment, and the judgment that separates skill from luck.

  1. 01 Position sizing across a portfolio Per-trade sizing is the easy part. Portfolio-level sizing has to handle correlation, sequence risk, and the human tendency to scale into hot streaks. 10 min
  2. 02 When to close, when to roll, when to do nothing Every open position is in one of four states. The right action depends on which state, not on how the trade feels. 10 min
  3. 03 The pre-trade checklist A small set of verifications that catch most of the trades you should not have placed. Boring, repetitive, the difference between a process and a vibe. 8 min
  4. 04 Trade journaling that actually helps Logging trades to learn from them. The trick is to log the smallest set of fields that enables real review, and to actually review them. 8 min
  5. 05 Managing through earnings Three modes around an earnings event: stay out, be long volatility, be short volatility. Each has a different risk profile and a clear discipline. 9 min
  6. 06 Managing through Fed days and macro events Different mechanics from earnings, similar discipline. Macro events move the whole market at once; single-name hedges do not save you. 8 min
  7. 07 Adjusting a tested iron condor A concrete playbook for the most common short premium scenario. Numbers, choices, expected outcomes. The same logic generalises to most multi-leg adjustments. 11 min
  8. 08 The rolling decision in detail Rolling looks like a save. It is a deferral. Understanding the underlying math separates rolls that actually help from rolls that compound the original mistake. 9 min
  9. 09 Tax mechanics for option traders A practical overview of how the IRS treats option trades in a US retail account. Not tax advice. Enough to ask the right questions of a CPA. 9 min
  10. 10 Risk-reversal traps and "free" structures When a trade looks like it costs nothing, the cost is hidden somewhere. Locating it before pulling the trigger is the difference between leverage and surprise. 8 min
  11. 11 The psychology of drawdowns Recovery math is brutal. Emotional math is worse. Knowing the thresholds in advance is most of the discipline. 9 min
  12. 12 Building a sustainable rhythm Trading well over a decade looks different from trading well over a quarter. Pace, position count, and time spent all need to match a life that includes other things. 8 min
  13. 13 The losers ratio and tail management Long-run profitability is win rate times average win, minus loss rate times average loss. Sounds obvious. Most blow-up accounts violated it on a small number of trades. 9 min
  14. 14 Building conviction without overconfidence Knowing when to size up honestly, knowing when "this is the trade" is the alarm bell. The difference between data-driven scaling and the most expensive trade of the year. 8 min
  15. 15 When to stop trading The last lesson in this track is about an exit nobody discusses. Trading is a means; the end is what the money enables. Knowing when to walk away is part of the practice. 9 min