1. GLD Iron Condor
Ken Hodor

2. Iron Condor close cancelled Used OCO instead of 1st then OCO

3. Order Confirmation for D-10401977 (margin)
#1 Order Description SELL -1 IRON CONDOR GLD 100 JUL /154/146/144 LMT GTC OCO
#2 Order Description BUY +1 IRON CONDOR GLD 100 JUL /154/146/144 CALL/PUT MKT GTC OCO
#2 Order Conditions GLD MARK AT OR ABOVE
#3 Order Description BUY +1 IRON CONDOR GLD 100 JUL /154/146/144 CALL/PUT MKT GTC OCO
#3 Order Conditions GLD MARK AT OR BELOW
Break Even Stock Prices N/A
Max Profit $100.50
Max Loss $ (not including possible dividend risk)
Cost of #1 Order including commissions credit $ $11.80 = credit $87.20
Cost of #2 Order including commissions $ $11.80 = $111.30
Cost of #3 Order including commissions $ $11.80 = $111.30
Cost of Trade including commissions $ $11.80 = $111.30
Buying Power Effect ($101.00)
Resulting Buying Power for Stock $198,109.96
Resulting Buying Power for Options $99,054.98

4. GLD Price Action

6. Why 100% GLD IC loss
Original intent Exit if within $0.25 of short strike
This would have exited with a small loss 6/24
However, this ballistic trade set up incorrectly
Used a OCO for entire order
Should have been 1st triggers OCO

7. What would have been better?
Exit short trades when they are below $0.05
Leave long trades alone
Would have netted a 200% gain vs 100% IC expected max gain
This turns a concave down Risk Profile to a concave up Risk Profile
Lock in profits
Ride a winner for even more gains

9. IC Ballistic Trade Modifications
Exit short strikes early at 5-10% of initial price
Only exit early if dramatically moves against position—loses 25% of value.
Build a trade template to do this to minimize errors in future.