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Profiting with Iron Condor Options: Strategies from the Frontline for Trading in Up or Down Markets
Download Profiting with Iron Condor Options: Strategies from the Frontline for Trading in Up or Down Markets
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From the Back Cover
Use Iron Condor Options to Earn Consistent Returns Every Month with Surprisingly Modest Risk “Benklifa has devised an elegant strategy to reduce risks while creating consistent profits. His strategic approach to options trading should be a part of every trader’s approach, especially in volatile markets.” —Michael C. Thomsett, author, Options Trading for the Conservative Investor “Michael Benklifa is the real deal. His insights into the iron condor strategy stem from years of trading this approach with big money in various market environments. His experience will benefit both beginning and advanced options traders wanting to enhance their knowledge of perhaps the best strategy in options trading.” —Steve Lentz, DiscoverOptions “Very few books explore a trading strategy in the kind of detail that Benklifa has applied to condors. It’s all here—trade timing, entry and exit rules, volatility effects, selection criteria, adjustments for sharp rallies and declines, and risk management, just to name a few. Unlike most trading books, this one was written by someone who has devoted years of effort to perfecting and trading the strategies illustrated in this book. That simple fact has driven Benklifa to dissect the complex dynamics of the condor trade into enough detail to fill an entire volume. Trading condors without reading this book is like going to war without a gun.” —Jeff Augen, author, Trading Options at Expiration “Too many options books lose clarity in an attempt to explain every strategy for every market condition. Benklifa avoids this pitfall by focusing on one strategy, the iron condor. Benklifa combines his lucid explanation of the iron condor with guidelines of the trading discipline needed to make it successful. The emphasis is upon profit optimization, not profit maximization. Risk and reward are given their due. He does a superb job of reducing the equation to the lowest common denominators—time, price, and implied volatility. The book provides a rock solid foundation for the understanding and application of core trading concepts.” —Frank Fahey, in the pits for 20 years at the CBOE Right now, real traders are achieving consistent returns every month, through trades that strictly limit market risk. Michael Hanania Benklifa is one of them. In this book, he shares his secret: iron condor options. Benklifa personally manages millions of dollars in condor options trades each month. Now, drawing on his unsurpassed experience, he shows exactly how to run these trades and earn these returns. No abstractions or oversimplifications here! Instead, you’ll find detailed, step-by-step instructions…examples based on real market dynamics...insights into the critical nuances that will dramatically impact your trading results. Benklifa shows how to handle rising and falling volatility, changing bid-ask spreads, distorted call parity, and more. You’ll learn how to earn attractive profits from condor options in sideways markets, rising markets, falling markets, every market! Creating your “zone of profits” Planning and controlling the source and timing of your profits Understanding the underlying dynamics of condor trades Uncovering the crucial details that increase profits and reduce market risk When to get in–and when to get out Mastering patience while avoiding greed Adapting your trade for diverse market environments Earning consistent profits no matter how the market moves
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Product details
Hardcover: 208 pages
Publisher: FT Press; 1 edition (January 29, 2011)
Language: English
ISBN-10: 0137085516
ISBN-13: 978-0137085514
Product Dimensions:
5.7 x 0.8 x 8.3 inches
Shipping Weight: 10.4 ounces (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
96 customer reviews
Amazon Best Sellers Rank:
#791,396 in Books (See Top 100 in Books)
The show ABC’s Wide World of Sports (which ran on television from 1961 to 1998) was introduced by a series of sports clips along with the words, “the thrill of victory…and the agony of defeat.â€If you trade options, you have most likely experienced the thrill of a great trade as well as disaster-the agony of defeat. It seems to be boom or bust. So where is an expert who has shown he can navigate this minefield?Meet Michael Benklifa.In his book “Profiting with Iron Condor Optionsâ€, Michael Hanania Benklifa shows with clear and reasoned examples and explanations and somewhat counter-intuitive thinking how the option trader can experience more of the thrill of victory with less of the agony of defeat by trading Iron Condor Options in a different way.In most options books, iron condors trades get a few pages. In †Profiting with Iron Condor Optionsâ€, Mr. Benklifa doesn’t hold back in looking at these trades from many points of view.Here are just a few of the things I learned and found most interesting-• Why using a longer time period and giving back most of the credit received will result in more stable return in the long run without as much risk in getting wiped out.• Why trading close to expiration is so risky.• When the best time to enter the trade is and why.• Why managing the risk is just as important as or more important than the return.• Why this strategy should not be considered an income strategy.• Why being out of the market most much of the time is better.• Why no one, not mutual funds, private advisors or hedge funds will invest for you.And this is just the start. Buy the book. I liked the book so much I bought a physical copy and a kindle copy for my Ipad.For an option trader, Mr Benklifa is conservative and concerned just as much with risk reduction and keeping the earnings as with the returns in themselves. On page 106 he states, “There is no point in making a return of 40% if you are going to lose 50% or 100% in a single trade.â€On staying in the trade through expiration he states on page 108, “There are no defensive strategies such as adjusting spreads this late in the game. You either take a loss or pray the market will move in your direction. Prayer as a risk management strategy is really the subject of another book.â€In short, the book contains some of the best material in print on the subject of Iron Condors. Anyone trading these options would be benefited by reading the book over and over.Harold Ashcraft
Think Like an Options Trader gives traders a feel for how we must do math in our heads and on our spread sheets to analyze potential trades and manage our iron condor positions.I think I will spend a lot of time re-reading the first two chapters and referring to later chapters depending on what is happening in the options markets.It would be great for the author to publish a second edition with larger graphics, some improved definitions of IC trade sizes and widths as well as model spread sheets and calculators.What the book does for me is introduce me to trading SPX iron condors when implied volatility is spiking instead of trading ICs on more risky individual stocks. He also makes convincing arguments for taking partial profits of 60% to 80% of potential profits on specific trades. Waiting until expiration can be risky and costly, he advises.In other words, iron condors are risky trades that must be managed for reasonable profits, not maximized for the ultimate profits unless you can handle the risks involved.When you go for good trading opportunities and skip the weak and poor opportunities, you’re more likely to achieve your goals. Iron condors are not a monthly income strategy, the author warns. This is because there are months you don’t want to be trading them.Having read numerous books on options and stock trading, I highly recommend Think Like an Options Trader.
I have read a number of option trading books from Sheldon Natenberg's Option Volatility & Pricing to Jeff Augen's books. However, Michael Benklifa's "Profiting with Iron Condor Options" was the most practical and clearly explained option trading book that I have read. He is able to move past theoretical option pricing to more practical trading of the Iron Condor spread. After explaining the strategy, he walks us through a few trades in different market regimes such as 2008 crash, the Greek crisis and runaway equity markets of summer 2009.I think a lot of option trading books are theoretical and explain market making and delta hedging in depth. When they are catered to more retail traders, most option trading books provide a toolkit of various trades to put on depending on the market environment. This is one of the only books that provides a relatively market neutral strategy that can work well in almost all market environments. Trades only need to be setup about once a month and although you need to monitor your position and make adjustments when necessary, it is not necessarily consuming your entire day. I would recommend this book to any investor or trader that wants to invest with less involvement than day trading, and potentially higher returns with less risk.
Great advice from start to finish. As every decent financial guru says (or should say)- have your exit strategy planned before pulling the trigger.Make sure you know the risks and BE SURE to know the consequences and have a plan in place in case the stock price lands BETWEEN the STRIKE PRICES of either leg in your condor. (Your brokerage may not cover you to exercise your long position)I called TD Ameritrade and it's judged "case by case". (Whatever that means). I took it to mean that I needed to close my position immediately since I didn't have 500k to cover my ass in the event I was obligated to deliver shares of a stock I didn't own. Remember, if it blows through BOTH strike prices of your leg then you're covered. You exercise your long position and deliver the short while only losing the difference between the strikes. God help you if it's between strikes and big brother isn't there to front you the money on your long position.If you don't know what I mean, I either didn't explain this very well or you've got no business doing this strategy.Best of luck. Loved the book!!Bottom line- great book.
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