The Iron Condor has two faces (and I thank the good lord above that neither one of these faces belongs to Barbara Streisand – but then again, perhaps it’s even worse)

Usually when the iron condor and the new option trader meet, the iron condor comes across as this amazing beautiful trade – a holy grail type of method that almost guarantees success with every single trade. A spread that only takes a few minutes every month to put on and manage – and one that spits out consistent cash like a broken Las Vegas slot machine.

Of course, new option traders go gaga over this strategy – and who could blame them. It seems to be a trade that’s almost too good to be real.

And there in lies the problem. It IS too good to be real.

Kind of.

You see – in actuality, the iron condor really is a pretty amazing trade. One that can take a very small amount of time to manage – and yes, one that can spit out some pretty incredible returns.

It’s that most new option traders don’t take the time to really learn and understand this strategy. If they did, they would become aware that the trade has two faces – or two sides if you will – and one of those sides can be quite dangerous – that if is not managed and handled correctly can deliver some pretty ugly losses to a trading account.

Iron condors have a high probability of success – however that high probability of success comes at a steep price – which is an absolutely horrendous risk to reward ratio. And if not properly managed – and if the one trading them has no knowledge of the available iron condor adjustments – the returns that the iron condor can produce can be completely obliterated by just one bad month.

The key to winning with this strategy is to understand that the the iron condor does have a dark side – but as long as a trader has the proper knowledge to manage those tantrums and fits that are occasionally thrown by the iron condor – and know how to make effective iron condor adjustments , this trade really can turn out to be all that it’s cracked up to be.

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