looking for advice


4 0
hello, im a new trader and im interested in options, in particular iron condors for a steady stream of income. can anyone give me some advice and/or ideas.


Junior member
13 0
If you are interested in options for income, especially iron condors I would recommend www.sheridanmentoring.com I am an options trader but primarily trade futures day trading but Sheridan is very good if you are looking for IC for income. John Carter is also good as well.


5 0
Dear you are going in right direction. This type of option's investment is really a suitable option for trading now.e.days.


9 0
I worked for Dan Sheridan for 6-1/2 years and built his website and was one of Dan's students in 2006. Things have changed a LOT since then. Premiums are much lower than they used to be. My own opinion is everyone is selling strategies that sell premium. Simple supply and demand. Too many people trying to sell premium pushes the price lower, which makes it more difficult to make money.

Most of my option trading friends that used to do Iron Condors have moved to different types of butterflies. Some are doing Calendars, but the majority are trading some type of broken wing butterfly or a modified butterfly. The reason is you have more premium to play with if the market whipsaws and forces you to make a few adjustments.

If you have a typical iron condor on and the market makes a decent move early in the trade, you can be serious in trouble pretty quickly. One adjustment and you're just trying to minimize the loss. Forget about a profit that month.

My advice is to get some analytic software (I use OptionVue) so you can visualize your trade. Then paper trade to get a feeling of how the trade works. Then trade very small (one or two lots) and prove to yourself that you can make money. After you are convinced, then start slowing increasing the size.
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