Dear fellow options traders,
On 21/5/13, I established a new DIA Iron Condor position using The ‘Uncle Joe’ Iron Condor Trading Plan.
I sold 8 contracts of DIA Iron Condor. Capital outlay = $1,600. Possible credit = $679.
On 21/6/13 when Dow keeps dropping around 300 points, position earns about $200.
On 24/6/13, the 8 X bear call spread portion of the DIA iron condor was closed at the limit price of $0.20.
I've decided to close the rest of the positions on 24/6/13, and captured a profit of $154 ($259 - $105 commissions).
Profit of $154 out of the risk capital of $1600 comes out to be about 9% gain for a trading period of about 1 month.
PS. You can find out more on how to set up an 'Uncle Joe' iron condor position over here.