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Profiting with Iron Condor Options: Strategies from the Frontline for Trading in Up or Down Markets Hardcover – January 29, 2011

ISBN-13: 978-0137085514 ISBN-10: 0137085516 Edition: 1st

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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: 4.3 out of 5 stars  See all reviews (70 customer reviews)
  • Amazon Best Sellers Rank: #115,043 in Books (See Top 100 in Books)

Editorial Reviews

Review

 

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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Customer Reviews

I have found the book to be very accurate.
SWINGTRADER930
I recommend this book to people that already know option basics and want to trade with this powerful strategy.
andrea_berselli
Even old time traders like me can learn (and have learned) something reading this book.
Martin Noel

Most Helpful Customer Reviews

73 of 76 people found the following review helpful By Big Daddy VINE VOICE on March 11, 2011
Format: Hardcover Vine Customer Review of Free Product ( What's this? )
Most books on options try to be all things to all people by starting off with a basic education in options and then proceeding to give the basics on many different trades. This book drills deeply into a strategy using condors that is largely rules-based and that gives you good methods for adjusting the trade and preserving capital if the trade isn't working out as planned. It is a fully detailed strategy for profitable condors.

While the book does spend some time on options basics, most of the focus in this area is on "the Greeks." The book rapidly moves into how to put on the trade, when to put on the trade, how much credit you should get for it, when to get out of the trade and how to adjust the trade if necessary. It reminds you that having a plan for exiting a trade is often as important as having a plan for making the trade to begin with.

I waited until I put on a few trades with this approach to see if my opinions would change. So far, my trades using this approach have worked out well.

If I had one minor complaint with the book it is that it should be a little more forceful in its admonitions that, in a single position, you are generally risking $2100 to $2200 to have a maximum profit $300-$400, assuming the position were held until it was closed. Since you're not holding until the close, your typical upside in the trade is more like $100-$150. The point is, if the market moves against you quickly with this trade, you can lose your shirt very quickly. That is a low probability event and the author shows how to mitigate these risks, but that doesn't change the fact that you may occasionally suffer a devastating loss (like with a quick drop in the market and a surge in volatility, both of which can work against you simultaneously). Accordingly, if you can't pay careful attention to the market to manage the position, this would not be the book for you.
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61 of 68 people found the following review helpful By D. Michael Elkins VINE VOICE on January 31, 2011
Format: Hardcover Vine Customer Review of Free Product ( What's this? )
The iron condor is basically an option trade that involves selling and buying two out-of-the money calls and two out-of-the money puts in the same month for one stock or index. Actually, you are really putting on two vertical spreads, one on each side of the current price of the stock or index.

The author favors trading the SPX, RUT, and NDX mainly for reasons of liquidity and the fact that as European-style options you do not have to worry about exercise prior to expiration date. Interestingly, the back cover stresses the ability to earn consistent returns very month with "surprisingly modest risk," but the author himself states early in the book that this should not be considered to be an income strategy and then he goes on to stress that there are a lot of risks with this strategy. In fact as he explains, those risks make it imperative that the trader keep a watchful eye on both "wings" of the condor so that adjustments can be made as needed. This is definitely not one of those trades that you can put on and then just check every week or so.

Although many traders who use spreads typically like to leave their trades on for as long as possible in the hopes of keeping most, if not all of the amounts that they were credited when the trade was opening, this author actually recommends against holding trades open for this long. He definitely is more in favor of going for singles rather than home runs. For example, he claims that "the exit strategy that works best is to give back almost all of the credit. If you take in an initial 16% credit and keep only 3%, 4% or 5%, you're giving back most of the potential profits. How many trades have you made that can consistently make profits of 3% in a few days regardless of the direction of the market?
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36 of 41 people found the following review helpful By bullseye on February 7, 2011
Format: Hardcover Verified Purchase
I'll give this book on options trading high praise. It's practical, and I have already begun putting the writer's trading philosophy to the test in the markets. Benklifa describes a philosophy and a set of rules or guidelines towards trading iron condors that is quite different from anything I had heard about previously. As I was reading, it kept occurring to me, "this can work..." which was really exciting. An iron condor is a non-directional trade seeking to make money either from a drop in volatility or from a lack of trend, or both. Yet the writer's trading philosophy can be implemented using directional vertical spreads also. For example, a trader could simply sell an out of the money vertical in the direction that the underlying is not expected to move. The "trading journal" in chapter 3 was especially valuable as it fleshed out the writer's thinking as he put trades on and adjusted them. The only part of the book that seemed to deserve more discussion was on adjustment methods. One method that was discussed towards the end of Chapter 3 was rolling farther out, the wing of the condor that is getting too close for comfort as shown by the deltas. However this will usually cost a debit to make the roll, thus reducing the credit on the whole trade, perhaps reducing the credit significantly. One adjustment that was not discussed in the text would be to follow this up by selling another wing in the "safe" direction. Although this adds more risk to the overall trade, it pulls in a credit, and possibly makes the rolling of one wing, farther out, less expensive. Also, there are other adjustments that are not covered in the text. However this book is astoundingly useful and practical. Five stars, and well deserved!
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