T-minus one day and counting...

Well, we are on the eve of the very first Iron Condor to Riches play and I must say, I am extremely excited at the journey ahead. I hope this blog will inspire you, as well as give you insight as to my methodology in trading this system.

This may not be a daily blog. The reason for that is because my spreads will be so wide, there may not be much action for days in-between. But fear not, I will provide as much info as is necessary, with much "filler" to bore you.

Keep in mind that, even though I trade for a living, I am not a "professional" trader in the sense I have no Series 7 license, hence I am not a stockbroker. Nonetheless, I am of the opinion that stockbrokers are salespeople. They tote the company line, tell their clients what stocks the company analysts are pushing, and get paid by churning out commissions. At this time, I do not charge for any advice or recommendations I am giving. I am doing this in the spirit of information and learning. Therefore, I will not, nor cannot be held responsible for any losses (or gains) made off what is written here. You are adults, and as adults you understand investing carries risk. You are responsible for your own due diligence so what I write here really isn't an endorsement of anything, just a journal of what I am doing, not what you should be doing. Clear?

Okay, enough of that mumbo jumbo, let's get to the heart of the matter.

Let me lay out the goals of what I am going to do...my "business plan" so to speak.

Goals

• Consistently generate profits from an Iron Condor strategy w/ 100% success


• To roll each month's profits into my account, growing the capital


• Using increasing capital to allow for larger sized trades in subsequent months


• To achieve $35,000 in monthly distribution by March, 2010.


• To achieve $1,000,000 in my account by March, 2011 at which time, I will begin taking money out of my account

Rules

• To plan every trade, and trade every plan


• Exit strategies will be established BEFORE any trade is entered


• Exit strategies will be adhered to without fail EVERY TIME


• All Iron Condors will be entered the Friday six weeks before the expiration day


• If 90% or more profit is achieved before 1 week to expiration, exit the trade


• Play conservatively and consistently every month


• Play to WIN

Tomorrow, I'll give you some charts and EXCEL sheets on the very first play so you can see my thought process and maybe trade your own along the way. I encourage you to leave your comments and suggestions...as it will be nice not having to "go it alone."

Happy Trading!