MAR iwm condor (+11%) $51

2/19/08
sold -3 condors in IWM
64/62 PUT @.24
76/78 CALL @.24
.48 credit 1.52 margin

2/28/08
took off trade for .31 debit
+ .17 gain per contract = $51
11% gain
trading plan:
you are only in this trade for 7-17 days, once you have 10%+ you start tightening the noose, taking profits. Max loss 15-16%. You are taking in more theta, faster, in this trade vs. the high prob condor discussed here.
Adjustment: (specific criteria with 5 contracts on) Max risk 15% don't loose more than this. Taking profits at 12-15% of margin, protect profits.
with 5 contracts on, when down 11-12% of the margin/risk, take off 40% or 2 of the loosing side. When it gets to the short strike take off another 40% or another 2, then the other 1 when your down more. this will protect you when the market runs then backs off. were trying to stay in the game, don't want to get shaken out of the game.