APR08 iwm condor (-$202 / -18% loss)

3/05/08
sold -4 vertical APR 60/57 PUT @.31 (mark 68.27)
sold -4 vertical APR 76/79 CALL @.23
62/74 are 20 delta strikes to monitor

3/07/08
bot +1 vertical APR 63/61 PUT for .51 debit

3/10/08
btc +4 vertical APR 76/79 CALL @.06 (mark 65.03)
net gain +.17 X (4) contracts
3/10/08
sold -3 vertical APR 71/74 CALL @.32 (mark 64.45)

3/20/08
sold -2 vertical 64/63 PUT @.22 (mark 67.87)
shaved off some neg deltas w/ this addition and added +theta. Still running into some solid resistance at 70-72 range, will start to adjust at 70...

3/25/08
hit 70 yesterday and has held all day, decided to do some massaging on the deltas:
btc +4 vertical 60/57 PUT @.10 (mark 70.26)
net gain +.21 X (4) contracts
btc +1 vertical 71/74 CALL @1.15
net loss -.83 (1) contract
stc -1 63/61 PUT @.16
net loss -.35 (1) contract
btc +2 vertical 64/63 PUT @.13
net gain +.09 X (2) contracts
*totals as of 3/25/08 = +.52 with (2) CALL verticals still open at 71/74 for +.32 credit
placed a stop order at 1.42 to prevent from loosing more than approx$175 on the trade. Still feel confident that 72.50 will hold as resistance.

3/26/08
bot +1 calendar Apr/May 68 PUT @.97 debit (mark69.61)
4/18/08
sold -1 calendar @.65 (mark 72.16)
loss -.32

4/04/08
BTC (2) 74/71 CALL vertical @1.43
original credit .32
Loss - 1.11 (2) contracts

total reconcile of trade = -1.70 w/ only a Apr/May 68 Put calendar still in play.

-2.02 Total loss / -18% loss on 1082 margin risk

Orig. Plan:
when the delta of the options are at 20 you are starting to feel some pain depending on the volatility, take off some and roll down or close. When placing this trade look and see what strikes put/call have .20 delta, then set your plan to adjust the trade when that point is hit. Can also midigate risk by overlaying a put/call debit spread to protect the side you are concerned about. For example on the put side 60/57you may want to overlay a 61/58 to reduce risk to the down side. This would be on a ratio basis, you would have 5 contracts of the condor and 1or2 of the debit spread.