I had a great month then gave all profits back with the market correction, this is so similar to last year.
What went wrong? My emotions. In addition to the market one way trending, back and forth swings here are my sin:
1) fear of loss – can’t take loss.
2) greed – unrealistic goals and too much reentering.
3) lack of discipline – can’t stick to the rules.
Truth about 0dte iron condors : they don’t work well in high IV market. So the only way to survive would be not trading or take small losses.
When IV is high, we have to be creative:
1) reduce size
2) narrow spreads
3) ride the wave and enter only one side
4) careful about 1dte, may not do it at all
5) most importantly, take 3x loss and move on