If you’ve been following Theta Trend for a while, you probably know that I talk more about Buterflies than Iron Condors. While I do trade Iron Condors, the majority of my energy and focus is on Butterfly strategies.
However, if you fancy yourself more of an Iron Condor trader or want to learn a proven strategy for trading Iron Condors and Vertical Spreads, you need to check out LT Options.
Who/What is LT Options?
When I started writing Theta Trend a couple years back, I reached out to Henrik at The Lazy Trader. Henrik was one of the first people to review and give me feedback on my material. He’s a great guy, extremely transparent, and an excellent trader. I’m fortunate to call him a friend. His site includes a multi-year track record for trading Iron Condors and Vertical spreads that is very impressive. That record is totally honest and includes both his wins and his losses.
Something I’ve learned from Henrik is that singularity of purpose can really pay off. Over the years, I’ve seen Henrik refine his style and learn from market events. In fact, his course was recently updated to include information on buying insurance to protect your portfolio when the market crashes. In case you forgot, that happened recently. It will also happen again. Be prepared.
Recently, I had the opportunity to review his new course, LT Options, that covers (in detail) his trading method for Vertical Spreads and Iron Condors. My two second synopsis is that the course is full of excellent information and is an incredible value.
I don’t like courses that waste my time with information that I can’t use. LT Options gives you the information you need to be successful and a plan to put the information to work.
What LT Options covers:
LT Options covers the trading style executed on The Lazy Trader. In other words, he tells you exactly how he trades. His course covers entries, exits, portfolio allocation, and risk management. In addition to the basics, LT Options covers statistics about big market moves (in both directions) and how we can use that information for trading.
On a basic level, the strategy sells Vertical Call Spreads when the market is short-term overbought and Put Verticals when the market is oversold. When the market is neutral or, “In no man’s land,” as Henrik says, the strategy sells an Iron Condor. While the ideas seem relatively simple, LT Options also gives you risk management and adjustment rules to avoid big losses.
The course includes an excellent PDF for reference and over 7 hours of video with live trades. The course is not a theoretical example of how to trade, it is how The Lazy Trader trades. Because of his practical experience trading the strategy, Henrik is able to offer insight into both the mechanics and psychology of trading his strategy.
Insights from the course:
Obviously I can’t give you access to everything in the course, but I did want to share a few quotes from the course that have significant value and give you an idea of what to expect.
“As long as realized volatility is smaller than the implied volatility, you can be successful selling options regardless of the low VIX or low volatility of the instrument traded.”
“Selling Puts in an oversold market tends to work better than selling Calls in an overbought one.” -Not only does the course discuss this, it explains how to size your positions and how to sell spreads.
“While everybody else is out there losing money, overspending in commissions and jumping in and out of positions, you are sitting idle, waiting like a sniper for the perfect opportunity to only trade when odds are clearly in your favor. You trade indices and/or ETFs. Very simple, very boring. Simple and boring is good. Embrace boredom. It lets you have a life, especially if you have a day job.”
Who should buy it?
The course is geared towards people who have a basic understanding of options trading. If you’re familiar with a Vertical Spread and an Iron Condor, you’ll be just fine. I think the real value in the course is for people who have been trading options for a little while and are struggling with consistency or developing rules for a strategy. The course gives you some great rules to follow for adjustments and position sizing without excessive risk.
Criticism (or the lack thereof):
I’m sincerely don’t think the course has room for criticism. LT Options is a relatively low priced product ($120) that provides a phenomenal amount of actionable information. I know for a fact that I’ve spent thousands of dollars on trading books that did not make me a better trader. I would have saved a good amount of money if Henrik’s course existed when I started trading.
There’s a ton of heavily diluted information for sale in the trading education world. Many books and courses cover what a particular spread looks like, but they almost never give you a plan to trade the strategy. Knowing WHAT an Iron Condor is will not allow you to trade it successfully. Knowing HOW to trade an Iron Condor will and LT Options teaches you that.
Do yourself a favor. Before you buy another $40 trading book or newsletter subscription that doesn’t give you clearly defined plan for trading any strategy it describes, go buy LT Options. It will save you money in the long run and it probably costs less than you’ll lose on a poorly traded Iron Condor.
Note: I was not compensated for this review and receive no monetary benefit if you purchase LT Options. My goal is simply to make you aware of a high quality product that I believe could help your trading. For $120, LT Options is an excellent buy.
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