MNX Fly Update 8-18

The MNX Butterfly that we started last week is off to a decent start. We are currently up about 5% and Deltas are fairly flat. Today, at the 5% profit level, one of my money management rules was triggered. Here are some special rules that I keep in place for butterflies:

Up 5% - Stoploss is Breakeven

Up 10% - Stoploss is +5%

Up 15% - Remove the trade... ring the register.

Simply put, once I'm up 5% I'm not willing to lose money. I will stay in the trade and try to acheive my profit target (15%), but I don't want to lose, so if it hits zero I take it off. That's where we are.

Good Trading...