As a trader who adopts strategies with negative gamma*, this should be a very difficult period for me. But, I've been fortunate. My iron condor portfolio has a few extra long puts and calls, and those extras have served their purpose.
I don't claim to have taken no losses, but my complex portfolio (20+ iron condors) has performed well.
The point I want to make is that not everyone who buys iron condors is going to be as fortunate. If you've been having a difficult time because the market swings are too wild and your positions have been threatened with relatively large losses, I want to offer words of encouragement. Assuming you don't decide to get out of the market completely, there are steps you can take to achieve good results. No one knows when this volatility will end, but it will end. For now, it pays to be more conservative.
1) Reduce size. That means placing less money at risk, and accepting reduced rewards, during periods of such uncertainty.
2) If you buy iron condors (or sell credit spreads), consider spreads that have strike prices more distant from (corrected) each other. Again, this reduces potential reward, but cuts risk. Right now, reduced risk of losing is a very desirable investment objective.
3) It's important to manage your positions with an eye on overall risk. If you adopt one of the suggestions above, don't feel that you no longer have to bother managing your positions just because the total dollars at risk have been reduced.
4) If you use a strategy (covered call writing or the sale of naked puts) because of your desire to own and/or add stocks to your investment portfolio, give yourself a bit more protection. Implied volatility is relatively high these days, so you can afford to write options with a lower strike price. This does reduce potential profits, but it increases the probability of owning a profitable position.
5) If you have had poor results and are looking to make a change, keep your wits about you. If you decide to try a different strategy, please start slowly. Remember you will be learning how to use a new strategy, so please reduce the size of your trades until you are satisfied that you understand the new strategy well.
6) If you have been taking losses, please don't take desperate action in an attempt to get even.
Risk management is more important than strategy selection, so keep your risk under control and find a strategy that allows you to remain within your comfort zone when you initiate and hold your option positions.
One final point: Don't ignore risk management in any environment, but this is no time to get careless.