Condor Options, as you may suspect from its name, is a web site that stresses the use of iron condors. In fact, they go so far as to offer a list of 'the top 5 reasons every investor or trader should use iron condors.'
I agree with them, to a point. I believe that anyone who understands how to use options can benefit from iron condor strategies (sell one call spread and sell one put spread). In fact, I've posted on this topic more than on any other and trade iron condors for my own account. To be successful over the longer term, it's important to practice careful risk management when trading iron condors – or any other option strategy.
There's a detailed description on how to trade iron condors in The Rookie's Guide to Options.
Condor Options also tells us that a trading system must have an edge, because "if you don’t know where your profits will come from, you certainly shouldn’t expect to have any." IMHO, that edge can come from many places: a well thought-out strategy; the ability to predict market direction – based on a good track record; or taking advantage of the special properties of options.
One such property is the implied volatility. Option pricing depends on many factors, but implied volatility is major. IV has been decreasing recently, and if you believe that will continue, then buying iron condors is one way to capitalize in that IV decrease.
If you believe IV is going to reverse and head higher, you can buy iron condors with insurance.
It's a new year, and a time for new resolutions. It's an opportunity to begin trading with discipline (assuming you have not yet done so). And for me, it's time to add to my iron condor positions.
Good trading to everyone.