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Those guys "manage" to produce at least few big losses pretty much every year: 2010: -75% 2011: -95%, -30%, -37% 2012: -22%, -20%, -60% 2013: -35%, -25%, -26%, -35% 2014: -34%, -64%, -83%, -100% Yes, same guys as 10ppm. They lost 31% and 38% in 2008, 70% in 2010, and their performance reporting is very questionable.

That's pretty disastrous. Everyone was making money on condors in 2010-2012 hand over fist. Hard not to. 2013/14 seems to be a shake out year with no one left. Aren't these the same guys as the 10%/mo? That has done reasonably well. Although I don't follow any newsletters anymore.

Problem with such strategies is high gamma risk. profits can vanish fast. And if you start locking profits at say 10%, then the risk / reward ratio becomes poor as sometimes you can loose 100% eg. chipotle. If you had a butterfly or calendar, it could have been blown out today. Anything close to expiration is high risk / high reward /high frequency. May need a computerized system like Jeff Augen to deal with such kind of trades. Humanly could be tough, unless you are day trader and can watch market every minute.