What happens when paper trading meets the real world? On this episode of Options Boot Camp, Mark Longo is joined by Dan Passarelli (Market Taker Mentoring) and Matt Amberson (ORATS) to tackle one of the biggest challenges for premium sellers: why a single losing iron condor can wipe out weeks of steady gains. The discussion covers practical risk management techniques for credit spreads, when to take profits, how to manage losing trades, and why backtesting is just as important as paper trading. The panel also dives into the explosive launch of SPCX (SpaceX) options, including record-breaking volume, sky-high implied volatility, and why experienced traders approached the frenzy very differently. Finally, the crew answers listener questions about zero-DTE options, VIX term structure, calendar spreads, and whether the options market has fundamentally changed over the past few years. In this episode you&#x27;ll learn: Why paper trading can create unrealistic expectations Managing iron condors before one trade wipes out multiple winners Profit-taking vs. stop-loss rules for credit spreads How backtesting can improve trading discipline What made the SPCX options launch historic Trading ultra-high implied volatility Have 0DTE options changed options trading forever? Managing calendar spreads during volatility spikes Why you still can&#x27;t trade spot VIX

Options Boot Camp 396: SPCX Options and Rogue Iron Condors

The Options Insider Radio Network

# Full Transcript

**Podcast:** The Options Insider Radio Network

## Participants

- **Mark Longo** (The Options Insider Radio Network)
- **Dan Passarelli** (Market Taker Mentoring)
- **Matt Amberson** (ORATS)
- **Dan Passarelli** (Market Taker Mentoring)
- **Matt Amberson** (ORATS)

## Transcript

You're listening to the Options Insider Radio Network. For more quality options programs, visit www.theoptionsinsider.com or search for Options Insider Radio Network in your podcast provider of choice. Listeners can also access all of our programming through our mobile app. Available in iTunes and on Google Play.

You wanted it, you got it. A radio program that helps teach you options trading inside and out, basic to complex. This is Options Boot Camp. Whether you want to learn how to protect your portfolio, generate income or even become a master of volatility, the Options Boot Camp drill instructors will break it all down for you. Now, let's get you into a peak options trading shape. Here are your Options Boot Camp drill instructors.

All right, everybody. That music means we are back. It is time once again for Education Wednesday. This is time once again for Options Boot Camp, your favorite. I hope it's your favorite. It's certainly my favorite. Options Educational Program. I name, of course, Mark Longo from the Options Insider Radio Network. Couple reminders here at the top of the show. First off, if you're not listening to the Full Network, man, you are missing out on a lot of gold coming at you throughout the week. Make sure you subscribe to the Full Network, Spotify, iTunes, wherever you get.

Check your favorite podcast and more of you coming on the tubes, whatever you like to do to get your podcast. Make sure you're listening to all the different shows out there. And of course, if you want to go above and beyond, you want to join our pro Q&A sessions, ask questions, some of the best minds in the world of options and derivatives. Uncover some awesome unusual activity on options oddities. And of course, join us live to heckle Dan on the show every week. And of course, you don't have to wait two weeks for the next episode. All sorts of fun.

The options insider dot com slash pro is the place to go to learn more as we learn who's joining us for episode two of our double header. Surprise, surprise. We are joined once again by Daniel Pizarro Passarelli, the third Esquire, busy conquering Peru, but taking some time out of his day to join us. Mr. Dan, welcome back to the show, sir. It is great to be back. Long time. No, see.

I think I'm recycling some of my middle names. I have to go back and I have to reshuffle my deck for new middle names for you. And also joining us doing double duty this week. I haven't chatted with him in a while. Then we get a two for our good buddy, Mr. Matt Amberson, the founder of or rats, a.k.a. options research and technology services and the creator of our favorite rogue A. If I had to pick one A.I. to murder me in my sl...

Options Boot Camp 396: SPCX Options and Rogue Iron Condors

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Options Boot Camp 396: SPCX Options and Rogue Iron Condors

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.