Captain Condors Iron Condor Strategy Collapses, Wiping Out Investors Life SavingsLast week, options trader David Chau, known as Captain Condor, and his group of about one thousand investors suffered a massive wipeout, losing tens of millions of dollars. Their go-to strategy, an Iron Condor play on the S and P five hundred index, had worked well since May of twenty twenty-two, but it finally blew up just before Christmas. The problem was Chaus use of the Martingale system, where you double your bet after every loss to recover and profit. After a string of bad trades, they went all in on Christmas Eve, but the S and P five hundred hit a record high close, wiping out their capital completely. Some investors lost hundreds of thousands of dollars, their entire life savings. The U.S. options industry is set for another record year in twenty twenty-six, with retail investors jumping in since the pandemic. However, pros warn these complex derivatives were meant for managing risks, not quick riches. Checkout Solipillow.com

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