If you've been following my real-time trade alerts through the Options Cafe course, you've probably noticed something strange over the past few months: my once-clockwork stream of Zero DTE SPX Iron Butterflies trades has turned into a trickle, and the few I have taken sometimes look nothing like the rigid rule set I teach in the course.
I owe you an explanation, a quick look under the hood at what's been happening, and a roadmap of where we're headed. Grab a coffee and let's dig in.
A Quick Refresher: How My Alerts Normally Work
- Learn the strategy inside the course. Each module breaks down the theory, rules, and risk management behind the trade.
- Watch me execute in real time. Every time I open or close a position that fits the plan, you get an email alert so you can see the rules applied in the wild.
- Review the post-mortem. I log every fill, adjustment, and result so you can study what worked—and what didn't.
That cadence has always been the backbone of Options Cafe, and I'm committed to keeping it that way. But markets (and certain headline-generating politicians) sometimes have other ideas.
What Went Wrong With the Zero DTE SPX Iron Butterflies
The Trump Volatility Spike
Earlier this year President Donald Trump's mid-day policy teases and press-conference one-liners started kicking off sharp, intraday swings in SPX. Our Zero DTE SPX Iron Butterflies thrive on controlled volatility; what we got was a volatility firehose at random moments.
Drawdowns Exceeded Historical Tests
My backtests and live data accounted for rough patches, but January–May's swings produced losses far beyond any historical sample I've seen since 2018. At one point the open-equity drawdown more than doubled the worst case baked into my risk plan.
Behavioral Creep
I began doing something I coach you not to do—closing winners early just to "get flat" before the next political soundbite. That's a discretionary override, and once discretion creeps in, consistency walks out the door.
Stop-and-Go Trading Rhythm
Some days I treated the strategy mechanically, other days I skipped it entirely. That's not the service you signed up for, and it ruins the clean data set we all rely on.
Result: fewer alerts, patchier performance tracking, and—most importantly—confusion on your side of the screen.
The Current State: Erratic Trading Continues
Here's where we stand today:
I'm still trading Zero DTE SPX Iron Butterflies, but inconsistently. Some days I follow the rules mechanically, other days I sit on my hands completely, and sometimes I take profits early when my gut says "get flat before the next Trump tweet."
This erratic approach may continue for the foreseeable future. I'm being honest about it rather than pretending everything is business as usual. You'll see alerts when I trade, but they might not follow the rigid system you learned in the course.
The potential pause: If we don't start seeing some profits—whether through erratic trading or a return to systematic trading—I may park the Zero DTE SPX Iron Butterflies strategy entirely until after President Trump's term is over, then reevaluate.
Where My Capital (and Your Alerts) Are Going Instead: The Wheel Strategy
While volatility whipsawed the Zero DTE SPX Iron Butterflies, my Wheel portfolio has been quietly humming along:
- Cash-secured puts on high-quality names during market dips.
- Covered calls once I'm assigned, harvesting steady premium while I wait for shares to be called away.
- Repeat—premium in, risk defined, limited exposure to gamma bombs.
I'm finally comfortable with the slight subjective element the Wheel demands (stock selection, earnings filters, etc.). I've built a checklist that balances mechanical rules with a touch of discretion, and the equity-curve has earned its place next to my option spreads.
Good news: I'm turning that private tracker into a public one. In the coming weeks you'll start receiving real-time Wheel alerts alongside detailed logs—entry price, exit plan, and the rationale behind every roll.
What to Expect Next
- A dedicated blog post outlining my Wheel checklist, win-rate, and historical P/L.
- New alert tags. Emails will clearly label "Zero DTE SPX Iron Butterflies" vs. "Wheel" so you can follow just the strategies you care about.
- Risk-management deep dive. I'll record a mini-module on position sizing for the Wheel, because capital allocation looks different when you're juggling shares and options.
- Continued transparency. You'll continue to see my Zero DTE SPX Iron Butterflies trades when I take them, erratic or not. If I decide to pause the strategy entirely, you'll be the first to know. And if conditions calm down and I return to systematic trading, I'll share that decision with hard data showing the storm has passed.
Final Thoughts
Running a one-person trading and teaching shop means you see everything—my wins, my face-palm moments, and the pivots in between. I'd rather overshare the messy parts than pretend consistency where none exists.
Thanks for sticking with me while I navigate this crazy tape. I'm genuinely excited about opening up the Wheel strategy to you; I think it rounds out the course with a slower-tempo, income-oriented approach that plays nicely with today's headline-driven market.
Related Topics: Options Course, Zero Dte, Spx Options, Iron Butterflies, Wheel Strategy, Trading Updates, Market Volatility, Risk Management
