Ten Minutes, $149.88

This cycle closed for a $149.88 loss ten minutes after it opened, and it is the record’s cleanest example of a stop loss doing precisely its job on a day the market was in no mood to cooperate.

The trade

Wednesday, July 15, 2026, an 0DTE SPX put credit spread: short the 7510 put, long the 7480 put, 1.35 credit collected at 7:12 PM account time. The log shows the sizing-down that preceded it: a canceled attempt at a 7500/7470 spread for 1.00 a couple of minutes earlier, then this fill at a better credit. A 30-wide SPX spread carries about $3,000 of width, so the position’s true maximum loss was roughly $2,865 after the credit, a number worth keeping in view for what happened next.

Behind the entry sat two resting GTC orders, bracket-style: a 0.05 buyback to take profits, and a stop-limit around 2x the credit to cap the damage.

What happened while it was on

The market kept falling. July 15 was the heart of what the weekly entry calls tuition week, a chip-led rout with the war back in the headlines, and the index sliced down through the neighborhood of the short strike within minutes of the fill.

The close

At 7:22 PM, ten minutes after entry, the stop triggered and the spread was bought back at 2.80. Sold 1.35, paid 2.80: $149.88 gone, about 5% of the spread’s maximum loss. The profit-target order was canceled automatically alongside it.

What it taught

This trade is quoted in the site’s put credit spread explainer for a reason: it’s what defined risk plus a real stop actually looks like when it goes wrong. The loss was fast, pre-sized, and boring, and boring is the compliment. The lesson the trader took wasn’t to abandon the structure but to refine it, and the fuller list, better stops, lower deltas in volatile tape, respect for war-time conditions, lives at the end of the iron condor tuition entry from the same three days.