Major blowup with zero-day iron condors - lesson learned

Just read about this crazy situation where a trading group got absolutely wrecked during the recent holiday period. Apparently they were running zero-day iron condors using some kind of martingale approach where they kept doubling their position size after losses. From what I gathered, this outfit had around $60 million in losses when everything went sideways. The whole strategy seemed to work fine for months until it didn't - classic case of picking up pennies in front of a steamroller until the steamroller finally runs you over. One member mentioned the approach had been consistently making money before this disaster hit. But that's the thing with these aggressive systems - they can look great right up until they completely destroy your account. Really drives home why position sizing and risk management matter so much, especially with short-dated stuff. Those zero-day plays can turn against you fast, and if you're not careful with your exposure, one bad week can wipe out months of gains. Anyway, hope everyone's being smart out there. Those unexpected market moves can come out of nowhere and really mess up your day if you're not prepared for them. Anyone else following this story? Pretty wild example of what can go wrong when you get too aggressive with leverage and position sizing.