any of you guys putting this fly on mind telling me what brokerage you use? mine charge 3 transactions of 6.95 each transaction to put on a fly..
First post but have lurked around ET the pass couple years. Great thread -thanks Atticus and the rest of you who post on it.
wow, that's a whole lot more reasonable then mine is trying to charge. i was mainly just curious, i cant change brokerage due to my job
ummm... why.. you just have to disclose everything?.. you have your series 7 and are with a broker? i thought you could there was just alot of tape... most brokerages you lose tons of edge because of commissions.. its already hard enough to deal with the wide bid/ask spread of the three legs think about it.. say your gonna day trade a oct 12 fly for tommorrow.. your assuming aapl will go up.. (at this point i'm not a believer) but whatever.. 630/640/650 no need to break a wing will only save you cents.. this right now at the close was priced at 2.15 .. 215 dollar investment..say you have the typical ticket fee and .75 cent to a dollar per leg charge.. around 13 bucks!! thats 26 round trip.. the fly has to trade up to 2.41 for you to break even.. 12 percent.. forget about that! with IB.. your break even is only 5 bucks away a round trip! thats 2.3 percent.. i used that specific fly because of the low price to show you how wide the spread gets between brokers as you go down in the price of the fly.. obviously a fly you put on for 30 bucks on a mastercard trade isn't going to hurt as much percentage wise.. but either way.. why fight more current! it all adds up!
All my thoughts exactly. and yes I have my 7 and I am with a broker. And I have asked to have my accounts elsewhere and I can't. I actually don't know flys completely well yet but I have been following this journal and doing a lot of paper trades. But alas I will have to forgo this strategy for now until I can figure something else out.