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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Ken R who wrote (4816)	3/11/2007 3:55:27 PM
From: JohnM	Read Replies (2) of 5205

I did however contact my broker (SmithBarney) about fees. For July 42.50"s at a dollar, I was quoted $31 for one contract and $70 for five contracts. Those are exorbitant prices, Ken. I do covered call selling in an IRA account at CyberTrader (Schwab). Five contracts are $14.95. I suspect E-Trade's charges are in that range. Your broker's prices for a full swing (sell and then buy back) of 5 contracts are $140; CyberTrader's are $30. Large difference. Incidentally, if I might suggest, while you are "play trading" you might read select chapters in McMillan's Options as Strategic Investment. I've found it priceless. The one exception is that his argument are pinned to buy/write, not to long term buy and hold. And you might read the first 100 to 200 posts on this thread. Many of us were just beginning then. The teaching from people like Frank and others was at very high level.

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