"Butterfly shrimp and bad fish" for 500.
Rocketman, I'm not particularly fond of butterfly strategies myself -- mostly because they can be tedious. (Generally, it's easier liquidate a "bad" position.) Nonetheless, I have salvaged weak positions, turning loss into profit, by legging into a butterfly. After all, you already hold two of the three (or, four) cards needed.
As you can imagine, the butterfly comment was more to stimulate creativity than to recommend a particular strategy. To be sure, you'd need a margin account, with permission to create spreads *and* with sufficient funds to cover fed requirements. Since this does not appear to be the case -- and, more importantly, is contrary to your trading psychology -- avoid the butterfly. As an exercise (assuming you care and have the time), you might draft a butterfly on paper and periodically compare the results with your real position. |
