are vertical spreads with wide strikes the only way to avoid spending a high % of capital on commissions? (read: how to stop getting ass raped by my broker?)
I'm being ass raped by my broker (IBKR, maple syrup land) on commissions. So this morning I decided to be a contrarion and I bought a dozen SPY 355/354p Nov 20 and apparently I paid ~$25 in commissions for $300 worth of securities lmao. And I'll be spending another $25 selling this shit, so that's around $50 in commissions total. I'll need to be up 16% to in order to even start looking at profits, which is insane.
Was getting 355/354p the mistake? Should I go for wider spreads in the future?
Submitted November 09, 2020 at 08:41PM by united_glory
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