Exiting a position

Quote from insaneinvestor:

Laugh if you will, but being I am just starting out I did one total fly with the top just OTM, and the next two obviously OTM as well.

There have been may ups and downs and at one point I was below the bid and STILL did not get a fill.

I use OX.

With all this BS I am about to just give up.

I finally thought I had something going here. I watch the damn thing all day and have gotten VERY good at knowing where it is going in the short term, but the options seem worthless to this outlook.
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Why in the world would you need a multi leg options position if you're so good at predicting short term moves in the underlying? What a waste it is to cross three markets to put on a position if you're looking to capitalize on short term moves which you say you can predict. Why not just use the futures? or straight puts and calls to leverage your directional speculation?
 
Trade smaller size and use stops in the underlying. Sounds like you're trying to drive a finishing nail with a sledge hammer by using an options position where you cross 3 markets in order to leverage a short term spec in the market
 
Butterfly is a rather complex position for such a simple goal.

If you are looking for low slippage, you may consider looking elsewhere -- spreads or calendar.
 
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