Iron Butterfly

T

traderlux

i have some questions on iron butterflys, the reason i am asking is because some one i know is trading them with a website and claims to be doing very well. he wont tell me anything other than pony up the $2k dollars like he did. as i am a just-post-depression-era born person there is no way i will shell out $2k to get info i can get on elite trader for free.

so is any body here trading them with success? i tried a search on here, without a decent result.
 
For free info go on youtube and search for sheridanmentoring videos... IB are one of the strategies he uses... There are many videos on this.
 
Quote from traderlux:

i have some questions on iron butterflys, the reason i am asking is because some one i know is trading them with a website and claims to be doing very well. he wont tell me anything other than pony up the $2k dollars like he did. as i am a just-post-depression-era born person there is no way i will shell out $2k to get info i can get on elite trader for free.

so is any body here trading them with success? i tried a search on here, without a decent result.
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Search harder.
 
Quote from heiasafari:

For free info go on youtube and search for sheridanmentoring videos... IB are one of the strategies he uses... There are many videos on this.
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thank you..
 
Quote from traderlux:

thanks, i did what you said and i have found some posts on et....
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There has to be literally thousands of posts related to flies.
 
Quote from traderlux:

thanks, i did what you said and i have found some posts on et....
More...

Just make sure that you don't think that you can trade the IB every month. Try and wait until conditions are right: IV declining, flat skew, etc.. Then put your fly on with wings at 1 standard deviation (set for 18-20 days since you won't keep it to expiration), flatten your delta and most importantly know when you are going to get out. Some people are big fans of adjusting a butterfly but I have found unless the conditions are as good to put on a new fly as the original one, if it hits your breakeven get out.
 
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