Simple Aussie options - best approach

[Max77]

I want to take a simple approach of selling options with the intent to own the shares then write covered calls.

I'm starting out small but finding it hard to figure out best way to do this. Online broker or full service broker that is economical.

Many years ago used Halifax full service brokers but fees today seem higher which makes it seem non viable except to go online, but this requires some skill in using technical apps

 

[divs4ever]

welcome to ASF ,

i couldn't find an acceptable way to do it either ( using budget brokers )

maybe a member will educate us both

cheers

 

[wayneL]

I think the only viable option is online. TBH I'm still dithering about which Australian online broker I end up using, the higher fees of not being online will certainly be quite a drag on your returns.

The strategy can be profitable long-term if you manipulate those Greek risks properly, but unless you do it is likely that all the strategy does is reduce volatility. High fees in that case could make it a net loser compared to buy and hold (long term).

 

[Gunnerguy]

I think the only viable option is online. TBH I'm still dithering about which Australian online broker I end up using, the higher fees of not being online will certainly be quite a drag on your returns.

The strategy can be profitable long-term if you manipulate those Greek risks properly, but unless you do it is likely that all the strategy does is reduce volatility. High fees in that case could make it a net loser compared to buy and hold (long term).

I opened options accounts with commsec. Anz and IB.
I then saw CommSec and ANZ write fees were about AUD$25 each !! I don’t use them.
I use IB. I have used IB for almost a year. About 171 contracts completed. Single covered call or cash secured puts for single companies 5-10 contracts are only about $1.75.
AXJO vertical spread fees are up to $15 for about 10-15 contracts.
IB fees are extremely cheap.
Downside is no personal HIN.

Gunnerguy

 

[VonKlitzing]

I've been looking at brokers for intl options trading and came across tastyworks.com.au
Seem to have good reviews. Worth a look
I would like to hear if anyone has used this platform.