Up Volume Down Volume Unchanged. I want to invest into stocks. Save my name, email, and website in this browser for the next time I comment. Please register to post and access all features of our very popular forum. Additional giveaways are planned.
Jul 08, · I just applied to scottrade for a level 2 options account. there were only 2 choices, level1 and level 2. But other online brokers have like level 3, level 4, i think 1 even has a level 6 kalmarsunqdhotel.tk: Resolved.
So now I'm in a spot where 6 months minimum has elapsed and I can reapply for Options Trading. I was hoping by investing the money I had with them and reapplying when I have a job this summer, they will approve me, but if not, I'm ready to move on to another affordable broker if there is the possibility.
Does anybody have any advice or think I might get approved almost a year later? Or are there any other online brokers that are less strict in enforcing their "fiduciary responsibilities"? I was approved for covered calls but I just want to basically buy calls and puts. For example, when I go to buy a contract, it spits back this error message: Your broker will seek to protect you from yourself if they feel you do not have the income and risk appetite needed for options.
That being said, they will also want to keep you as a client. Call them up and say you understand the risks, either give you option trading or you will leave. If they say no, then leave, there are plenty of other brokers out there who will be happy to have your business.
Yeah that's exactly what I'm looking to do, not writing them. Last I was told I wasn't able to do any of the 4 buy, sell, and write both. Pretty sure Scottrade classifies buying calls and puts as Level 2, as does everyone else I thought? Yeah I originally appealed the first time but was shot down. After that, I said "Okay well I will invest with them to show I'm serious when the times right. I'm with etrade and I was cleared for level 2 option trading right away.
I can do pretty much any long strategy without margin which includes buying uncovered calls and puts. I don't see why you can't get approved for that. The max loss is however much money you put in. I had never invested before but I said my experience was 3 years with stocks and 1 year with options. I included in that "experience" as classes and just a general following of the markets.
What got me really intrigued with options was my Financial Derivatives class my senior year in college. And in my appeal letter the first time I may have included a "max loss limited to money put in" argument. I also made it clear that while I wanted access to options, my account was going to mainly used for Stocks. It's quite weird that you are not allowed to buy calls and puts.
Yeah I'm starting to feel like when they told me that I couldn't have access and that other brokers one they mentioned I remember was TD Ameritrade wouldn't give me access either was just a crock of shit. Is this a margins account? That is the only reason I could think of for you getting denied. Switch to another brokerage if they don't approve you.
Most will approval you to at least level 2 calls and puts. Just buying regular calls and puts. I'm not looking to write any or anything like that.
A lot of brokers get scared because the OCC does random selections when options are near-the-money and close to expiration and then they force you to exercise the option random-lottery based. The broker can be liable if you were leveraging say AAPL, and don't have the equity to purchase the underlying.
Best way to get approved, most likely just change brokers. Interactive brokers has approved me for stocks, futures and all options with a minimum account of for students. Its your best call and they have very low structure fees. Change brokers, tell them your net worth is at least 50K with years experience. Some of the big brokerage firms lost a lot of money with clients who took out big options positions and when things went against them, couldn't come up with the cash to close out a position.
Being approved for an options account today requires proof of income, net worth and options trading experience. It's probably easier to open an options account with Scottrade than Fidelity. Please register to post and access all features of our very popular forum. It is free and quick. Additional giveaways are planned. Detailed information about all U. Posting Quick Reply - Please Wait.
Search this Thread Advanced Search. Exactly 90 miles each way? Looking at this example exactly how does it physically happen? How exactly do I get Level2 Options with Fidelity? Scottrade, brokerage, options trading. View detailed profile Advanced or search site with. Naperville, IL posts, read 1,, times Reputation: Advertisements I manage my own account but will be acting on my advisers recommendations.
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May 01, · With a level 2 options account you can buy puts and calls to open and sell puts and calls to close out a position. You can also do straddles but . Apr 28, · Scottrade Options Account? or because you have not had a long history of association with Scottrade. Level 1 & 2 allows you to sell covered calls, and to buy calls and puts. Level 3 allows the trader to sell naked, or uncovered, options; these require a margin account, and at least $25, of equity in your account. Status: Resolved. Manage your options strategy with a leader in options trading. Whether you're an equity trader new to options trading or a seasoned veteran, TD Ameritrade can help you pursue options trading strategies with powerful trading platforms, idea generation resources, and the education and support you need.