October 13, 2008
I want to trade Options, currently I have E*trade. They said I’m only authorized for level 1 (covered calls).
thelastmejia asked:
I asked them to Upgrade me, but they said No. They couldn’t give me a reason and really treated me poorly and had me on the phone for 2 hours to tell me no. I am leaving E*trade, my question is what would qualify me for level 2 so I can trade long call and puts. Is it the amount of funds I have in my account, the value of my portfolio? On the application, I wrote down that I had 12 years in trading experience (which I do) I am really knowledgeable about options and understand all the risk and rewards. Can someone lend me some insight as to how I would be authorized to start trading option on E*trade or do they know if any of the other brokerage firms (Scottrade, Ameritrade, etc) would allow me if I asked?
I asked them to Upgrade me, but they said No. They couldn’t give me a reason and really treated me poorly and had me on the phone for 2 hours to tell me no. I am leaving E*trade, my question is what would qualify me for level 2 so I can trade long call and puts. Is it the amount of funds I have in my account, the value of my portfolio? On the application, I wrote down that I had 12 years in trading experience (which I do) I am really knowledgeable about options and understand all the risk and rewards. Can someone lend me some insight as to how I would be authorized to start trading option on E*trade or do they know if any of the other brokerage firms (Scottrade, Ameritrade, etc) would allow me if I asked?
Filed under Investing by Administrator
Comments on I want to trade Options, currently I have E*trade. They said I’m only authorized for level 1 (covered calls). »
normally when you open a brokerage account you are asked to indicate the amount of years that you have been investing. if you indicate no experience they will not give you anything more than level 1. since you already indicated 12 years they should have given you level 5 (like I have) .
next time make sure to do 2 things:
1) indicate specifically under option trading experience an experience of at least 5 years.
2) speak to a representative and tell them to give you the appropriate level on the basis of your experience as this is the main reason for you to open the account.
A good broker for options is optionsxpress. You could also consider tradestation. Both of them are light years ahead of etrade (which looks like its going bust if you look at their shareprice!).
If you’re so smart why did you go with Etrade? Screw the asterisk, are you part owner of this firm? Why the devotion to conformity? I use Thinkorswim ,low commissions, NO LIMITS! 1 yr. trade experience, Making money, boo-ya! hahahahaha!