Insight

October 13, 2008

I want to trade Options, currently I have E*trade. They said I’m only authorized for level 1 (covered calls).

trading puts 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?

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