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#11
04-30-2006, 04:30 PM
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Re: Is Scottrade the way to go?
I think there are certain regulations about which investors are allowed to trade options. Scottrade asks you to fill out a form that asks you how many years experience you've had in the stock market and options markets. If you put zero, I'm guessing that's why they denied you. Also they won't let you trade options in an IRA account.
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#12
04-30-2006, 06:42 PM
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Re: Is Scottrade the way to go?
you can buy calls, sell covered calls, and buy puts in IRAs. If you fall under the guadlines as an informed trader with experience. Ameritrade, scottrade, and fidelity wont let you sell uncovered calls or sell puts in IRAs because they aren't allowed margin rights.
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#13
04-30-2006, 08:47 PM
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Re: Is Scottrade the way to go?
It was a cash account, and I put the same information on their application as I did with ameritrade and they gave me option trading. My problem with scottrade wasn't that they denied me, it was that they said it was no problem and then said no once I sent the money.
-Jason BTW they did send me 37 cents interest too when they closed the account
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#15
05-02-2006, 01:36 PM
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Re: Is Scottrade the way to go?
I'm interested in starting up in investing and one of my friends highly recommended Scottrade for me because it was smaller, cheaper, and more personalized. I wouldn't be that active as I'm looking mostly for long term investing. Would this be a good choice or would I be better off with Ameritrade or something?
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#16
05-02-2006, 04:07 PM
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Re: Is Scottrade the way to go?
[ QUOTE ]
you can buy calls, sell covered calls, and buy puts in IRAs. If you fall under the guadlines as an informed trader with experience. Ameritrade, scottrade, and fidelity wont let you sell uncovered calls or sell puts in IRAs because they aren't allowed margin rights. [/ QUOTE ] The first statement isn't true for ALL brokers... you need to check with your broker whether they allow those types of options transactions in IRAs.
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#17
05-02-2006, 04:08 PM
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Re: Is Scottrade the way to go?
[ QUOTE ]
Has anyone here used Sharebuilder.com? I've been considering opening an account there for some time. Obviously, their fee structure is best for long-term investors. I don't mean to hijack the thread, but this seems at least a little related. [/ QUOTE ] You are better off opening a regular brokerage account...
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#18
05-02-2006, 06:59 PM
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Re: Is Scottrade the way to go?
I've been happy with Scottrade. Great for IRA's and DIY investors, not rapid-fire daytraders. Free S&P stock research and Trade Ideas (Elite account) are big selling points although, admittedly, I don't mess around with Trade Ideas so I don't know how good the service is.
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#19
05-02-2006, 07:05 PM
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Re: Is Scottrade the way to go?
[ QUOTE ]
[ QUOTE ] you can buy calls, sell covered calls, and buy puts in IRAs. If you fall under the guadlines as an informed trader with experience. Ameritrade, scottrade, and fidelity wont let you sell uncovered calls or sell puts in IRAs because they aren't allowed margin rights. [/ QUOTE ] The first statement isn't true for ALL brokers... you need to check with your broker whether they allow those types of options transactions in IRAs. [/ QUOTE ] He's right. The law behind the policy is you can't perform any transactions that can potentially put your IRA below zero. I believe Scottrade allows you to write covered calls but I don't think they allow you to buy puts. Never understood the reason why.
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#20
05-03-2006, 04:45 AM
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Re: Is Scottrade the way to go?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] you can buy calls, sell covered calls, and buy puts in IRAs. If you fall under the guadlines as an informed trader with experience. Ameritrade, scottrade, and fidelity wont let you sell uncovered calls or sell puts in IRAs because they aren't allowed margin rights. [/ QUOTE ] The first statement isn't true for ALL brokers... you need to check with your broker whether they allow those types of options transactions in IRAs. [/ QUOTE ] He's right. The law behind the policy is you can't perform any transactions that can potentially put your IRA below zero. I believe Scottrade allows you to write covered calls but I don't think they allow you to buy puts. Never understood the reason why. [/ QUOTE ] Many brokers categorize options trading at different levels, as a protection mechanism for people to protect them from themselves... and minimize the risk of people suing the broker for allowing them to make trades they don't understand. Technically, retirement accounts are supposed to be conservative accounts to save for retirement.
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