I opened my brokerage account with TDA two weeks ago today. I've been trying to get approved for standard margin for options trading since then. It's still not approved, and I've missed 4 great trading opportunities now! So frustrating!
When you open an account, make sure you apply for EVERYTHING. Say that you have 10+ experience and that you want to trade everything, every way. Because if you don't, for whatever reason, they simply won't let you trade.
Why not? If someone doesn't fully understand options, trades them, and loses big, why the hell should the brokerage care? They're not liable for any losses! I understand that the best client for a brokerage is an active and profitable trader, so that means it is in their best interest to keep their clients profitable, erego not letting them trade options without understanding them. But I applied with full honesty when opening my account on my experience in markets and financial situation. Without trying to sound like a know-it-all, I know what I'm doing! I know options backwards and forwards man, come on! LET ME TRADE!!!
Hopefully this gets settled this week, because I'm getting cabin fever sitting around my place doing nothing.
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