Job required to open brokerage account?
- Thread starter wartrace
- Start date
This is the Retail Firm thread, not psycho.
I was looking at trade stations requirements & they asked for employment information. That is what prompted the question. I have always been under the impression that the only stupid question is an unasked question.
I didn't intend for those of you who are much too busy to help a noob out with a simple question to respond. I'm sorry you found the question stupid & surprised you took the time out of your busy day to tell me. Thank you for your input, it always cheers me up when someone confirms my stupidity for me.
Well, your employment status will affect your approval for margin. This is important because most of the time, you need a margin account for using certain strategies like spreads. Say you bet all the money in your account with a short call spread. Then say it went up ten basis points and you are assigned. You don't have the money to pay it unless you sell your covered option. However, option orders aren't settled until a day later... So you see, it is a bit sticky even though you have an option to cover you.
Quote from wartrace:
I was looking at trade stations requirements & they asked for employment information. That is what prompted the question. I have always been under the impression that the only stupid question is an unasked question.
I didn't intend for those of you who are much too busy to help a noob out with a simple question to respond. I'm sorry you found the question stupid & surprised you took the time out of your busy day to tell me. Thank you for your input, it always cheers me up when someone confirms my stupidity for me.
There is no such thing as a stupid question, only stupid surdo remarks.
Sour Dough has been here 3 1/2 yrs with nearly 4k posts and (s)he has yet to contribute anything of substance to this board.