Option House just closed my position 30 min before it became profitable ON A >>>CASH<<< ONLY ACCOUNT

[VanishingMediator]

live by the sword, die by the sword.

call first next time

I've been living and dying by the sword my whole trading career, but this is the first time my broker screwed me out of 700% profit. The market does that well enough all by itself when some crazy news hits I didn't expect. I don't need the brokers who charge me commission doing it on top of anything else.

Anyways, I checked with TDAmeritrade margin dept (risk dept) and confirmed: They don't even start looking to do this until 3:30, and long options are at the bottom of their list as they will simply DNE them manually if there is any potential problem.

 

[Chris Mac]

Well i would say +700% perhaps you need to deserve it.
Playing penny options is like playing vs casino, they will win more than you will.

 

[convexx]

I've been living and dying by the sword my whole trading career, but this is the first time my broker screwed me out of 700% profit. The market does that well enough all by itself when some crazy news hits I didn't expect. I don't need the brokers who charge me commission doing it on top of anything else.

Anyways, I checked with TDAmeritrade margin dept (risk dept) and confirmed: They don't even start looking to do this until 3:30, and long options are at the bottom of their list as they will simply DNE them manually if there is any potential problem.

700%? Lol

 

[SmokingAces]

A) This is retarded. It implies the system isn't sophisticated enough to put a market sell at 3:59 to auto-execute.

B) This is retarded. It is infinitely worse to have some optionshouse n00b trading on your account and ruining your trading strategy moments before it turns into a 700% profit. I suspect this propaganda is in place to prevent large firm market makers from losing significant amounts of money on Friday.

I would not let the options expire worthless, although once I did with another broker who had no problem with the do not exercise order due to a personal emergency. They had on record that I wanted this handled this way rather than some idiot interfering with my trades.

sadly those are the rules of your broker... at this point you have a choice, accept it and continue to trade or find a new broker. As odds are they will not change their rules for you.

I have seen some brokers offer a much smaller commission for premiums of less than 5 cents..