optionsXpress (or possibly other brokers) question

[lenwhistler]

Quote from DonnaV:

Thats the WHOLE problem with this level business.......Brokers who limit the ability of the individual to properly manage their account are shooting themselves in the foot because they effectively are making it more difficult for their clients to succeed.
They should allow options... or not...simple as that. If they allow clients to trade options than at a minimum allow all risk defined trades. Give your client the best chance for success.

I 2nd that. When I first opened my account I could buy stock, options, covered calls, BUT no:

• Cash covered naked puts
• Credit or debt spreads with a set maximum loss

I can understand not allowing naked calls, but to disallow a trade when you can cover the maximum loss makes no sense.

My broker also only allows credit spreads if I can cover the short position, they don't consider the long position as "cover". So GOOG is out for me even though a GOOG put credit spread might have a maximum loss of $5000, I wouldn't be able to cover the short puts. I assume all brokers are like that.

 

[RichardRimes]

len...change brokers asap..I know its a pain in the a$$ but you save soooooo much its worth it

 

[RichardRimes]

Quote from DonnaV:

len...change brokers asap..I know its a pain in the a$$ but you save soooooo much its worth it

TOS is NOT like that

 

[lenwhistler]

Quote from DonnaV:

len...change brokers asap..I know its a pain in the a$$ but you save soooooo much its worth it

Ok....thanks, I'm looking into IB and TOS. I'm with BMO Investorline and their commission is $35.00 plus $1.00- $3.50 per option contract.

 

[RichardRimes]

Quote from lenwhistler:

Ok....thanks, I'm looking into IB and TOS. I'm with BMO Investorline and their commission is $35.00 plus $1.00- $3.50 per option contract.

OMG thats unbelievable..... IB is cheaper for smaller # of contracts and trades across more things ie FX as well...but you can negotiate a lower rate with TOS (than advertised) and they are BEST for an IRA.

 

[darnelds]

Quote from lenwhistler:

Ok....thanks, I'm looking into IB and TOS. I'm with BMO Investorline and their commission is $35.00 plus $1.00- $3.50 per option contract.

Ouch.

 

[ElectricSavant]

http://www.elitetrader.com/vb/showthread.php?s=&threadid=60831

 

[Li Ka Shing]

In case of an unsatisfactory trading level...I believe you can update your personal particulars and ask for new level...this is not just for OX I believe.

However please be careful once you have the higher levels enabled.

 

[Bizbean]

How about TradeKing ... as an alternative to oXp and TOS? The TK site looks good, but they are fairly new, and only one evaluation here (negative). Any other experience/views?