So I profited 820 dollars on a deep ITM options spread and received this email from Tastytrade

[poopy]

The fuck is wrong with you? He can ACH his $1K out of the account. Now we're doing transfers from Robinhood?

 

[TrailerParkTed]

From Reddit...3 years ago. Just a sample...But they are there dude.

$75. from Robinhood. I am not crazy...

Most new brokers will refund the transfer fee...But it has to be a good amount of money to get it done. Also, if the OP tried that, I think it would be a no go from the start...

PSA: If you're transferring assets to Schwab you can apply for refunds on any transfer fees.
If you're leaving a broker for Schwab, and the old broker charges a fee for transferring accounts. You could just sell and re-buy in Schwab but this may incur taxable events. OR just transfer the assets directly.

If you're transferring assets to Schwab and your old broker charges a leaving fee. Schwab will probably refund it depending on the amount of assets.

I just left Robinhood after a terrible week there, and Robinhood charges a $75 fee to transfer assets out. Schwab actually refunded my fee.
How to get a refund:

1. Create Schwab account (checking/brokerage
   1a. (Ask people in your life for their referral code, they won't get anything buy YOU WILL once you're set up)
   
   
2. You can start the account transfer process online. Of if you want/need your hand held. Contact customer service, I was able to do everything via the little live chat portal. They'll point you in the direction of how to get it going.
   
   
3. If you're just transferring stocks, etfs or mutual funds, you can basically just start right away.
   
   
4. If you're transferring options, you need to get your brokerage permission for options. There are 4 levels of options trading at Schwab, I only needed level 1 for my calls. You do this right online. Approval was very quick for me.
   
   
5. After your assets are transferred, I just talked to customer service again, and they reimbursed next business day.

Hope this helps!

 

[rbigsby]

Hopefully he at least got paid the $800 or whatever it was. Fair is fair.

He was doing deep in the money "diagonal" put credit spreads. He made the $800 in about 3 hours. Not a bad minimum wage.

 

[wxytrader]

I warn any potential Tastytrade clients, or even existing clients to beware. I had previously had my account set to closing only for trading deep ITM spreads. However today I had a winning diagonal spread consisting of 5 contracts, where I profited by $164 per contract. So basically $820 per contract. The opening price was 174.99, and the closing price was 164.35. Then I receive this email from Tastytrade after closing this spread for a big profit. Just letting everyone know to AVOID Tastytrade like the plague. They like it when you are losing, but when you are winning they will take issue with it and threaten to close your account!

I still don't understand the risk if these options were cash settled??? The max loss is the spread. Other than that the long option is irrelevant. It's only purpose is protection not profits...unless you let it run after the short option expires.

Why pay more for the long option in a diagonal versus getting a cheaper one at the same expiry? All it's doing is robbing you of premium anyway.

Instead of sending out petty emails because clients aren't policing themselves, one thinks you would write some simple code that says:

IF($ClientBalance<$CostOfAssignment then "reject";
else "success!"

lol.

 

[poopy]

It's not the cost you f****** i**** it's the risk on the back maturity due to assignment on the front.

 

[poopy]

Hopefully he at least got paid the $800 or whatever it was. Fair is fair.

He was doing deep in the money "diagonal" put credit spreads. He made the $800 in about 3 hours. Not a bad minimum wage.

Genius, it's not a acam.

 

[Specterx]

This thread has made my Sunday morning, 10/10.

 

[taowave]

I was also going wirh 10 of 10,but after spending a couple of nanoseconds,I went with 0 out of 10

This thread has made my Sunday morning, 10/10.

 

[poopy]

ITM vertical(s) = exercise/assignment fees. No price risk.
ITM diagonal(s) = assignment fees. Huge price risk.

 

[Haywood]

This fool is trying to short the above cs at 4.99 when he should be bidding the ps for 0.01.

Understand?

Chris doesn't want to deal with a debit balance out of client stupidity. Imagine this idiot weaking up and suing his agency broker bc they didn't stop him for suitability.

Three pages of this absurd shit. How do you people live with yourselves?

Mr. Poop
Why do you see a need to be insulting in your comments? Can't you respond respectfully?