Posts Tagged ‘Guidelines’

How much income do you have to have to be able to trade long options (buy calls) under FINRA guidelines?

Question by Jane: How much income do you have to have to be able to trade long options (buy calls) under FINRA guidelines?
I was rejected from Scottrade from being able to trade long options and can only sell covered calls because “Insufficient income, net worth, or liquid assets.” Any way to solve this problem? Should I reapply? Thanks in advance!
1 minute ago – 4 days left to answer.

Best answer:

Answer by Answer Me
You should dump those snooty posers and sign up with a more down to earth broker. I made a similar mistake to yours by signing up for sharebuilder after being attracted by their $ 4 a transaction offer. pfft! Turns out it’s actually 9.95 per REALTIME transaction. On top of that they rejected my margin application too! Sogo on the other hand was nice to me and gave me a margin account with options too!

https://www.sogotrade.com/Setup/Default.aspx?rf=392837

Oh and sogo only charges $ 3 per trade which is less than half of what scottrade charges lol. Sogo also gives you a free 100 trades when you first sign up, Scott gives you what, 3?

I have no idea why snooty brokers like sharebuilder and scottrade deny margin accounts to people with less than perfect credit because it’s close to impossible to lose all your money like that because as soon as your account falls below $ 2000 your margin is held back. Do yourself a favor and apply at a more reasonable, sane and eager-for-more-business broker like Sogo.

Know better? Leave your own answer in the comments!

Five Guidelines to Choose the Best Forex Trading Software

How can you select the best forex software to make you succeed as a forex trader and create a full-time salary? There are a number of things available that claim the ability to help you do this, but how to separate the good from the bad from the scams?

Follow these points to aid you in selecting the best forex trading software.

1. Take note of the payment processor. This is the first step as it will let you know if it’s legit. If the company that the software publisher uses to process your transaction is an honest provider with a transparent history then you are okay in that respect. Decent processors cannot afford to have scammers use their services. Anything that is sold via Clickbank can be relied on and gets covered by their 8-week guarantee policy.

2. Check their results. Look for and check genuine trading results from the sales page. Account screenshots and jpegs of entry and exit points of winning trades are helpful. Videos of the program in real time usage with the Metatrader 4 platform are particularly helpful. Note the real time price movements as although not impossible, they will be hard to fake.

3. Check out user comments. As well as the testimonials on the product’s website also check out user opinions from independent sources.

4. Check out the price. The competition from software publishers has increased a lot recently and has created downward pressure on the end price. It’s still possible to fork out thousands of dollars for software but most of the packages in the $100 price region work just as well.

5. Check out the usability. Check the product’s specs and its changeable settings. Even though you’ll be able to keep it on standard settings on any good software, it’s better to have the option to change things as you want. You’ll also want to use your own settings as you mature as a trader and develop your own style.

This should help you pick the best automated forex trading software.