- Centurion Member
- Posts: 3930
- Joined: Thu May 08, 2014 7:42 pm
- Location: United States
4ktvs wrote:Well my dream of getting approved for futures trading this year is very much dead now. Lack of "experience" as they call it. Dang chicken and egg issue right there. Reminds me of trying to get my first credit card.
I guess only time is going to allow a fair shot at approval. I will try and make my weekly expiring options trading do something interesting until I have a few more years under my belt with a bigger account.
In other news I only have a few months left to go before I can try for a CLI from FNBO. Don't know what the odds are, but it won't hurt to make a go of it. I would be willing to take the HP at that point if needed as I hope to do it before the likely coming market correction.
The approval process and criteria for options and futures trading can be very strange. For example, many brokerages will let someone with moderate experience write a covered call, but not sell a naked put. Mathematically, the two have nearly identical risk/reward profiles.
Of course, the "know your customer" rule also just considers someone's experience
with a particular financial product. There's no consideration (that is, I've never been asked) for a person's actual expertise or track record. Someone who has steadily lost money on options for 20 years would be treated as a sophisticated investor and get brokerage approval to trade advanced strategies.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco
Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May