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Level II | Scottrade

I manage my own account but will be acting on my advisers recommendations. I applied by using the "update" button on options a few days ago and haven't been approved yet it still says I can do covered calls, etc.

I called Fidelity and the guy I spoke to on the phone says I probably input the fields wrong, which I think he was hinting to lie on it, not exactly sure, but that's the vibe I was getting. I just put 10k in my individual brokerage account to do some options trading with my adviser.

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Is that too little to get approved? I haven't spoken to my adviser about this but he recommended I start out with 10k and see how I like how things will go, which I'm assuming he knows things will go well because the other trades he gave me were really solid most of the time, much better than I could do on my own with my time constraints.

Anyways, if anyone has advice on how to get approved for Level 2 this feel free to respond. I think i called them and asked for it to be changed, they send me a form, i signed it and sent it back, Schwab I did online.

Buy if all you have is 10K to "play" with at fidelity they might not approve you, if you don't meet some standards that are required to have by SEC I think rules. Your "adviser" does have the proper licensing for this, right?

Honestly it sounds like a really bad plan, I'd strongly discourage doing this. With a level 2 options account you can buy puts and calls to open and sell puts and calls to close out a position.

You can also do straddles but not spreads. You can also do 'cash covered" puts. Some of the big brokerage firms lost a lot of money with clients who took out big options positions and when things went against them, couldn't come up with the cash to close out a position.

Being approved for an options account today requires proof of income, net worth and options trading experience. It's probably easier to open an options account with Scottrade than Fidelity.

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