Hi guys, Do we have any option traders trading weeklies regularly here? Some advice needed on which broker to open an account with. I've been trading from 2002 on the NSE and a lot has changed since then, so I decided that it's better to trade the US market instead. All suggestions welcome.
Yeah SPX and I use IB exclusivley for that. Way more options when it comes to Risk Management. Seen some crazy things on other Broker Platforms like TOS and TT (i.e. TT triggers stops at the trade or bid/using routing system that is used by multiple brokers). I don't like the TWS, but IBs TechSolutions are one of the best for Retail Traders from what I've seen so far.
The first broker I contacted was IB. They are offering only equity, no futures or options. Even buying options is not permitted.
It's like this. Indian citizens are not permitted to trade outside India using margin. It is illegal and a non bailable, jailable offense. However, I'm not using margin as I want to buy options only, which is 100% legal, but even that choice has been removed. I was wondering if there are other brokers who will allow buying of options on payment of local currency as purchase of dollars will attract unwanted scrutiny. The same is true for forex accounts. A friend opened a forex account and deposited money with the broker using his credit card. The credit card was blocked by the bank 2 days later. He tried to transfer money to an ewallet for transfer to the broker, but the bank people told him not to do it.
I'm a EU citizen that trades US Securities registered at IB UK, but I reached out to a fellow countrymen of yours, who might be able to help. I know for a fact that he is eligible to trade options.
There are many who are doing it, what they never reveal is that the account is not in their name and/or the broker payin comes from elsewhere.
nvm man, he told me he is born in india, but already aquired american citizenship. Moreover, he told me that there are a lot of restrictions on indian nationals (compared to EU)
Yes, this is the problem. I also want to open a forex account and ran into the same issue of getting dollars. I'm unable to understand why buying options is not permitted by brokers as it is completely legal. Nobody cares if I am trading on margin, as long as I don't try to buy dollars in India. Trading on the Indian exchange used to be ok until recently when the regulator made some big changes. The lot sizes were increased by 5 times. So the minimum risk on a trade also increased by 5x. Many options are not very liquid and algos are constantly frontrunning the bid/ask making it very hard to get in and get out unless I pay more. Right now I'm only trading 2 indices and 3 very liquid stock options but totally fed up with it. It's very telling that not a single Indian trader has posted.....that says it all.