Can a broker restrict you from closing positions?

Discussion in 'Trading' started by bangorsky, Jan 24, 2006.

  1. I wouldn't bother with it anymore because Brownco has been taken over by e-trade and if you think brownco wasn't responsive it will only get worse. The best thing is to switch to a broker that specializes in options OX TOS IB. I have TOS and in a margin account when my cash was negative the computer would allow me to just close positions (which would have let me close the puts BTC)...not quite the same thing but their platform kind of helps you.

     
    #31     Jan 26, 2006
  2. Gawd... you know... you're right. I could tear at Brownco, but what's the point in attacking a guppy that's about to be swallowed by a shark? (No disrespect to sharks intended) But what sort of options commissions can I expect if I go with a specialist? Currently I write about 120 contracts/month @ ~$2/contract. That amounts to ~$240/month. That's about as high as I'm willing to go, making the modest returns that I do. If you know of anything in that range, please post a link!

    ***another update***

    Well, APOL had a nice bounce today, so I sold my 2000 shares for an overall profit of $1000 from this whole sordid mess. So definitely I'm not as furious as I was when I was in the red. But--on principle alone--I feel like I still need some satisfaction. Maybe switching brokers will do it... I dunno. Maybe I'll just demand Brownco to give me free trades for a year. And free pony rides.
     
    #32     Jan 26, 2006
  3. Hamlet

    Hamlet

    What does this say about NASD arbitration eh?
     
    #33     Jan 26, 2006
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    #34     Jan 26, 2006
  5. MTE

    MTE

     
    #35     Jan 26, 2006
  6. nlslax

    nlslax

    FYI - A new etrade opened up in Orlando (they moved from another location), I went in there to check on their options platform.

    Nobody other than me knew what a spread was. We couldn't get IV info on the options and NBBO had to be figured by hand.

    To be fair, the guys in the office weren't very familiar with the options software. But from what I saw, I would be best off staying with TOS.
     
    #36     Jul 14, 2006