Fidelity rejected me because I was under 21 ... just turned 21 and the day after my birthday opened up an account with IB
pathus, i'm curious about this/these trades that would have netted u 10k. what kind of size would u be talking about here? what would ur risk have been? would u have had to risk ur entire 19k to get this 10k? and how about execution risk, would u have been able to put these on at the same time as ur mentor?
I had no problem getting approved for buying calls and puts. No experience and limited capital. If you're confident about what you're doing, then just keep looking. You may end up with a broker you don't like a lot just to get in the game. Then you can switch to a better broker as you gain experience and make money.
Hi Pathus, Would you be interested in sharing any of your very privileged info? I know I for one would be very interested in hearing from, never mind being mentored by a successful professional on this subject! All my life I've wanted a mentor, and now, especially, a wealthy and savvy one for trading but such is hard to find. How is your trading going by the way? Mine sucks - money out of my acc't that is.
I got approved for options when I turned 19, but Ive been trading stocks and options in my family account for over 5 years previous. I had no problems when I was 19, however back then I use the old td securities greenline in those days. It was when your local brokerage had more discretion and if you were on good terms with them, your local rep could easily approve you. You might also try having a simple long put/call account. thats much easier to approve, and when you get more experience apply for the full package.
I dont know if its diffrent regulations, since we have like 10 diffrent regulatory securities organizatins in Canada. 1 for each province and territory, but in British Columbia and in Canada its pretty easy to open any type of account. I have never had a problem opening an account. When I first open my own account, it was throught TD, my rep wrote down all of my things,she made a glowing recommendation, and i got approved 2 week later, and I started trading on my 19th birthday. I was approved for margin and option trading. Also when i opened my futures account throught Refco canada, RBC securities, Harris Nesbitt, and Cibc I never had a problem. My suggestion if your canadian, and lol your discount options are limited to now only banks and few directs, use your bank,and your rep can give you a recommendation. You will be approved more easily.
Replying to your original issue Pathus, I opened my first acc't this last Feb. with IB and had to tell them I had made at least 100 previous trades, something the recommending seminar I attended warned me I'd have to do. At the time I was fully intending to trade (and did) under the recommendations of an online trading advisor - Daytrade Team, who of course would qualify in the experience department. Otherwise I couldn't tell if my being older than you and self-employed affected my acceptance or not.