So your a noob with no clue and the first thing you want to do is short options contracts naked. Sure thats a good start to riches. I do not like the term naked put if enough cash is securing the assignment of the underlying equity to your account if you are short that put contract. Technically it is a cash secured put not a naked put.
Yes ..... Overstate your income, assets, and option trading experience to get approved for option trading. Nothing wrong with that. The forms are part of the "Get To Know Your Client" routine that they must do to cover their asses. It's doubtful they will check.
Thanks again for the replies. KINGOFSHORTS, I had misspoken what my intentions were. I do not want to sell naked options. I only want to buy options. Another question I have is if anyone here is playing on Wall Street Survivor? I can not find anything on there that shows a profit/loss on a particular stock or option. It shows in your dashboard while you still own it but as soon as you sell there seems to be no record of it other than in your total value. TIA
Don't know much about Wall Street Survivor, but if you have TD Ameritrade (which I also have) why not download the Thinkorswim platform and use that to paper trade? It has a papertrade option when you login. There is a wealth of professional level tools/features on that platform. Plus chat and daily educational webinars on the market, options etc, and you can watch cnbc live, including Cramer. haha. In addition most of the educational seminars are archived. They are extremely helpful to beginners, but there are more techincal seminars as well. I mention this to you because for a long time I had TD Ameritrade and wasn't using the Thinkorswim platform because I just didn't know about it or that it was available free just for being a TD Ameritrade client.
The amount it is In The Money (ITM). __________________ Enjoy life, it's limited. You only get as much as you take.
Call up your broker and threaten to leave them on the spot if they don't grant you options approval. Or you could always lie, which is what most people do anyway. I remember when I first started on thinkorswim, and was denied level 2 (couldn't buy calls or puts). I called up TDAmeritrade and was like yo, I moved here from Schwab to trade options, and now you're telling me I can't? And the guy at TDA basically said, "Your approval level is based on your experience, you must have said you had none. Apply again and lie your face off." The next day I was trading options! Got my buddy into it too, he knew nothing, just wanted to buy some calls that's all, and Schwab said no. We called them up and said "If you ever wanna see my money again you'll hook me up right now, or I'm out." He's a happy owner of 200 calls now.