Using Datek for Options

Discussion in 'Retail Brokers' started by p2, Mar 9, 2001.

  1. p2


    I finally activated my Datek account to trade options. I received an email saying that my account was activated for level IV options trading:
    1) Covered call writing and married put buying
    2) Buying calls and puts
    3) Qualified spreads
    4) Uncovered puts.

    Previously, I had been doing medium-term trading and writing covered calls using an ETrade account.

    So I bought some stock and proceeded to Datek's Option Center and attempted to write some calls. The trade was not accepted so I called Datek. I was told that Datek did not do any option strategies and it was only possible to buy naked calls and puts, sell calls and puts, and excersise options.

    I know I probably should have asked. But it seems to me that Datek should have disclosed that fact on their options application or in their online options help. In fact, the online help implies that Datek was capable of doing all those options strategies.

    Well, enough ranting...