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Thursday, November 28, 2013

Are You a Poor Newbie?

I'm running into some financial problems and will likely have to dip into my trading fund to deal with real estate issues. This gave me great pain, as I love trading and don't want to stop~! Plus I use it to enhance my monthly fixed income!

It occurred to me that there are probably a LOT of new,young or inexperienced wannabe traders out there who haven't stuck a toe in the water and opened a brokerage acccount yet, so I thought I might do a bit of footwork for them. You need to research the difference between "cash" and "margin" on your own, and naked options are mentioned all over my blog. (an options strategy that offers high probabilbities with high risk).

I couldn't remember the exact rules for what size fund you need to have on Think or Swim, so I asked!

Here's the helpful reminder for those of you with "Tasty Bite" size pocketbooks, but still might want to trade.

Here's a conversation with a TOS Support person:

------- Wednesday, November 27, 2013 -------

11:09 trading diva: Are there rules about how large a fund you have to have to trade at TOS? I'm wondering what the smallest fund I could use?

11:09 _BradM: depending on what you want to do:

11:09 _BradM: if you just want a cash account, there is no minimum

11:10 _BradM: if you want to have a margin account, the minimum is $2K

11:10 _BradM: if you want to sell naked options, the minimum is $5K

11:11 trading diva: Yes, this is the info I need. Thanks.

11:11 _BradM: you're welcome


1 comment:

  1. I have lost a lot of money by not doing any DD on stock trading when I was younger. Good post. www.wallstreetnewbie.com