Easiest Place to Gain Eligibility to Buy Simple Options?

[debrox]

Hi.

I decided I want to experiment (using a small amount of money) with buying (mostly) call options for my first go at trading. The problem is I excitedly signed up at Scottrade and quickly filled out their options request only to be denied for having insufficient net wroth, income, or liquid assets and for having insufficient trading experience.

Which brokerage would let someone with all of the below buy call options on stocks?
10k/yr income
17k net worth
7k liquid assets
0 years experience
2k in the brokerage account
US citizen (so no UK avenues, I suppose)

I've been searching, and I obviously don't know how to phrase the question. Google and forums bring up completely unrelated information. I hope you guys can help me. Thanks!

 

[anley]

This is why it's important to bull**** on your application form if you want to trade options and other such contracts, assuming you don't have the right income or experience.

A) Nobody is going to check as long as the information is believable, and
B) What are they going to do if they find out (which they won't), report you to the Police? Hardly because it's not as if you're asking for credit.

 

[debrox]

This is why it's important to bull**** on your application form if you want to trade options and other such contracts, assuming you don't have the right income or experience.

A) Nobody is going to check as long as the information is believable, and
B) What are they going to do if they find out (which they won't), report you to the Police? Hardly because it's not as if you're asking for credit.

Interesting. I may try to open an account an optionshouse then and lie about those two fields. Or I could more amusingly reapply at Scottrade, but my stock experience will have magically jumped to six years and my income to 60k/yr. Haha.

 

[safvan]

An 18 year can with no job can open it up. Its there to protect the brokers from future claims like *Oh I didnt know how it worked!* *You guys took my money* *Wall street is a scam* blah balh

 

[Twikeey]

This was such informative thread that I encountered now... It has really increased my information.. I hope to know more about the relevant topic from the same thread!! Thank you!

 

[debrox]

This was such informative thread that I encountered now... It has really increased my information.. I hope to know more about the relevant topic from the same thread!! Thank you!

I'm not sure what you're saying, but I ended up signing up at OptionsHouse, lying a bit, and getting accepted to trade options.