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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe)
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To: Paul Ma who wrote (1992)9/11/2000 3:24:27 PM
From: Shawn M. Downey   of 2241
 
Does anyone here use Fidelity? I want to know how easy it is to get L2 trading,like writing covered calls, buying calls/puts

It is not hard to get permission to write covered calls. You simply fill out the form they send you. Since covered calls mean no risk to them, they will grant it almost certainly. For more complex stuff they want to see some experience.

I use Fidelity. There options desk is rather hopeless though. You can not even call them directly to place complex orders. You have to call the main number then get transferred to a trader who will then transfer you to the options desk (once they figure out they they have no idea what a BUY-WRITE is for example). It all takes too much time.

Fidelity's Power Street Pro does (finally) allow you to enter all kinds of combinations which is very cool. I don't use it enough to say it it work well though.
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