written by reader My Super Big Expensive Embarrassing Mistake – The Big Trade from Stansberry

By dhb1313, March 25, 2020

The question for gumshoes: 1) if you HAD to spend $4K on Stansberry Research newsletters, which would you buy? Cuz, though I’ll surely try for a full refund, I’m likely only to get a credit and I CAN’t USE the newsletter I just bought, The Big Trade….

Short story: I succumbed to greed and fear in equally large portions, and spent, after all the teasers, $4 GRAND on Stansberry Research products three days ago. $2500 for The Big Trade — an options investing product — and more $ for additional years of same at reduced price. Digging into the materials, it seems I am literally INELIGIBLE to open up an options account anywhere. So I can’t even follow the advice they provide. I’m posting today partly as penance and a warning to others: you need at least 100 trades under your belt or previous options trading experience to open an options account at brokerage houses. My best guess (and it’s clear I do too much of that!) is that placing options trades over the phone through a broker will nullify most profits, even if I could find a broker prepared to submit the orders for a novice like myself.

Longer story: I’m a full-time caregiver for my Mom who has Alzheimer’s. The dip in the market scared me silly, because my chance of returning to work in a high paying job, at age 56 – 60 after Mom passes, having been out of (paid) work for (by then) 4 – 9 years looks pretty slim. I had planned, after Mom passed, to start a small online affiliate marketing business and live super frugally but my seed money was hit hard in the crash / crash-in-progress.

This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.

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blurg
Member
blurg
March 25, 2020 9:01 pm

I used to be a broker, why would placing your trades over the phone nullify the profits? Also, in about 3 months you can reapply for option rights. Just don’t say anything crazy like “now i have 10 years experience” because they do compare your applications.

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blurg
Member
blurg
March 26, 2020 12:35 pm
Reply to  dhb1313

oh ok, I thought you meant having a broker walk you through the option trade. Yea, that’ll usually run you $25 or so, so avoid that BUT brokers are usually happy to walk you through. What kind of options trades are they recommending? There are different approval levels and I can tell you which strategies you’ll most likely be able to do if you get approved.

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Trucker MD
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Trucker MD
August 26, 2020 4:48 pm
Reply to  blurg

@blurg, Im interested only to start with buying Call/Put. If I succeed in that I will proceed with other strategies. Will I be approved after 3 months on Level 3 (Buy Call/Put) skipping Level 1 (Writting….) in Merril Lynch (ML)?
Thanks for sharing info BTW…..

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Trucker MD
Irregular
Trucker MD
August 26, 2020 4:42 pm
Reply to  dhb1313

, thanks for sharing your experience. Its very timely that I was deciding to transfer to another broker bcoz recent call to Merril Lynch said that I “keep on trading and gaining experience” and I was only granted Level 1 trading for Options w/c is to Write OPtions. Im interested only in buying Call/Put.
As a novice myself I think Options is better than stocks buy and hold in times of Covid. My subscription to IPO 3 months ‘trial expires Sept bfr I cant make a transfer. I wanted to trade OPtions myself. Its either Jeff Clark or Raging Bull. If I can be approved in 3 months to trade OPtions then I will opt out of IPOs. I will be retiring soon (2yrs) Thanks for sharing.

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