Foreign Student Resource Guide
Contents
1. broker what we call rrsps retirement accounts that defer growth and shelter taxes until withdraw don t allow selling of puts just selling calls Only regular investment accounts which I personally don t have The only difficulty I can say with trading U S is the hit on conversion so rather than each trade I made a decision to convert a lump sum into U S dollars I enjoy your teaching and hope I can one day send you a follow up success email Best regards Jehann KK 2K 2K 2K K kK OK OK Hi Travis I am from Toronto Ontario Canada been learning and following you for just better than two years now Ideally I would like to trade with Think or Swim We have TD Waterhouse in Canada not Ameritrade There seems to be a lot of regulations trading American markets from Canada so online options brokers are hard to find so I found Virtual Brokers They are the Canadian version of OptionsXpress 8 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt EAR Si MEE LONA MKOANI BGAN DIAN ke A relatively new online broker and rather limited They do not offer mobile trading the platform I am using 1 of 4 options I believe can only be used on my PC not on my Mac and trading can only be done during trading hours 1 hour before the bell Recently I have opened an account with Interactive Brokers No credit check and a rather painless application process I am just starting to browse the u2. friendly as TOS and the learning curve is somewhat steep IMO but I am working it however the huge plus is commissions TD Waterhouse Canada web based platform no stops on options high commissions sloooow orders sometimes need to be manually approved by an investment rep the only reasons I used them is my RRSP IRA is with them and their other platforms don t work thru the firewall where I work yes I trade at work but still get my work done Then let me know what challenges you face trading the US market and what solution you came up with No challenges trading the US markets my issues are broker related If you found local option teachers in your country share that also There is one site I found which deals with Canadian options trading especially with our retirement accounts it is a bit conservative but the lady that runs the site seems to have very good results I just do have the 6 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SAN ad SAGE GBA FAM EA MXIT DIIN K patience to implement her strategies for me almost like watching paint dry but that s my mental problem site is http www fullyinformed com not the prettiest but a wealth of info Hope you and your family are doing well Take care Andrew 3K 2K OK OK K OK OK OK Hi Travis I trade with Questrade up here in Canada It seems to have limited option strategies but then I don t understand all the strategies
3. have not looked into what other services charge The main obstacle seems to be the time difference but it s not too much of a problem as I trade as you advise end of day data I cannot attend live calls which would be nice but just watch them later when you post them There is no major problems I can see with investing and trading in another country especially the United States as there is a lot of information to access via the internet such as Investor s Business Daily The options market in 11 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Falas Si MSE LONA MKOAN IED ASSN DIAN Australia is slowly getting bigger but I believe in the States there is much more to choose from for example many more companies and the size of the stock market I am at this stage mainly trading cash secured puts as this is what is working for me at the moment but am studying and looking into buying calls and puts again Thank you very much Travis and the rest of the team at OPF Malcolm KK KK KK K Below are my responses to the questions you outlined in your email 1 I live in Perth Western Australia Australia 2 My broker is optionsXpress I have been investing in stocks with them for about 5 years now The biggest broker challenge I face is based around delays in receiving responses due to the time difference and also not having access to the live online chat during the day Apart from these the only r
4. holding watch over the shoulder style Since I found your course fairly early on in my research I didn t really search much harder after that The US market is vast compared to the Australian market and it can therefore be overwhelmingly tempting Brokerage is cheaper premiums are 18 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Falas PAOB CONAM LOANNI ARZANDA better and I felt like a kid in a candy store with so much to choose from and it all looked sooooo good So lesson no 1 for me has been discipline set your limits and stick to them be patient about when to enter choose your companies carefully Another issue for me was vocabulary in Australia I am used to bids and offers so to bring an ask into the equation made life interesting Also Australian companies have record dates where they go ex dividend followed by dividend payment dates These happen twice a year I know in the US you have earnings which seem to occur 4 times a year I m guessing these are the equivalent of ex dividend but I m still not quite clear on this whole area Final lesson I have learnt so far is that to trade live is better than trading out of hours I have tried setting up limit offers so as to avoid the first hour and to try to guess what premium I might be able to get And most times the order just doesn t get filled and I miss another day of opportun
5. issue that I may need to look into as my account grows is to potentially place fx hedging to ensure that no loss is incurred between the fx movements between the and I don t know too much about this so may need to investigate this in the near future 4 I haven t had to look for a UK based options teacher cause my current one is just that good Thanks Jean KK OK OK 2K OK OK OK K 3 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SAN ad SAGE GBA FAM EA BXTEN BLAKE Hi Jenny Travis Hope you are both well and had a good thanksgiving day I am from the UK about 100 miles north of London near Peterborough I have an Options Express trading account and currently virtual trade on this platform this account was relatively straight forward to set up and I have deposited some funds in the account to keep it active these were sent by bank transfer and customer service at options express let me know when the money had reached the account I initially tried to open a think or swim account but this was not available to customer in the UK not sure why I am following your advice and have been able to get familiar with the options express platform and market club and my knowledge is increasing I particularly liked the tip about making a note of your emotions as you virtual trade I am sure this will help me keep my emotions on a level playing field when I trade with real money If you nee
6. this side of the world I have never looked for an options teacher here as doing your course online has been fine Thanks for your teachings and ongoing encouragement all the time too I have been live trading for approx 3 months now I haven t made anything really but more importantly I haven t lost anything either Though I am gaining knowledge with every trade Forgot to say too OPX option trades are AU 14 95 each Paul KK OK OK KK K Travis I am trading from Australia I use Interactive Brokers As far as I am aware they are the only choice here for trading US options at a reasonable commission price approx 1 per contract I originally signed up for ThinkorSwim as I prefer their trading platform Unfortunately they decided to stop serving the Australia market about two years ago my account was still in the paper money stage and not yet funded 14 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt avast Si MEK LOAA M LOANNI BGAN ODI I have had a reasonable experience with Interactive Brokers but their trading platform takes a fair bit of getting used to and their account statements are very complex this is made even more so by the foreign exchange gains losses that occurs whilst Iam holding positions that are in USD IB charges monthly fees for data and minimum commission if you re not using it much These total about 20 a month They also have 10k min starting balance Not gr
7. yet I trade inside my retirement account therefore I can only do level 1 and 2 trades anyway I looked into TOS but I am pretty sure I can t open an account because I am in Canada I think I am taxed very differently very highly if I trade US stocks or options outside my retirement account I have not found anyone in Canada who teaches from a Canadian perspective I thoroughly enjoy your courses I have finished the mini course that was on Udemy and am trying to get thru the opf website now but work fulltime so find it difficult to get enough time to listen to all the videos I am learning though I love those aha moments Oh and there was one quote that I really liked a lot something like you can t have a million dollar dream with a minimum wage work ethic I work at a high school and see very little motivation in the students but very high expectations Take care and looking forward to your next webinar Kelly 3K OK KK 2K OK OK OK K K 7 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SN ad SAGE GBA FAM EA BXTAN BLA RK Hello Travis I am a Canadian from Alberta The broker I use is rbc direct investing Some challenges are most brokerages here don t accommodate multi leg options so no credit spreads The broker I found that does accommodate I wasn t a fan of Also commissions seem to be a little more expensive but have come a long way recently Also in respect to my
8. D EARN ETOK OPTION ST RADING Foreign Student Resource Guide Wow it looks like my wife and I have some traveling to do Our overseas students came out in full force to help each other out It s truly an amazing thing to see behind the scenes I hope you enjoy Travis KK OK 2K K OK OK OK K K OK K K K OK Countries Represented Control clicking on the country takes you to that place in the document Table of Contents Europe UK Australia Hong Kong Switzerland Netherlands 1 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt ZARN Si MGS O RrAM EA BGAN EDN NK Europe UK Hi Travis Thanks for your initiative it is true that your training is very interesting but very difficult in terms of access to trader for non US residents I live between France and Spain I don t have a broker yet the one I saw suitable is International Broker but I don t know whether there are others with more competitive fees Kind regards Guillermo KK OK K 2K OK OK OK K Hi Travis I m based in the UK north wales I use Charles Schwab for my investments and OptionsXpress com for options I decided to use them as they are long established and well known I faced no challenge setting up as they have offices in the uk which can open accounts and transfer funds to us dollars They were very good and although price per trade is a little expensive it has no account fees However t
9. and Port Douglas in the north of Queensland Australia The Australian broker I use is CommSec a subsidiary of the Commonwealth Bank of Australia Australia s largest bank Australia has 4 main banks all of whom I believe offer a brokerage service both electronic and a personalized service by phone if preferred My choice of CommSec was purely based on the fact that I have used them over the past couple of years for buying and selling shares and therefore have the relevant accounts already set up with them So it was very easy to simply extend my activities into option trading because I have a history with them and don t have to prove my credit rating etc The American broker I use is OptionsXpress I tried to utilize ThinkOrSwim but they no longer provide a service for Australians although apparently they used to so not sure why the change Brokerage fees are ridiculous in Australia Commsec charges me AUD 35 00 to open a trade and the same to close up to a value of AUD 10 000 17 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Falas Si MEE L ONEA MKOAN IED ASSN DIAN And that s for Australian stock options For me to buy US shares via CommSec there is a fee of AUD 65 00 So for Australian options my calculation must include minus 70 00 minimum in a worst case scenario before I even start There are other fees also which are added in according to value of trade and assignm
10. became an issue to the extent that one of the brokers was deducting 28 withholding tax on any profitable trades they did not take into consideration any losing trades When I made enquiries with them as to why withholding tax was being deducted they advised that I had completed the incorrect W 8BEN to which I replied that they had signed off on the account opening documentation before I sent the originals All sorted out and the withholding tax was refunded The challenges I faced with trading the US markets is naturally the time differences and trying to learn the tools applicable to each of the platforms associated with the brokers There is not much I can do about the time differences and as such my trades are based solely on end of day data In relation to the platform issues I perform all my technical analysis in Ninja Trader and place the trades with the relevant broker based on this and fundamental analysis from FINVIZ Trust this information assists with your guide Thanks and regards Robert 20 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Nas Si MEE rE ONEA MKOAN IED BEGAN DIAN Hong Kong Hi Travis I am based here in Hong Kong at the moment I was able to open an account with TD Ameritrade Stock market time open in the US is night time here in Asia and suits me really well I think the key to opening an account with them is simply following your advice of letting them know
11. d any further information please don t hesitate to ask Take care and thanks Kind regards Paul Israel Hey Travis I m from Israel I am with interactive brokers via qualcom its their company who run it from Israel Kind Regards Gilad 4 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Falas Si MEE L ONEA MKOAN IED ASIN DIAN Canada Hey Travis and Team I live up in Canada Saskatchewan Yes it s cold and snowy here now Broker is RBC RoyalBank I looked at a couple different brokers and ended up sticking with RBC for now as I deal with them on my day day banking TD Ameritrade was the next major broker in line but the cost to switch wasn t worth it as there were no gains in broker platforms But a couple of my buddies use them and like TD Trades are all about 10 trade Big downfall with RBC and a lot of the bank brokers here is you are limited to what you can trade I can only Buy Calls or Put and Covered Calls Can t Sell anything I looked at some other brokers like QuestTrade and their platform is decent but I didn t end up moving over I don t do enough trading right now so I didn t move my accounts over One of the biggest pains is that in our registered plans RRSP TFSA etc you can t do too much with options If you have a regular trading account you need 50K in it just to be able to do some things I ve spoken with RBC Direct Investing and they ar
12. ding com gt EAR Si MEE L ONAM EA BGAN DIAN ke Switzerland Hello Travis I live in Switzerland in the province of Vaud in the French speaking part I use TOS Interactive Brokers for non US resident and Swissquote I have not experienced any Issues Actually I have had no problems trading the US market and really I do prefer these I have not found an effective option trading teacher coarse here in Europe I found your coarse very complete and resourceful I feel so blessed by it as I make my way through the OPF coarse slowly but surely Kind Regards Benedikt Netherlands Hi Travis I live in The Netherlands Province Flevoland which is on the bottom of the sea 5 meters 16 ft below sea level I use Think or Swim from TD Ameritrade which means I indeed trade in US dollars This is currently good as the dollar is getting stronger Some issues with that though it costs money to deposit and retrieve money so you only should transfer money with big enough amounts I pay about 25 per transfer I also needed to fill out an fw8ben US tax form to avoid paying taxes in the US No problem but it has to be done The broker guided me well I also used the TWS platform of Interactive Brokers via a local company Lynx They are also in France and Belgium They allow to trade in all US stocks options via a local account Which is good but I hate the platform 22 OP Formula Success Academy Copyright 2014 w
13. e planning on adding more features into their platform but no idea when that will be Exchange rates are always a killer especially now what the US dollar is doing better than CDN again Real nice thing with RBC and TD not sure about others is that you can hold a US fund account within your same account and you don t get hit with exchange rates every time you buy sell stocks As long as you select the US listed account instead of Canada it always stays in US dollars Very handy feature and helps save on the bottom line But otherwise there isn t too much for us to worry about trading in the US Well not and the minimal dollar amounts I have at least We have to sign some forms every year or two for dividends etc but that s about it 5 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SAV ad SAGE LC OAA MEOIN ID ALN BLAKE To date your still the best option teacher I ve listened too Take care and if you have some questions about anything I wrote just shoot a message back to me Shawn KK KK KK K Hey Travis How s it going Thanks for providing the platform to learn it s a continuous process Down to your questions to be of some help as you have helped us First let me know what country state province you live in Canada Quebec Montreal What broker s do you use And what broker challenges did you face Interactive brokers challenges are that the platform is not that
14. eal issue I have had is getting proper access to trade the OPF strategies at the moment I cannot trade credit spreads except for paper trading It seems tough to get them to raise your trading level although I followed what was outlined in the OPF training I ll keep trying though 3 My main challenge with trading the US market is based around the time difference The solution I use is in our winter I stay awake an extra hour at night and in our summer now I wake up at 4 am to catch the last hour of trading The other challenge I have is based around our different tax years In Australia our tax year ends on 30 June so all the reports that my broker provides only apply to half the year either in retrospect or looking forward 4 When I actually heard about options I started paper trading without any training coaching and then I tried looking for local teachers but was unable to find any I know the Australian Stock Report run technical analysis 12 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt E SN ad SAGE SG BAFAM EA XGA BLAKE training but as far as I know I couldn t find anyone that teaches options Sorry I hope this helps mate and please feel free to ask if you need anything further Regards Aashish KK OK K 2K OK OK OK K Hi Travis I originally lived in qld Australia but my wife had this great idea that we should move to bali which is were we are based now She runs r
15. eat but didn t have much choice There is a piece of software called Trading Diary Pro that I am considering buying as it downloads their statements and gathers all the information you need to generate a capital gains tax report Interactive Brokers customer service also don t do any hand holding like ThinkorSwim for new traders but there are lots of webinars both live and recorded to learn their system They are however quite useful for trading US products from overseas as you can keep cash in your home currency Australian Dollars and the system basically creates a negative loan balance when you open US dollar positions i e a new option contract When you close the position the profit or loss remains in USD until you decided to convert it back at a future date you do pay interest at a small fee on this balance 1 or 2 I think and are open to Forex gains losses if the exchange rate changes The biggest obstacle with trading from a foreign country is the time difference Since it is the middle of the night here when the US market is open I have to make sure that orders are set to execute automatically overnight I do this by setting a time condition 12 45pm New York time middle of the trading day and a price condition for buy orders only Price must be higher than yesterday s close to make sure that I am only entering when the trend is up There is obviously the possibility that the stock may gap up on the day and I pay a highe
16. ents etc It does have an impact therefore on how much I invest in a trade eg there is little point in buying a call for 200 Also CommSec does not offer paper trading OX is significantly cheaper as you know US 14 95 per open close They offered me a sweetener of 5 free trades to start with them if I deposited US 500 so that was a no brainer Although I was green with envy when watching Jenny s presentation of her spreadsheet set up and she was talking about 5 commissions OX has been a very user friendly platform to work with so I don t have any major issues to raise The main thing is that it takes 2 working days for money to arrive in the account and a third day before it is cleared for use but that s just the nature of doing business overseas However it can mean that sometimes you miss an opportunity which is so frustrating when you can see the funds have arrived but OX hasn t cleared it yet Options Teachers I used the internet to search for active course training as opposed to reading written instructions and honestly could not find an Australian trainer I studied the ASX course for Options Australian Stock Exchange puts out written course material on a variety of stock market activities I am aware of a neighbour who attended a classroom style course some years ago which was conducted over a few days But otherwise there was nothing much available and yours was the only one that offered the hand
17. etreats for people with depression anxiety and health here I still run a solar company back at home aus hey happy wife happy life that s a saying which seems correct So bali Denpasar I use optionsxpress I m paper trading and going through the course again so I don t know about a live scenario yet I have to wait until 10 11 till the market opens If you go to bed early it might be a problem Thanks Grant KK 2K 2K OK OK OK Hi Travis This is a great idea Country Australia State Queensland Brisbane Broker optionsxpress 13 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SN ad DMO SE BARrARM EA BGAN EDN NK Besides quite a lot of paper work opening an account with optionsxpress all was reasonably straight forward After watching your training it would have been nice to use Think or swim but it s not offered here now for some reason Shame because its looks like more features that don t seem to be on Opx As for trading the US market the only real inconvenience is we are 15 hours ahead so to trade live I have stay up past midnight to catch the market open or get into it early to catch the market close But really I have been putting trades on in the evening before it opens which is good in the fact you make your plan decisions while not being influenced by the open market Would be good to know of other students in Australia and if they have found any special tricks that help from
18. ever not more than basics and general strategies There may be more out there but I stopped looking after I found your program Just wanted to add that I am really happy that I joined the OPF Success Academy I am not yet making a lot of money overall but Iam grasping the concepts and am getting better and better I feel that I am in control of what I am doing and that the profits will come if I just keep going It already changed my way to look at the world financially and in several other ways Next year I am convinced I will start succeeding I hope this is something you can use for your Foreign student guide Kind regards Jan 23 OP Formula Success Academy Copyright 2014 www learn stock options trading com
19. ime is the limitation it took almost a month to get set up with a new account and had the market crashed I would ve missed a month s worth of price movement I guess it just takes time to clear cheques and processing etc I only use you for options mentoring and another mentor for stock based investments long term investments Tim Melvin of Marketfy He uses many academic studies using the tried and tested bottom decline stocks as used 2 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SAN adh SME SE BARFAR EA BGAN EDN NK by ben graham mentor to warren buffet Including piotski f scores and altman z scores plus insider and institution buying picks in the bottom decile report These stocks are meant to be held for years so may not appeal to all your subscribers He also has nearly 3 decades of advice for buying small bank stocks which is certainly also very interesting All the best Nick 3K 2K OK OK K OK OK OK Hi Travis 1 London UK 2 Optionsxpress I did try to open accounts at 3 or 4 others however optionsxpress was the only US broker that allowed foreign based clients There are potentially some UK based brokers that provide US stock trading facilities but I have stuck with optionsxpress and not done any further research in this regards 3 Planning my trading day With the US market opening at 2 30pm local time it s just a matter of planning my day accordingly The second
20. ital and want to get ready for trading with after tax money and do not want to pay tax on profit Questrade is a good one to start with The following might be helpful http www questrade com account fund panelIndex 1 minimum Options pricing One leg and multi leg option trades are charged a commission of 9 95 1 per contract 10 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SVN ad SAGE GBA RFAM EA MTN BLAKE Also this might be helpful I found out 2 days ago and this is a great news to me because I am thinking about covered call and credit spread http www questrade com pricing margin_centre options TD Canada Trust or Canada major bank have their own trading platform is the next choice that allows TFSA trading but they are expensive and for small account it eat into profit real fast I heard about Interactive Broker but they do not have TFSA and you have to have 25 000 to open up a margin account I heard it cost is the lowest if you are trading options so it is worth looking into if trading professionally I know there is a lot of information in there but please feel free to ask me any questions BTW got my first trade with over 100 gain about a month ago with Visa Ralph Australia Hi Travis I live in Australia Queensland I use Optionsxpress which has an Australian branch or service to use which can be reasonably expensive approximately 13 00 a trade I
21. ity It really is worth getting up a bit earlier in the morning to catch the final hour of the US markets and the benefit is I then get to see the best part of the day when I take the dog for a walk on the beach and watch the sun rise Magic The other benefit is that I m making money yay I m just amazed at this new world of earning money for so long I had shares just sitting there and didn t realise how I could earn extra income from them It has been an absolute pleasure learning from you and I am continuing to learn so much each time I go through your course material I will definitely be joining the ongoing Trade School because I m still such a novice at all this but I am surprised how few people seem to be aware of option trading as a viable activity Thanks so much for everything hope the above helps Karen KK KK 2K OK K 19 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt SN ad SHAG LC OANA MEOIN ID MXTAN BLAKE Hi Travis I reside in Sydney NSW Australia I use three brokers they are Interactive Trademonster and E Trade The challenges I faced dealt with the account opening process and the time it took to open Before the account was opened the respective brokers required information pertaining to individuals and corporate entities which included providing certified copies of passports incorporation and trust documents In addition the completion of the W 8BEN s
22. oes its thing while I m sleeping then check how the markets acted the following evening The only challenge I find is being able to attend live calls and webinars hosted in the US as I am usually working when they are on I first heard about options trading through a company called sharelord in Australia but after looking into options a little more decided I could learn it a little myself first before jumping in with these guys Then I decided not to join them and searched the US for courses and trainers offering options courses I joined Motley fool options for a year which was educational and started me out trading options then I started following John Carter but his 16 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt EAR Si MEE L ONEA MKOAN IED BGAN DIAN ke techniques were a little advanced for my knowledge level then I stumbled upon options profit formula and joined you which has been great I now follow you and occasionally do a short course of john carters I m not sure why I decided to bypass the Australian guys but glad I did or I wouldn t have found your course Looking forward to any information from other students on Broker options from Australia Thanks you for your course and being authentic in your approach and teaching Thanks Cameron KK KK K K K K K K Hi Travis In response to your email below I hope the following information will help your survey I live between Cairns
23. r price than expected for the option but fortunately this doesn t happen too often The positive thing is that if forces you to stick to your system and not make emotional trading decisions whilst the market is open based on what is happening with the stock Everything has to be set before you go to sleep and then you wake up and see how things have turned out 15 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt Falas SAOLE CONEA M LOANNI ARZANDA Even with all this the US is still a much better market to trade than the Australian the local options market here in Australia is very illiquid with large bid ask spreads and you are trading against the market maker instead of another trader most of the time IBD stocks also make nice large moves and can set you up for some big gains as Travis has taught Hope some of this helps and happy trading any more queries and I would be happy to help Cheers Ed KK KK KK K Hi Guys Country Australia State New South Wales Broker Optionsexpress Broker challengers Limited choice of brokers to trade the US options market from Australia Commissions seem a bit higher Thinkorswim seems really good and widely used in the US but not available to Australian citizens The actual trading of the US market is quiet good from Australia because as an end of day trader only I can check the markets and place orders of an evening after work and the US market d
24. rs 1 Questrade It allow me to trade with TFSA Tax Free Trading Account I personally use TFSA to trade so all the profit that I earned are tax free I usually used my mobile device to place order on their apps The trading apps is a little on the clunky side and you cannot see detail of the market That s where I depend on the ThinkOrSwim platform which comes next 2 ThinkOrSwim I do have ThinkOrSwim account it was opened before TD Canada Trust took it out and Canadian are not able to open it until you have over a certain amount to invest It is nowadays a major platform for me to see what is going on with the market and I use it to do paper trade and to test out my skill Its app is unbelievable I would most likely using the platform in the long term once I am sure my skill is good enough I heard they will charge in ALL trade 3 TD Canada Trust Direct Investing ThinkOrSwim happens to be under Direct Investing but this one is good old day web based trading Cost on trading on this platform is high I usually use this for stocks that I keep only for TFSA purpose The challenge that we face up in Canada is we do not have a lot of choice to choose from and a lot of US based company used to have office in Canada have close their office Of course with less competition comes higher cost for trading Here is what I went through and can share my experience on this that should help other Canadian students If you do not have much cap
25. ser manual so can t say much about the platform etc yet But the reason I changed is for the lower commissions VB costs as much as TOS As well to add an extra twist to life I just moved to Belize The reason I moved is to become a resident and give up my Canadian residency As Canadians once we leave we no longer have to do tax returns there but still remain Canadian Citizens In order to leave I can t own anything in Canada no bank accounts no driver s license etc and I must have a permanent residency elsewhere My concern was my online broker I thought I would have to find one outside of Canada but that isn t the case What I am able to do is set up my account as a non resident I have not done this yet only been in Belize for three weeks and I am heading home for Christmas and move my things into storage Another concern I had was how to get the money from my broker to my bank account here Looks like I can wire the money directly to myself online Again I have not done this yet but it doesn t look like it will be an issue As far as taxes the broker will withhold a non residence tax on any interest or dividends added to the account Hope this helps Brent KK OK 2K 2K OK OK OK OK K 9 OP Formula Success Academy Copyright 2014 www learn stock options trading com gt E STN ad SAGE SG BARFAM EAM AN DAN KE Hi Travis I am located in Canada Ontario Yes your neighbor in the north I use a few broke
26. that you have undergone lots of practice and training and give all the experience you ve got with regards to trading and investing Also it is highly recommended to give them a phone call follow up to let them know that you are serious about opening an account With regards to challenges the main challenge for me was to have enough capital to start trading at least 10K Also I realized that I started trading with the wrong approach which is trying to trade for a living and be financially independent in a short period of time But this type of approach is bound to fail most of the time Success in any area of life requires time and determination to succeed no matter what With this realization I had to change plans so next time the approach is to trade for wealth accumulation and not having to rely on trading as my bread and butter Thank you for being a wonderful mentor Keep going because you instill the seeds of aspiration for your students You change their lives in more profound ways than you know and they are blessed to have made the decision to purchase the course And I am one of them One day when I finally achieve financial independence I will get in touch with again For now I just need to let you know that your efforts have not been in vain God bless your family and all your efforts to help other people too Thanks again Travis Sincerely Rutherford 21 OP Formula Success Academy Copyright 2014 www learn stock options tra
27. ww learn stock options trading com gt Aas ALAE LOAA MEOIN ASLAN DIA Especially trading Credit Spreads is very tedious The TOS platform is just so much better that it is worth the trouble for me to have my money in a US account I also tried some other local brokers like Binck and DeGiro but they don t allow access to all US stocks and options And the platforms are not really meant for option traders So Lynx is the only broker that allows a Dutch person trade properly in US options with a local account as far as I know No real challenges trading in the US market so far apart from the cost of transferring money and probably time to wait to get money deposited back I trade now 9 months on paper and 4 months real money Basically break even on my real money I could do the same strategies in the local Dutch market but there is so little volume and choice The US markets is just a bigger playground with more opportunities And I can follow your trades of course Local trainers I found one local person that wrote a book on trading Iron Condors Pretty good ebook which gave me some tips on which brokers to use and some local experience with option trading The ebook is called WINSTGEVEND BELEGGEN MET DE IRON CONDOR METHODE written by Joost van der Laan Sorry the title is in Dutch but it means Profitable investing with the Iron Condor methode I found other free courses like Beleggen met opties from beursbox nl This is how
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