To place any of the Operation Surge Strike trades, you will need a brokerage account that’s cleared to trade options.
If you do not have a brokerage account yet, here is a list of potential brokers to consider: Brokerage Firms.
If you have an account already but are unsure if you have clearance to trade options, please contact your broker. They may need to ask you a few questions before approving your account. Note, you generally will need to obtain clearance about 48 hours in advance of your first trade.
Most brokers require a minimum deposit of $2,000 or $3,000 to provide clearance. You do not need to maintain this balance after setting up the account and can use those deposited funds for trading.
If you are applying for options clearance, your broker may ask which level you would like to apply for. There are several tiers that allow for making different types of options trades. To participate in all Operation Surge Strike trades, you will need at least a Level 3 clearance.
However, DO NOT WORRY if you’re unable to get Level 3 clearance. There are three different trading strategies we’ll be using here – calls (Level 1 clearance), puts (Level 1 clearance), and straddles (Level 3). And while I will be recommending straddles from time to time, depending on the trigger event, most of the recommendations will be simple call or put trades. So you will still be able to participate in up to 90% of the trades without having Level 3 clearance – and can reapply later for a higher clearance. Many brokers like to see that you have experience trading options before approving your account for a higher level.