I'm approved for option trading @ Level 2 with TD Ameritrade. Meaning, I can buy/sell basic options. No spreads/naked selling allowed.
Currently, I own some stocks of company A and also sold a call of company A. I want to sell my stocks in A. But since I'm not approved for "naked selling", I won't be able to sell stock A right away. Is there an intermediate step that I can take to eventually sell stock A before the expiration of the options?
Such as, buy call options of A and then sell stocks of A? After selling stock A, I'd have both short and long positions of options A.
I've requested authority to sell "naked" over a week ago, but they still haven't gotten back to me. I have a feeling that my request is denied. Meanwhile, I'm trying to find if there's another way.
Currently, I own some stocks of company A and also sold a call of company A. I want to sell my stocks in A. But since I'm not approved for "naked selling", I won't be able to sell stock A right away. Is there an intermediate step that I can take to eventually sell stock A before the expiration of the options?
Such as, buy call options of A and then sell stocks of A? After selling stock A, I'd have both short and long positions of options A.
I've requested authority to sell "naked" over a week ago, but they still haven't gotten back to me. I have a feeling that my request is denied. Meanwhile, I'm trying to find if there's another way.