Commsec Options Trading Test

[romes22]

Hello,

I currently have a Commec account and am now applying to have a Level 2 Options trading account so I can start to sell covered calls.

Commsec requires that you complete a 10 question test first before being approved.

I am sure I have completed it correctly but it is saying I have failed, so I assume I may of got an answer wrong.

Below I have the screenshot of the test and my answers, could you please let me know where I could of gone wrong, thank you.

Screenshot 1 - https://snipboard.io/hgxeMc.jpg

Screenshot 2 - https://snipboard.io/WFk1Oq.jpg

Screenshot 3 - https://snipboard.io/Ikhv3z.jpg

 

[frugal.rock]

The answers you seek are found within...

https://www.asx.com.au/documents/resources/UnderstandingOptions.pdf

 

[Sharkman]

brokers make traders take these tests not just to protect themselves, but also to protect YOU from blowing up your own account, which can easily happen with options if you don't know what you're doing. we would be doing you a disservice if we just told you the answer, the point of the tests is to make sure you understand how they work before you go putting real money into them.

all i can say is that yes there is definitely at least one wrong answer in there. sorry i can't be more specific, i would feel rather irresponsible if i did. maybe one of the others may be more inclined to do so.

 

[frugal.rock]

The question where answer a) is "all of the above" looks like a trick question....
if it was "all of the below" it might actually be correct...

 

[divs4ever]

Hello,

I currently have a Commec account and am now applying to have a Level 2 Options trading account so I can start to sell covered calls.

Commsec requires that you complete a 10 question test first before being approved.

I am sure I have completed it correctly but it is saying I have failed, so I assume I may of got an answer wrong.

Below I have the screenshot of the test and my answers, could you please let me know where I could of gone wrong, thank you.

Screenshot 1 - https://snipboard.io/hgxeMc.jpg

Screenshot 2 - https://snipboard.io/WFk1Oq.jpg

Screenshot 3 - https://snipboard.io/Ikhv3z.jpg

thank you for convincing me to resist opening an options account

cheers

PS welcome to ASF

 

[Sharkman]

thank you for convincing me to resist opening an options account

cheers

PS welcome to ASF

if those screenshots are the entire commsec test it looks rather light TBH. you'll want to run a mile from the IB one in that case, that one was like 40 or 50 questions IIRC, though it has been about 14 years so maybe i'm forgetting. it would've been for level 4 permissions though (i think it's all or nothing with IB, i don't recall being given a choice of what level permissions to apply for, it's either all the way to level 4 or no permissions at all, or at least it was back then).

 

[Value Collector]

Hello,

I currently have a Commec account and am now applying to have a Level 2 Options trading account so I can start to sell covered calls.

Commsec requires that you complete a 10 question test first before being approved.

I am sure I have completed it correctly but it is saying I have failed, so I assume I may of got an answer wrong.

Below I have the screenshot of the test and my answers, could you please let me know where I could of gone wrong, thank you.

Screenshot 1 - https://snipboard.io/hgxeMc.jpg

Screenshot 2 - https://snipboard.io/WFk1Oq.jpg

Screenshot 3 - https://snipboard.io/Ikhv3z.jpg

Take another look at question 3

 

[qldfrog]

I am definitively not an option guru, really really novice ..i passed both ib and comsec "tests".
What you need to make sure is that you do not use them with unchecked losses if you do not know what you are doing.
they can leverage both way..so danger...or be used as an insurance premium..still costly if you mess up

 

[divs4ever]

yes have a buddy who got into deep ( but recoverable ) trouble with them in the GFC , so already had my caution levels raised ( on leverage as well )

 

[qldfrog]

yes have a buddy who got into deep ( but recoverable ) trouble with them in the GFC , so already had my caution levels raised ( on leverage as well )

I lost a 60k profit the time of a 2w holiday unplugged from the grid once...and that was on a relatively steady period.leverage...