Earning extra money just gotten easier for options trader
TLDR: Using SmartSave combo on my cash-secured PUT options gave me an extra USD305.97 for doing nothing, however this could have been USD611.94 as 50% of the cash can't be put into cash plus. On 6th September 2023, @Team moomoo made some changes and allowed 100% of the cash to be put into cash plus, and that doubles the earning rate ![]()
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Thank you Moo Moo for always listening to feedbacks from us!!
Story Time
In my earlier posts titled SmartSave, an option trader's best friend, it was mentioned that SmartSave with options is a great combo where idle cash that is locked up as collateral on options trade can be used to earn an extra 5.2%. This 5.2% comes from having the cash automatically invested into $CSOP USD Money Market Fund(SGXZ96797238.FD$.
In my earlier posts titled SmartSave, an option trader's best friend, it was mentioned that SmartSave with options is a great combo where idle cash that is locked up as collateral on options trade can be used to earn an extra 5.2%. This 5.2% comes from having the cash automatically invested into $CSOP USD Money Market Fund(SGXZ96797238.FD$.
With this combo, I had generated an extra USD305.97 on the USD cash that is put into Moo Moo for my Cash-Secured PUT options. That's great but it could have been better!
It could have been better because only about 50% of the collateral could be put into Cash Plus, while the other 50% is just cash idle doing nothing. This means that I could have gotten USD611.94 instead. So I had given this feedback to Moo Moo in multiple posts, direct messages and even in face to face interview.
Guess what? Moo Moo took the feedback seriously and as of 6th September, 100% of my USD that is locked for my options play can be pumped into Cash Plus ![]()
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As you can see, the earn rate from my $CSOP USD Money Market Fund(SGXZ96797238.FD$ almost doubled after the implementation. Making extra money now just gotten a whole lot easier with Moo Moo ![]()
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Thank you $Futu Holdings Ltd(FUTU.US$ for always listening to our feedback and improving the app! Special thanks to @Mooers Lab for listening to my feedbacks too ![]()
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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MonkeyGee : This is what I find with Moomoo. Moomoo always do the right thing and what is best for their users. I have accounts in most of the big brokerages. Moomoo by far is the best in many ways. ex. Etrade, have ridiculous margin interest rates but that is not the worst, you should see how they calculate the available funds for investing and margin interest to be charged. you have the cards stacked against you with Etrade.
doctorpot1OP MonkeyGee: yea Moo Moo's CEO is very customer centric so everyone in the organisation follows suit. can see a bright future for Moo Moo
Silverbat : Love the idea of cash secured Puts,thanks.
doctorpot1OP Silverbat: this environment a bit scary for leverage plays, so using 0 leverage options play to stay safe
jordan chan : is there tax return for this fund?
doctorpot1OP jordan chan: I don't quite understand what you mean tax return on the fund? do you mean do we get taxed on the profit we get from the funds? if it is then that depends on your country's tax code. like in Singapore there is no capital gain tax so all profit are not taxable
jordan chan doctorpot1OP: ah, i see, got it! would u suggest putting $ in fullerton fund or this fund?
doctorpot1OP jordan chan: I have funds in both. I think it depends on what currency you have. do take note of currency risk, I.e. if you exchange sgd to usd for the higher returns, when you change back USD to SGD the exchange rate could be different thus causing losses or gains due to it
jordan chan : Ah, i see thanks for letting me know
! I currently have funds in fullerton as well, but been looking at CSOP Money market fund.. cause returns seems to be slightly better..
doctorpot1OP jordan chan: no problem
yea it has better returns, if the USD is exchanged at a good rate then would be good.
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