How I Use tastyworks' Platform - A Quick And Simple Tutorial Using My Favorite Trading Platform

all right so welcome to coffee with marcus this is episode 68 and today we're going to talk about what's happening in the market so that you know what's going on and what to expect and since many of you are using uh tasty works and us i will give you a super quick 15 minute tutorial on how i use tasty works sound good okay so if this is your first time here welcome now before we get started let me give you a super quick intro why i'm doing this show because here's what i'm seeing most people who start trading expect their accounts to explode and they've seen the ads and emails that promise them to turn two thousand dollars into a million dollars or something crazy like this and then they start trading and they quickly realize that it doesn't work this way so if you are sick of all the hype and empty promises then this show is for you because my goal is to give you the strategies and the tools that you need to grow your account systematically because that's the key you see everybody can get lucky every now and then but being able to grow your account in a systematic and predictable way that is the key to success in the market so in this show here i'll show you the the tools that you need i'll give you the trading strategies that actually work and we will talk about the right mindset of a trader because that's super important and in the show it's all about facts and real trades talk about real i'll show you all of my trades winning trades and losing trades no hype just the facts because i want you to succeed now if this sounds good to you then click on like right now or just type yes in the comments and we will get started awesome okay so video is fine uh so let's talk about the first segment what the heck is happening in the markets this segment is for you so that you know what's happening right now and also what's going to happen over the next few days so what is happening right now well look at this the markets are moving higher again the dow a little bit lackluster here you see the dow jones up 0.3 so not a whole lot and looking at a five-minute chart for most of the day today it looked like we are not going anywhere so there's a five-minute chart you see at first we're going down but then we were drifting higher and it seems that we are getting higher into the close now uh looking at the s p 500 it is actually breaking out out of the perfect triangle we talked about it in the last coffee with marcus that we do have a triangle we have some strong resistance here and right now it seems that we are breaking out but hey let's see if this is actually continuing now is this actually happening uh mirroring the vix here because you see this the vix the volatility index and here's how it works with the volatility index when the volatility index is low which right now compared to what happened over the past few weeks it is rather low right um so this means that usually the market starts climbing up here and this is what we are seeing right now so super super super interesting well what what is moving the markets while looking at the economic calendar for this week as you can see it is super quiet not a whole lot going on we have crude oil inventories and the unemployment claims but uh hey we already know what to kind of expect there right so what are traders focusing on right now well this week we have 25 of the s p 500 companies are announcing earnings so uh here just uh some uh the major ones so as you can see uh we'll hear from ibm today after the close we'll hear from coca-cola we'll hear from snap we'll hear from united airlines from td ameritrade deutsche bank so as you can see there's a lot on doc na this week the focus will definitely be on tesla we'll talk about this in a moment now talking about some individual stocks that are moving today these stay at home stocks are doing well and here's why i mean if we look at uh at the coronaviruses cases here in the united states as you can see we are still at a super high level here so as of yesterday still above 60 000 new cases a day so what does this mean for the market first of all the market overall if you're looking at the s p it's just shrugging it off same with the dow and the markets are climbing higher so what are some stocks that are moving today i mean it's definitely uh amazon so amazon today up seven and a half percent almost eight percent here because uh yeah as everybody is still staying home and uh i mean we know that in california uh the state is being closed down again as you know this was the announcement last week so everybody's shopping on amazon what else zoom because it seems that we're not going back to offices so zoom today also up eight and a half percent zoom had a tremendous run this year thus far let's see if they could can sustain it and then another surprise peloton you know the the bike uh that the interactive bike the horribly expensive what is it like two thousand dollars um so obviously during this uh this crisis during this pandemic they search because people want to work out they want to do something and today up ten percent so lots and lots going on here with this stay at home uh stocks now one of the stocks uh that stuck out also was nikola i don't know if you heard about the company it's supposed to be the new tesla right i mean nicola uh they are let me go to the website here really quick and let me show you what they are doing so nikola motor is the website and uh so they are supposedly at some point building uh self-driving trucks electric trucks and also here uh not only semi-trucks but also personal truck anyhow so everybody got excited about this company but as you can see today they're crashing and burning 21 so interesting because uh when they were still trading at 70 or 80 they were as valuable as ford and nicola makes no cars at all yet on the other hand ford makes around 6 million cars so super interesting you see this where i always say trade what you see not what you think as you know let's have a sip of coffee here now in a moment i want to show you how i use my tastyworks account but hey since we are talking about the new tesla let's talk about tesla so because tesla super super interesting on wednesday after the bell they are reporting earnings and you know why this is critical if you have been following this show you know that tesla had three consecutive quarters where they posted a profit and if they are posting a profit for the last quarter it would be four consecutive quarters and therefore they're eligible to be uh in the s p 500 and that's a big deal so lots of speculation around here up to date 10 and this is what i said earlier in the intro right i mean everybody can get lucky but the key to systematic account growth is that you are consistent anyhow so this is what's going on in the markets here is this makes sense um so good to see everybody here so good to see all the comments so um if you can hear me by the way uh click on like really quick this way i know if you can hear me now talking about what's on doc today what are we going to talk about so we already briefly talked about um what's happening in the market and now i want to show you how i personally use tastyworks i know that many of you have a tastyworks account and or considering a tastyworks account and they're wondering okay how do i place trades here so um i want to give you a super quick intro here and show you how i use this so let me just switch over here there we go so let me show you how i personally use the tastyworks account this will be a super brief introductory you need to start over here all right in this video i want to show you how i personally use a tasty works to place trades now this will not be one of these hour-long tutorials it will be probably a 15-minute tutorial that shows you the basics of what you need to know to place your first trades because uh let's briefly recap in order to place a trade there's five things that your broker needs to know so first of all your broker needs to know what do you want to trade the symbol whether you're trading a stock or an option it doesn't really matter right so secondly you need to tell your broker whether you want to buy or sell so i'll show you how to do this now third your broker needs to know how many shares or options do you want to trade so the quantity here number four there's the fourth thing that you need to know before placing a trade or when placing a trade is at what price do you want to buy or sell and then number five um is the duration of the trade for how long are you trying to buy or sell a stock is it only for the day so there are two things it's either a day order or it is a good till cancel um which would be a gtc order so let's start with the basics here so that you know exactly how to place a trade so uh going to my tastyworks account here you go so when you open tastyworks this is what it looks like by the way if you would like to have more information on tastyworks go to rockwelltrading.com tastyworks this is where you find more information we'll post the link in the description and also right here in the chat so as you can see there is a watch list on the left hand side and honestly i'm not using this at all so um unfortunately i haven't figured out how to minimize this watch list so it is just there for now i'm moving it off the screen because there's not really a whole lot that i'm doing with the watch list because this way we have a little bit more room here for the main screen for the main screen okay so again looking at the the five things that you need first of all the question is where do you buy or sell where do you place the the symbol and it is up here in the upper right hand corner so let's say if you want to actually buy tesla you type in tesla right there so here we are at positions and when you go to trade so you see you have three tabs here this is where you see your open positions so you see right now these are the positions that i'm in tgtx mur and you see how much is the open p l and how much is the p l for the day but anyhow if you want to place a trade this is where by default you see an options chain because yes tasty works is mainly for options trader but you can also trade stocks now in order to trade stocks it's fairly easy you go up here and this is where you see it says either long or when you click on long short stock so when you click on go this is when you see it pops up this little order entry window that you have here in the bottom right now and now let's take a look what you need to do and then i'm showing you how to do this with options so after we place the symbol we need to say do we want to buy or sell and the quantity so let me show you here you see buy or sell super easy this is how you buy this is how you sell you see here the quantity that you can change and you can either do it with these arrows or you can just override it and say you want to buy let's say 10 right here 10 shares of tesla you can specify a limit price if you want and then also say whether you want to place a market order limit order stop market or stop limit order if you're unfamiliar with the orders i did a video for you and we'll post the link in the description that shows you how to use or when to use a stop order versus when to use a limit order so as you can see here is the time in force and this is where the last thing the duration whether you use a day order or good till cancel order you see it right here so you have day you have good till cancel x means extended hours so don't worry about these uh just worry about the first ones so when you click on review and send you can review your order so that you see how much does it take up of your buying power of your stock buying power your option order and you can review the order before you send it okay this makes sense so this is how you place a stock trade and i'm going to clear this order right now because now i want to show you how to place an option trade now if you're trading options then you know there's a little bit more instead of just picking the right symbol so for option traders you need to know the expiration so by when shall the option expire you have to specify whether you trade a call or a put option and well that's uh that's basically it or the strike price there we go okay so now let me show you how to do this on tasty works again we're keeping it super easy this is not meant to be an extensive tutorial showing you the basics so that you can enter an order with confidence so here you see all the different expirations for tesla and you see for example you have the july 24th expiration which is four days to expiration july 31st 11 days to expiration and you also see that there's different colors the dark blue ones are weekly options and the lighter blue ones that you see here are monthly options so let's say we want to buy a call for tesla at a price of let's say we expect tesla to skyrocket and we gonna buy one for eighteen hundred dollars so you see on the left hand side there's calls on the right hand side their puts so if you wanna buy a call we just click on the ask and now you see it opens again this little window here which makes it super easy to say okay how many do you want to trade because again you need to say tell your broker do you want to buy or sell this option how many options do you want to trade and at what price and you see this is where you have this little window popping up that allows you to either say okay you want to trade one two or three you can also change the quantity here see now it says two options you have the price right here and then again whether you use a limit order or a market order when trading options i recommend using a limit order and again i have a video on this good so uh super easy and then the same you do review and send and it'll tell you how much of the stock buying power or option buying power you need and here since tesla is horribly expensive this small account that i'm trading here on tastyworks does not have sufficient buying power available for this order anyhow so as you can see it is super easy if you now want to sell an option instead of buying it you can just click on this and you see it changes from sell to buy really really super easy let's actually go to a stock that is a little bit cheaper because then i can show you some other cool stuff let's just say uh let me clear this order here you see on the right hand side you have the clear and let's go to apple let's just say apple it's a little bit cheaper here and apple is trading right now at 392. let's say we are bullish on apple and we expect apple to go above 420. again so we want to buy an option with a strike price of 420 right here and you see it highlighted and it costs us 6.10 so that's 610 a little bit easier here so as you can see super easy to change the quantity you can just increase the quantity here now you see b2 for buying two you can decrease the quantity and you can just click on this and this is how you would sell instead of buying so as you can see super easy then you click on review and send and this is how you would then uh send the order and put it in the marketplace so as you can see this is where i wanted to to show you first of all how you enter orders now here is something cool that i really like about tasty works because when you're entering an order you see it makes it super easy especially when you're an option trader let's say you want to see a different strike price so here you can just drag and drop it to other strike prices you see super easy so instead of changing the strike price manually and typing it in you can just drag and drop it here which makes it easy you can change the quantity here and you can even go out in expiration or come back in expiration so you see when you click on this then the order moves to august 28th right there instead of august 21st when you click on minus it comes back to august 21st so i i think this is actually super cool you have the possibility to trade more complex option strategies but honestly if you just want to buy or sell options this is how easy it is to do it again if you would like to have more information on tastyworks go to rockwelltrading.com tastyworks we'll post the link in the description but i also want to show you a few other cool things here again that's uh super easy how i use it here um and then on to under the activity because again we talked about these three tabs these are the three most important tabs that you need and that you use here's where you have all your positions here is where you place the trades and the third tab the activity this is where you see what's going on as you can see i have two working orders i want to buy an optional cal x for a dollar sixty and right now it is trading at 2.35 so i want to see that it is coming back and here i want to place an order i want to buy um i want to buy a call yeah there we go i want to buy a call at 2.40 and right now it is trading at three dollars so this is where you see your working orders now you see you have also not really tabs here but these are really toggle switches so that's something that i found based on my experience is unique to tastyworks so if you want to see all of your filled orders you just click on filled and now you see both your working orders and all of your failed orders as you see i'm an active trader so there's a lot of fills that i'm having here in these accounts and there's only uh two of the eight accounts that i that i personally trade you can also see the cancelled order and you see this is where you you toggle them on and off if you only want to see the cancelled orders you click again on filled and working this toggles it off and now you see only the canceled ones so for me personally i like to see my working orders here and sometimes i want to see on what did i get filled and you can narrow it down on today so what orders did you get filled on so these were the orders that i got filled on today trtp angie and cqp these were the orders and this is where you place the working orders so as you can see super super easy now these are really the basics i want to show you some belts and whistles here right now because i i think that there's some cool stuff with the platform but let me just ask you this uh thus far is is this making sense is this helpful at all before i go a little bit deeper because my goal with this little tutorial is to show you how to place a trade on tastyworks whether it is stock or options trade in 10 minutes or less so and now i'll show you some some other cool features here and if you're enjoying this video thus far do me a favor and click on like really quick because this way i know which videos you like and i'll do more of those and if you're new to the channel make sure that you hit the little notification bell and click on subscribe this way you get notified whenever i release a new video all right so let's go back here now one of the other cool things is that with tastyworks you do have a charting platform so you can right now click here on charts um whoops there on chart and you see a chart of apple and you see there's some some cool tools here so you can click on an hourly chart or you can have a 15-minute chart of apple if you want to and all of these are live they're real time so when you're opening account with tastyworks they give you free real-time data so i think this is pretty cool you can plot some indicators if you wanted to so for example if you like the idea of plotting bollinger bands uh you can just add bollinger bands modify the settings if you wanted to so you see you have a pretty neat charting platform here as well so that's what i wanted to show you is one of the the bells and whistles and as you can see there's some some other tools where you can for example draw trend lines right so if you choose to to draw a trendline like this i applauded it right now here it's a bit hard to see so you need to configure it if you wanted to use it now i personally like to use trading view as my charting platform so i i really don't want to go into all the details of charts it's pretty intuitive so you can definitely figure it out here no problem at all okay so this is what you see down here and then you can go back to to trade and here's another cool thing so i i found this really really super useful for example let's say that you're interested in trading this apple option the 430 and you want to know okay how did that trade today when you right mouse click when you right mouse click here oops there we go on the option i do believe that it was when i when i right most clicked on the option i thought that i could show a chart maybe i can't i have to figure it out so anyhow let's move on and let me show you some other cool stuff here because especially when you're trading options and again even though you can trade stocks here the real power of tasty works is when you are trading options because one of the things that you can do is do an analysis for example if you're buying um this particular option of apple you see here first of all at a glance what is your probability of profit this is 19 so it's pretty low because we're trading and out of the money uh call option and you see as you're moving it closer into the money your probability of profit moves higher you also see how much extrinsic value it has and the probability of the probability of making at least 50 on the option so here in this case that it moves up uh from 750 to roughly 11 right this would be a 50 profit so this is what you see here with the p50 you see the delta the theta you see the maximum loss the maximum profit that you achieve and the buying power so you have everything at a glance here where you can quickly compare what makes more sense to buy a 425 option or maybe buy a 400 option 400 strike price because then you see the probability of profit is 32 the probability uh to make at least 50 of the option is 51 so it's actually pretty cool so but this is just the summary now some of your options trader you love to have a curve so this is where we see exactly okay how much money would we make or lose with this option at different stock prices and this is at expiration here so you have a powerful analysis tool and again i don't want to go into much detail if you're interested and want me to cover anything else here just let me know in the comments and i'll be happy to do another video this again is just a very brief intro video that shows you the main functions here but it's actually pretty cool because you can uh you can show um the theoretical um zones here uh the p l theoretical right for what happens if the stock moves to a certain price over the next few days and again i'll be happy to cover it in a more detailed video but as you can see there's some cool analysis stuff here so besides just having the table and here quickly the most important information that uh you need when trading in options at least that's what i rely on you can really geek out and dive deep here and have a graphical and a visual analysis now this is pretty cool especially if you're trading more complex options strategies so you see let's say you want to trade a debit spread and you're buying this call and at the same time you're selling a 410. so this way you go back to the curve and you see okay how does it change when you're trading these two options when you're trading a spread and you see now you can even change here the strike price look at this isn't that cool i really like this i really like this i think it's super intuitive so that you see what if and you always see here the probability of profit you see the probability of making at least 50 on this trade the delta the theta the max profit and the max loss now how do you like this and again i'll be happy to do another video in more detail here but uh let me just show you one last thing uh in in this video here and this is how to configure the columns because this is something that i was a little bit surprised in the beginning and something to get used to you see um when you're trading options you see the bid and the ask you always see this and then you have two more columns that you configure any way you want and here are all the possibilities so if you're an option trader and you would like to you know the delta of an option you can display the delta here and then it's showing it both for the calls and the puts you see it's the same we have now the bid ask delta and the high and if you want to display the theta of all the options then you can change this here you can just pick and choose from any of these and you're seeing the delta the bit ask delta and theta and you see it for both the uh the puts and the calls now at first i thought well i would like to display more columns and it is not possible it is fixed you can only display four columns and out of these four columns two are fixed so it's something to get used to so for example if you want to see the the open interest you have to replace the theta column with open interest i personally like to see um where have the option traded for the day where's the high and the low of the option because i i usually don't like to to buy at the high and i don't like to sell at the low here but again you can configure it and it's something to get used to that uh you only have two customizable columns that you cannot just show a bunch of columns here this is what i'm used from other trading platforms that i used in the past mainly interactive brokers where i could uh i could add a lot of columns here but uh here it is what it is anyhow so as i promised this is just a very quick introductory video on how to use tastyworks and if you have any questions i would like to see me making some other videos that go into more details of the platform just leave a comment below and i'll be happy to post another video hey so if you enjoyed this video please do me a favor and and like it and if you want to see more videos like this leave a comment or click on the subscribe button and click the little notification bell this way you get notified whenever i release a new video and if if you liked it and you think that others could benefit from this video please remember to share this video and i'll see you in one of the other videos that are probably popping up on the screen right now see you in the next one all right so uh this is um this is very briefly how to use uh tastyworks and uh let's see did i keep this video below 15 minutes that was my goal here um we will use this segment here asia will edit it into a shorter one but this is how you know the basic function of tasty works so if you're brand new to this or if you're considering uh signing up for tasty works go to rockwelltrading.com tastyworks this is where you'll find more information now i'll take a look at your comments and questions here in just a moment let me grab a sip of coffee been talking a lot there we go good good good uh so there are a few questions let me just scroll up here a little bit um let's see uh kathy says obviously i've been gone for a while this is a huge microphone um yeah i i upgraded a new microphone and uh it seems to be a little bit easier this way i'm also getting used to it uh earlier while i was preparing it i was trying to get a coffee and i bumped into the microphone yeah trust me it's not the biggest microphone i have some here that are bigger okay um good good good so uh donna is asking are you recommending tastyworks over ibkr interactive brokers as a broker for the pxo strategy donna it really depends first of all where you live and secondly it depends on what you're trying to do i found that when you're trading options tasty works is way superior over interactive brokers i've been using interactive broker since 1999 i know my way around interactive brokers but i found tastyworks much more modern more user-friendly once you got the hang of it and more powerful now here's why i said it depends where you live tasty works is not available in all countries tasty works uh for example is not available to you if you're in canada so i know that there is quite a few canadians who are watching these videos so i really appreciate you watching the videos and right now tastyworks is not available for you in canada it's not available for example if you live in panama it's not available in ukraine so there are some countries where tastyworks is not available interactive brokers is available for canada for panama for ukraine for pretty much all countries i have yet to find a country where interactive brokers is not available so donna really uh depends on where you live and what you're planning to do if you're just trading stocks i believe for trading stocks interactive brokers uh is is just fine uh if you consider trading options uh consider tasty works and again i'll post a link to more information rockwelltrading.com tastyworks uh be happy to do this okay so okay um so jay is asking uh what should oco orders for entry and uh so i'll be happy to do a video on this uh when you go to tastyworks you do actually have a possibility uh let me just go back here to the screen and show you so i just want to delete this leg here uh you see you you can enter uh you can attach so-called bracket orders here um so where you close it as a profit or where you close it as a stop loss so it's fairly powerful i personally i personally uh do this manually but if you want to do this you can do this here super easy to do it so you can just either have a target percent profit or you see how this changes yeah if you want to make let's say at least 70 percent you probably have to go up to 30 oh no this would be 128 you get the idea here so uh it's super powerful and uh if you are interested in this i'll be happy to do another video on this okay good uh so perspective says tastyworks paper trading please right now they do not offer a paper trading account so you are kind of reliant on these videos that people who have an open account are doing the good news is here's what you can do you can open a trading account and put as little as 500 in there i believe that is their minimum and when you do this you can at least play around with the platform but they do not have a paper trading or a simulated account and it's nothing that i can do you can email them and say hey would you consider this in the future right now they do not offer this okay so um norman says i see you trade uh spx can you do a session on this strategy we'll see i mean right now there's a strategy that's exclusive for our mastermind members and our mastermind members are placing these trades we haven't decided yet whether we make this strategy available uh to the general public right now the spx strategy is exclusively for our mastermind members here so claire is asking where can i get more training on tastyworks uh claire they do have a youtube channel where they have quite a lot of training videos but uh claire i'll be happy to do more training videos for you uh if you like to get these training videos from me i'll be happy to do this okay uh so ricardo is asking in the working order can you see if it is a call or put or sell a buy yes you can let me show this to you exactly so if you're going to activity and the working orders you see you see it in the right it's uh probably a little bit difficult it says 3 and it says august 21st that is the expiration and it says 10 there's the strike price and it says c for call and it says buy to open so this means that yeah i'm establishing a new position versus a buy to close or sell to close this would be closing a position so yeah it's it's right here um so you have to get used to the abbreviations i mean honestly after a few days you are so again it shows you exactly the quantity it shows you the expiration it shows you how many days to expiration the strike price and whether it's a call or a put so it's a c or a p and i know it the font is probably a little bit small here but uh unfortunately this is the size and it is uh it's already enhanced font anyhow great question here ricardo does this help okay let me come back to you on the screen here okay so donna is asking is it possible for a tutorial and how to place an order in 10 minutes or less on the interactive brokers platform i'll be happy to do this maybe you can do it later this week maybe on friday i already have something planned for you on wednesday but or we do it early next week so great point great point uh so lauren i said for the chart click on the call or put area of the strike yeah i mean so i can show it again uh let me just show you the desktop so there you go view option on chart there you go right this is where you see what the option was trading at today on a 15-minute chart or an hourly chart so you can see uh what the option was trading at so thanks yeah i think a little bit earlier here's the challenge lorena so thanks for for letting me know the challenge is if you're trying to do this while you see you have something selected so here this what i want to buy the option that i want to buy if i'm trying to do it here i can only delete the lag so you would have to move it if you want to see what the 400 was trading you have to do this first which i think is a little bit annoying and then you can move this back to 400. but yeah thanks for for the comment good stuff here good good good stuff okay so uh mike says yeah tastyworks and tastytrades have a lot of videos live presentations every day and again i'll be happy to do more for you um so 8047 says how to set up your extra screen and which platform does it serve um don't know exactly what what you mean the extra screen i do have two screens so obviously have a primary and a secondary screen for a secondary screen you can just use a very portable one an asus screen i'll be happy to show you this if you want to have more information on this otherwise any secondary screen does the trick and i like to have see power x optimizer which is the software that i personally use to find the best stocks and options to trade on one screen and then on the secondary screen right there where i'm looking at right now this is where i then have the trading platform okay good so um jay is asking uh if i can do it on tradestation i don't have a tradestation account i have accounts with nadex i have accounts with interactive brokers i have accounts with tastyworks i have accounts with infinity futures but i don't have one with tradestation so therefore i'm not familiar with this there's probably um there's probably some other videos out there anyhow so frank says is the money safe with them or is there a risk when tasty work goes bankrupt we can go to their website and again you find more information when you go to rockwelltrading.com they do they are in short you see are if you go to rockwelltrading.com tastyworks so it brings you over to give you more information here on their site and i do believe that they're fdci in short let me just go back here uh yes leaving so you can look it up there uh they have been around for a long long time so i don't think that they're going out of business i have uh two accounts with them and right now i'm in the process of opening a third account this morning i already opened the third account and i'll fund it tomorrow so i personally will have three accounts with them uh there's probably a finra broker check i i believe that they are fairly safe otherwise i wouldn't put my own money in there so again these are uh the accounts that i'm trading with them uh are smaller accounts but i mean all three combined will be probably around a hundred thousand dollars so and i'm thinking about moving my big account from interactive brokers to tasty works here because i really like it uh monica says the analysis is the main difference between tastyworks and toss much easier and tasty works i i believe so too i believe it is a little bit easier here so that's why i like it anyhow so danielle says um i need to see if there's an overview of your book i need a good need good visual when reading educational materials hoping for bulleted notes like these in the videos okay um i'll see what i can do for you i do you know what actually i do have an overview uh it is on a website that i set up for you it's called mytradingroutine.com uh danielle if you go to mytradingroutine.com and we're posting the link in the description and also in the chat here right now uh this is where you'll find uh probably a 30 minute video of where i show you exactly what i do so it's kind of bulleted so go to my trading routine dot com uh in 30 minutes i'll pretty much summarize the book here and show you exactly what i do okay uh so danielle is also asking i'm new to this which platform is the easiest to use which has the overall lowest cost um i did a actually did a video on this uh it says uh the video is called best broker 2020. we'll post this link in the description and also in the chat uh so i compared four main brokers i compared uh thinkorswim interactive brokers wee ball and tastyworks and i found that tastyworks is the best for my situation now everybody's different danielle depends on what you want to trade right so i highly recommend that you watch this video because i evaluate these brokers along five criteria and if you say well these five criteria are the same for me as well then it might be tasty works it's really also super cheap and i'll compare cost in that video as well good good good okay frank says yes more in depth on tasty works please frank what exactly would you like to know i'll be happy to do this okay good good good um let's see i believe that uh somebody said i had mentioned weeble before not web bull weeble yes i have and i'm comparing it in the video and in this video best broker 2020 also explained to you why right now i am not opening account with weeble and it has mainly something to do that they do not offer options level three and level four which means that you're selling naked calls and naked puts and it might be part of my strategy and i don't want my broker to limit the strategies that i'm trading anyhow watch this video it's a good video and uh you you'll be glad you did it's uh it'll help you and uh yeah juan yes it is not available in panama right now for you really interactive brokers might be the best choice good let's see there's guy um okay so says if a stock gaps up and starts trading above the powerx optimizer price signal was the trading view crossing alert work uh yes it does uh it does for me that's what i do i paste alerts in trading view and uh i paste it right there where i want to buy and if it opens above then immediately it makes right you get the idea uh but yeah the alert triggers as soon as it is above so i don't think uh that the alert it's actually crosses above the alert is above or below so great question um so aj is asking uh tradestation versus tastyworks i haven't been trading with tradestation in a long long time i used to have a tradestation oh no you know what um i should write this down i believe that i still have an account with them because five or six years ago oh dear lord i opened an account uh put twenty thousand dollars in there and i haven't used it ever since i need to check i yeah i might still have twenty thousand dollars somewhere um but i haven't used it in a while so i've been using mainly interactive brokers tastyworks think or swim and then i've been looking into into weeble here okay um skip is asking an excellent question what do they charge for an option trade so here's the cool thing they charge you a dollar to get in they don't charge you anything to get out right you see most brokers charge you 65 cents to get in and another 65 cents to get out so this would be a total of a dollar and 30. tastyworks only charges a dollar to get in and nothing to get out and here's the really cool thing especially for me when you're trading larger size the commissions are kept at ten dollars so you see a dollar per contract to get into a trade but if you're trading 20 contracts it's capped at ten dollars and you're paying nothing for exiting the trade so i i think it's uh it's super super cheap and again i do a detailed comparison in this video best brokerage 2020. might want to take a look at that okay uh greg is asking um have you tried the minis on tastyworks no i've not because for you're referring to futures trading and for futures trading i have an account with infinity futures in chicago and there's a reason for this i love love love their trading platform it's for active day traders so it's super intuitive i like their platform for day trading futures a little bit better than tasty works okay good so um unfortunately asking can you do a video on the e-mini for us i i could but i'm right now not trading it and you see my promise for you is in these videos that i only show you what i personally do because why would you be interested in woulda coulda shoulda i thought that you're more interested or i think that you're more interested in trading strategies that i personally use uh that you know that work here okay good mark said just started the power x book i'm so glad uh by the way if you're new and you would like to have a copy of my book the power x strategy i'd be happy to send you one for free um all i ask is that you cover shipping and handling which is uh 4.95 it's a nice hard cover so lots of charts in there uh it's like 150 170 pages can remember uh you can go on amazon buy it for 25 bucks or you can go to my website i'll leave a link in the description here and get this book um just pay shipping and handling 4.95 cents no string attached and i'll send you um a free copy yes perfect okay so uh don says what do you think of td ameritrade you see don i loved them but right now they're merging with schwab and uh i i think it will be kind of a mess so you see schwab has a platform it's called street smart uh td ameritrade has a platform it's called think or swim so at some point i don't think that they will support two platforms so they will at some point merge their platforms now which one will they choose i don't know right i mean schwab bought basically td ameritrade so there's still a great brokerage the platform think or swim is a fantastic platform but i think they're not having the competitive edge anymore that they used to have when it was just think or swim and td ameritrade here anyhow good good good uh daily swing trader says ibm reporting after hours yeah i mean this uh this week will be an active week a set out of the s p 500 company 25 of the companies in the s p 500 uh will be reporting earnings this week so that's uh what more than 100 companies under 25 companies so yes yes yes um so alireza says uh does your book is applicable in canada do you mean if it is available in canada it's available for me i'll be happy to ship it to canada if you're asking for this so i'll be happy to ship you a copy of book to canada yes i'll do that it might take a little bit longer because right now as you know with all the pandemic and crisis going on international shipping is a i mean just bleep we got to bleep this out now but you know what i mean it's just a nightmare right now i mean i family and my parents are in germany and if i want to send them something or they want to mail something to me right now ugh it's uh it's unbelievable it's it's quite a mess here anyhow good so uh we have been talking for more than uh 45 minutes usually i like to keep it here to 45 minutes i know that there's uh quite a few questions and uh let's see for example uh let's see if we can take a few more comments here aj says hey i just made 20k for you possibly um again i think as far as i remember did it ever had to happen to you that you at some point found a checking account where you weren't quite sure why you opened it it was when you got a car loan or something like this they forced you to open a checking account anyhow then you suddenly see oh there's a few hundred or a few thousand dollars in there anyhow so daily swing trader do you trade after hours no i don't and i explained why in another video i have a video for you that is called after hours trading take a look at this and in this video i explain why i don't like trading after hours and it also defines after hours trading we will post a link in the description it's called it's really called after hours trading and we'll put it also here in the chat anyhow all right so good to see everybody here we will be back on wednesday also hey don't forget this thursday we have a new class coming out so let me just show this to you it's a class on the wheel it's a striding strategy that i really really like and you see this is why i opened another account with tastyworks today uh i'm planning to put either 50 or 100 000 in there um i'll decide tomorrow morning and i want to trade this account also with you and if you're interested in the strategy that i will use to trade that account go to rockwelltrading.com blueprint i'm doing the class this thursday and i know that my team has priced it ridiculously cheap uh usually i charge uh 997 dollars for classes but i believe uh last i checked it was less than 200 so if you're interested in uh in the strategy that i'll personally use to to trade one of my accounts this will be account number nine again this will be a larger account probably fifty to a hundred thousand dollars then go to rockwelltrading.com blueprint and you'll find more information there all right hope that you enjoyed this show if you did please share this video with anybody who you feel might find this helpful if this was your first time here welcome hope you enjoyed it hope you found a lot of practical information because this is my goal consider subscribing and hit the little notification bell because this way you get notified whenever i go live or release a new video which is at least three times a week all right i'll see you in the next video take care everybody

Channel: Markus Heitkoetter

Views: 22,752

Rating: 4.9697542 out of 5

Keywords: how to use tastyworks platform, how to use tastyworks desktop platofrm, tastyworks platform, tastyworks platform review, tastyworks platform demo, tastyworks platform tutorial, tastyworks walkthrough, tastyworks guide, tastyworks platform, tastyworks platform manual, tastyworks platform youtube, tastyworks platform video, tastyworks tutorial, tastyworks examples, how to use tastyworks, tasty works, trading platform, tastyworks brokerage, options trading, tastyworks

Id: SM0B2rk8n6Q

Length: 51min 4sec (3064 seconds)

Published: Mon Jul 20 2020