All right, in this video, I want to show you how I personally use tastyworks to place trades. Now, this will not be one of these hourlong 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 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, this is 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 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, 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 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'll find more information we'll post the link in the description. As you can see, there is a watch list on the left hand side and honestly, I'm not using this at all. So 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. OK. So, again, looking at the five things that you need, first of all, the question is where do you buy or sell? Where do you place 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 and 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, tastyworks 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 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 at 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. Ten 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 to cancel order you see it right here. So you have day, you have good till cancel, "Ext" means extended hours so don't worry about these, 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. OK? Is this making 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 the strike price. Now let me show you how to do this on tastyworks. Again, we're keeping it super easy this is not meant to be an extensive tutorial. I'm 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, eleven 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. We expect Tesla to skyrocket and we're going to buy one for $1,800. So you see on the left hand side there's calls, on the right hand side they're puts. So if you want to 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 OK, 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, OK, 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. So super easy and then the same, you do review and send and it will 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 cell 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. 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. And 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, 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, but 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 send the order and put it in the marketplace. As you can see, this is where I wanted to show you, first of all, how you enter orders. Now, here is something cool that I really like about tastyworks. 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 think this is actually super cool. You have the possibility to trade more complex options 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 super easy how I use it here 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 is 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 option on CALX for $1.60 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, I want to buy a call. I want to buy a call at $2.40 and right now it is trading at $3. 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 filled 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 this is only two of the 8 accounts that I personally trade. You can also see the canceled order, and you see this where you toggle them on and off. If you only want to see the canceled 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. TRGP, ANGI and CEQP. 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 bells and whistles here right now because I think that there's some cool stuff with the platform. But let me just ask you this thus far, 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 a stock or options trade in 10 minutes or less. So. And I will show you 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 that 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 chart and you see a chart of Apple, and you see there's 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 are real time. So when you're opening an 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, 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, it's one of the bells and whistles. And as you can see, there's some other tools where you can, for example, draw trend lines, right? So if you choose to to draw a trend line like this, I have plotted it right now here. It's a little bit hard to see so you need to configure it if you wanted to use it. Now, I personally like to use TradingView as my charting platform, so 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. OK. So this is what you see down here. And then you can go back to trade because especially when you're trading options. And again, even though you can trade stocks here, the real power of tastyworks 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 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 an out of the money 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 making at least 50% on the option. So here in this case that it moves up from $7.50 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 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 you options traders, you love to have a curve. So this is where we see exactly ok, how much money would we make or lose with this option at different stock prices? And this is an 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 show the theoretical zones here, 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 you need when trading 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 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 4.10. So this way, you go back to the curve and you see, OK, 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 are 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 let me just show you one last thing 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. 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 know what 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 bid/ask, Delta and Theta and you see it for both the 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 open interest, you have to replace the Theta column with open interest. I personally like to see where has the option traded for the day, where is the high and the low off the option. Because 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 you only have two customizable columns, that you cannot just show a bunch of columns here. This is what I'm used to from other trading platforms that I used in the past, mainly Interactive Brokers where I could add a lot of columns here. But 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 and 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 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.
