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tastyworks
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tastyworks

  #11 (permalink)
Elite Member
Burlington, Vermont
 
Futures Experience: Beginner
Platform: StockTwits
Broker/Data: Robinhood
Favorite Futures: ES, GC, ZB
 
nathanologist's Avatar
 
Posts: 701 since Jun 2015
Thanks: 872 given, 775 received


suko View Post
They have another year or two to go of development before the platform gets the features everybody loves about TOS such as the Analyze tab and the scripting.

A couple of things TW does have built-in that TOS doesn't: 1) liquidity ratings 2) correlation scores. The liquidity score definitely affects your trade selection.

Agreed. not a huge fan of the new active trade GUI. but it's a start. It'll get better.

Nate
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  #12 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 990 since Oct 2013
Thanks: 703 given, 775 received

Rather than encouraging me to make more trades, I want a GUI that forces me to only take the A trades!

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  #13 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 990 since Oct 2013
Thanks: 703 given, 775 received


Here is a very slick options tracking spreadsheet for Tastyworks from Ben on the Research Team.

https://docs.google.com/spreadsheets/d/1KTlhVtHdVw54ge2WSXlcyeiaZFOpeTPUSGEiXXZfvHw/edit#gid=2138817018

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  #14 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 990 since Oct 2013
Thanks: 703 given, 775 received

Futures rolled out on Tastyworks.

But no /VX futures. Bummed about that.

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  #15 (permalink)
Determined
Lexington KY/USA
 
Futures Experience: Beginner
Platform: SC,TastyWorks,ToS
Broker/Data: TDA, OANDA,AMP/CQG
Favorite Futures: Looking for it/them
 
LDog's Avatar
 
Posts: 125 since Sep 2015
Thanks: 3,495 given, 156 received


suko View Post
Futures rolled out on Tastyworks.

But no /VX futures. Bummed about that.

Looks like only Individual Margin accounts, so far - no ROTHs

(It's OK, I'm not 'ready' for that yet, anyway lol)

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  #16 (permalink)
Elite Member
Indianapolis, IN USA
 
Futures Experience: Advanced
Platform: Ninjatrader TOS Custom
Broker/Data: Several
Favorite Futures: ES CL ZB
 
Posts: 370 since Dec 2009
Thanks: 218 given, 369 received

Apex...

I've heard they are using Apex to clear their trades. Not sure if that's true and haven't looked into it but would be curious if anyone knows for sure.

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  #17 (permalink)
Determined
Lexington KY/USA
 
Futures Experience: Beginner
Platform: SC,TastyWorks,ToS
Broker/Data: TDA, OANDA,AMP/CQG
Favorite Futures: Looking for it/them
 
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Posts: 125 since Sep 2015
Thanks: 3,495 given, 156 received


timefreedom View Post
I've heard they are using Apex to clear their trades. Not sure if that's true and haven't looked into it but would be curious if anyone knows for sure.

For Stocks/Options, that's who my trades clear through in my Roth account - I think was the same with TDA/ToS, if I remember correctly. Not sure about Futures, sorry.

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  #18 (permalink)
Elite Member
Incline Village + NV or elsewhere in the world
 
Futures Experience: Intermediate
Platform: E*Trade, TOS, IB & T'wrks
Favorite Futures: Emini ES
 
Posts: 14 since Jan 2016
Thanks: 16 given, 6 received

Be Careful since Options Commissions not shown at entry on Tastyworks

I eagerly opened a Tastyworks (TW) account a few months ago to trade options thinking that the costs would be must lower than TOS and E-Trade Pro/Options House. Admittedly, I had confused the TW $5 equity trade costs and the options trade costs.

After six months of trading I tried to reconcile my trading journal results with my TW net liquidation balance. Then I saw that the commissions and fees impact was much higher than expected.

Unlike TOS and E-Trade Pro/Options House, the options commissions are not shown at the entry verification window on TW. TW claims to be working to add that component to the verification window.

Further, in comparing the same pending trade on the different platforms, I discovered that the options commission costs at TW for many trades were higher than the Options House costs, particularly if the options expire OTM, since TW essentially charges the round trip commissions up front. For example, the round trip costs to trade Costco options were much lower on Options House. I may get better pricing on Options House due to my portfolio balance at E-Trade.

Please compare the commission and fee costs on the different platforms on a few different option trades before deciding on which broker to use for a certain trade. Or you could end up like me, down $4k in commissions and $1k in fees after 7 months of trading in my TW account.

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  #19 (permalink)
Determined
Lexington KY/USA
 
Futures Experience: Beginner
Platform: SC,TastyWorks,ToS
Broker/Data: TDA, OANDA,AMP/CQG
Favorite Futures: Looking for it/them
 
LDog's Avatar
 
Posts: 125 since Sep 2015
Thanks: 3,495 given, 156 received

I'm trading 1 lot spreads and buying OTM calls in a ROTH IRA account and am only seeing $1 commision + 14 - 15 cent fees on the open and the same fees on close (with no commision) ... dunno.

Edit: To be clear, it is $1 per contract so each spread has a total commission + fees of $2.30 to open.

I do wish they'd break it out for you - I have to look at the statement to see the effect of the commission and fees, but the Account Transactions to get the list of the fees.


Last edited by LDog; November 15th, 2017 at 01:59 PM. Reason: spelling
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  #20 (permalink)
Elite Member
Incline Village + NV or elsewhere in the world
 
Futures Experience: Intermediate
Platform: E*Trade, TOS, IB & T'wrks
Favorite Futures: Emini ES
 
Posts: 14 since Jan 2016
Thanks: 16 given, 6 received

Commissions impact depends on size and trades


The majority of my trading has been swing and day trading in stocks so commissions were never a substantial concern.

I agree that the cost is $1 per contract with TW.

Everyone has their individual approach and "trading 1 lot spreads and buying OTM calls" may work for you. I have been trying to sell option premium to generate income with defined and undefined risk trades.

My 20 contract GLD iron condor trade with a profit target of $340 (50% of $680 max profit) before commissions and fees entered at 45 DTE, 56% PoP, has now incurred $240 in commissions with a couple of rolls. I am now just trying to break even on the trade. Perhaps it was a dumb trade to begin.

Options House is .50 per contract per transaction, so 1/2 the cost of TW if held to expiration or the same cost as TW if closed out.

For any Traders who are newer to Options, you should always be aware and consider the commission costs when looking to enter and roll sizable trades.













LDog View Post
I'm trading 1 lot spreads and buying OTM calls in a ROTH IRA account and am only seeing $1 commision + 14 - 15 cent fees on the open and the same fees on close (with no commision) ... dunno.

Edit: To be clear, it is $1 per contract so each spread has a total commission + fees of $2.30 to open.

I do with they'd break it out for you - I have to look at the statement to see the effect of the commission and fees, but the Account Transactions to get the list of the fees.


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