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Options / Trying to buy calls and puts?
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Options / Trying to buy calls and puts?

  #1 (permalink)
Trading Apprentice
Everett, WA, US
 
Futures Experience: Beginner
Platform: thinkorswim
Favorite Futures: options
 
Posts: 3 since Dec 2013
Thanks: 0 given, 0 received

Options / Trying to buy calls and puts?

I recently downloaded Thinkorswim and opened a TDAmeritrade account, but have not funded. They only granted me Tier 1, so I can't buy calls or puts with options.

I heard a few people saying something about being able to use "thinkorswim" instead, to buy options? What does that mean? how do I do that, and most importantly, how/where do I fund that?

Thanks!
Ben

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  #2 (permalink)
TonyL
Clifton, NJ/USA
 
Futures Experience: Advanced
Platform: TradeStation, NinjaTrader
Broker/Data: TradeStation, NinjaTraderBrokerage, CQG, IQ-DTN
Favorite Futures: ES, NQ, YM, TF, CL, GC, ZB, IWM, FXE, SPY, UVXY, USO, TLT, TBT, QQQ, GLD, JNK
 
tlopez51's Avatar
 
Posts: 57 since Aug 2013
Thanks: 3 given, 48 received

Ben,

I've attached a link at the very end (Learning Center) where you can go to learn to use the thinkorswim platform. If you are looking to do option spreads on futures you won't be able to do that with TD - at least not yet. Also, thinkorswim used to be their own company. A guy by the name of Tom Sosnoff started the company which created the thinkorswim platform. He later sold it to TD and so it is now known as Thinkorswim by TD Ameritrade.

Now that you are with TD you can sign up to watch the tastytrade show daily with Tom Sosnoff and Tony Batista (www.tastytrade.com). If you are new at trading you will learn much from these guys and its free. Even if you think you knew everything there is to know about trading you will learn something you never even thought or heard of. These guys are real good at what they do, were floor traders and market makers a while back at the CME.

Much success in your trading.

Learning Center

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  #3 (permalink)
Trading Apprentice
Everett, WA, US
 
Futures Experience: Beginner
Platform: thinkorswim
Favorite Futures: options
 
Posts: 3 since Dec 2013
Thanks: 0 given, 0 received



tlopez51 View Post
Ben,

I've attached a link at the very end (Learning Center) where you can go to learn to use the thinkorswim platform. If you are looking to do option spreads on futures you won't be able to do that with TD - at least not yet. Also, thinkorswim used to be their own company. A guy by the name of Tom Sosnoff started the company which created the thinkorswim platform. He later sold it to TD and so it is now known as Thinkorswim by TD Ameritrade.

Now that you are with TD you can sign up to watch the tastytrade show daily with Tom Sosnoff and Tony Batista . If you are new at trading you will learn much from these guys and its free. Even if you think you knew everything there is to know about trading you will learn something you never even thought or heard of. These guys are real good at what they do, were floor traders and market makers a while back at the CME.

Much success in your trading.

Dear tlopez,
Thank you for your reply.

hmm.. I figured there was a merge going on there.
So are you saying I cannot purchase calls and puts on options? (only unless I am granted tier 2 status by TDAmeritrade?)

A pity.. I rather liked the TOS platform, but if I can't purchase options there I'll be happy to immediately move to another broker. Do you have any recommendations if this is the case? Again, I am only interested in purchasing options.

Yes I am interested in watching educational videos and have sat through many already, I am trying to absorb this information like a sponge. thank you for those links!

Thank you
Ben

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  #4 (permalink)
TonyL
Clifton, NJ/USA
 
Futures Experience: Advanced
Platform: TradeStation, NinjaTrader
Broker/Data: TradeStation, NinjaTraderBrokerage, CQG, IQ-DTN
Favorite Futures: ES, NQ, YM, TF, CL, GC, ZB, IWM, FXE, SPY, UVXY, USO, TLT, TBT, QQQ, GLD, JNK
 
tlopez51's Avatar
 
Posts: 57 since Aug 2013
Thanks: 3 given, 48 received

Hi Ben,

I need to clarify one thing. Because I trade in an IRA account, TD does not allow me to do option spreads on Futures. I can buy or sell Future contracts outright but cannot do option spreads. Go figure! I can of course, trade options on equities such as APPL, FB, NFLX, etc. Also, cannot do anything where there are naked CALLS (Selling a CALL) in the equation. No problem being naked on a PUT (Selling a PUT). Reason for the restriction on the naked CALL is that a stock can theoretically go up forever but can only go to zero. In an IRA if you are naked anything, you must be able to secure the position which means you will need to tie up the equivalent of what would normally cost you to purchase 100 shares of whatever stock you are naked on should the stock go to zero or you get put the stock. On the other hand, there's just no way to secure being naked on the CALL side.

I trade mostly with AMP Futures because it allows me to trade the futures in any way that I want and how I want. Unlike TD which has a ton of rules and regulations in place which puts people like me that trade in their IRA at a disadvantage. However, I stick with TD because I can trade stocks and options on stocks. As far as the other reason for being with them is that when "thinkorswim" sold out to TD all accounts went the way of TD. Plus I really think the TOS platform is the best that's out there for the retail investor and is free.

Now if you are trading in either a cash or margin account the rules change. So please check first with TD for your situation before jumping ship.


Last edited by tlopez51; December 19th, 2013 at 04:50 PM.
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  #5 (permalink)
Trading Apprentice
Everett, WA, US
 
Futures Experience: Beginner
Platform: thinkorswim
Favorite Futures: options
 
Posts: 3 since Dec 2013
Thanks: 0 given, 0 received


tlopez51 View Post
Hi Ben,

I need to clarify one thing. Because I trade in an IRA account, TD does not allow me to do option spreads on Futures. I can buy or sell Future contracts outright but cannot do option spreads. Go figure! I can of course, trade options on equities such as APPL, FB, NFLX, etc. Also, cannot do anything where there are naked CALLS (Selling a CALL) in the equation. No problem being naked on a PUT (Selling a PUT). Reason for the restriction on the naked CALL is that a stock can theoretically go up forever but can only go to zero. In an IRA if you are naked anything, you must be able to secure the position which means you will need to tie up the equivalent of what would normally cost you to purchase 100 shares of whatever stock you are naked on should the stock go to zero or you get put the stock. On the other hand, there's just no way to secure being naked on the CALL side.

I trade mostly with AMP Futures because it allows me to trade the futures in any way that I want and how I want. Unlike TD which has a ton of rules and regulations in place which puts people like me that trade in their IRA at a disadvantage. However, I stick with TD because I can trade stocks and options on stocks. As far as the other reason for being with them is that when "thinkorswim" sold out to TD all accounts went the way of TD. Plus I really think the TOS platform is the best that's out there for the retail investor and is free.

Now if you are trading in either a cash or margin account the rules change. So please check first with TD for your situation before jumping ship.

Yes, well, ok, but are you saying I cannot purchase calls and puts on options? (only unless I am granted tier 2 status by TDAmeritrade?)

Again, I am only interested in purchasing options.

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  #6 (permalink)
TonyL
Clifton, NJ/USA
 
Futures Experience: Advanced
Platform: TradeStation, NinjaTrader
Broker/Data: TradeStation, NinjaTraderBrokerage, CQG, IQ-DTN
Favorite Futures: ES, NQ, YM, TF, CL, GC, ZB, IWM, FXE, SPY, UVXY, USO, TLT, TBT, QQQ, GLD, JNK
 
tlopez51's Avatar
 
Posts: 57 since Aug 2013
Thanks: 3 given, 48 received

Sorry I had missed that part of your question. But yes. You do need to be Tier 2 to purchase options (https://invest.ameritrade.com/cgi-bin/apps/u/help/main?target=investingChoices/o...egiesDoesAmeritradeOffer).


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