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Opening A tastyworks Account - YouTube

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All right, so let's talk about

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opening a brokerage account.

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And today we're going to open an

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account with TastyWorks here

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together.

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So I will open an account with you

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and show you exactly what the

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account opening process is all

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about. Now, let's quickly review.

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Here is what I did in

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the previous video.

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I looked at four different

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brokerages TD Ameritrade,

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Interactive Brokers, WeBull and

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TastyWorks.

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And I had my eight criteria

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that I personally use to pick a

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broker.

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So I went through this and you see

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that for me, TastyWorks came

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up on top. Now, for you, it might be

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different because you might have

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different criteria.

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If you're interested in watching

[40]

this full video, there's probably

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a link right now somewhere on the

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screen or in the description, so you

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can see what criteria I used

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and how I evaluated these

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brokerages. Anyhow, TastyWorks

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came out on top and this is why

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right now we will open

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an account with TastyWorks.

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So let's jump on the screen and

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do it here together.

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So all I did thus far is go

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to TastyWorks Home Page.

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They say, "Want 100 shares on us?"

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Sure.

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If you want to give me 100 shares,

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I'll be happy to do this.

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So I'll let you know what shares

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I'm getting here.

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So tell me how and right

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here, we can open an account.

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So it does seem that we have one,

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two, three, four, five sections

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here. So first of all, some account

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information, then information

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about the trader, that's probably

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me. Something regarding access, some

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security, and then they do

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need some documents.

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Now, I can already tell you from

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experience that brokerages in the

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United States always need

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a driver's license and proof of

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residence. Proof of residence can be

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your electric bill, can be your

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water bill, so I am prepared

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for this. So I do have already

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my latest electric bill

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that I can upload as well as my

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driver's license front and back.

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That's what I wanted to show you

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right here, it is in the folder.

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But let's get started.

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So my email address, user

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name and password.

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So here's what I'm going to do.

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Right now I am typing this in,

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but I'm coming to your full screen

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because I decide to keep this

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information private.

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So I'm typing in the user name

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and I will show you what happens

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when we click on Continue and go to

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the next screen.

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Good. Fantastic. So here's the next

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step. We do need to confirm the

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e-mail so I can use my username

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and password and I need to confirm

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the e-mail address.

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We've just send you an email, please

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be sure to click the link you find

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when within the next 72 hours.

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OK. So we don't have to do this now.

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We can do this within the next 72

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hours, so we'll be fine.

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Now the next step is that is asking

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me what kind of account do I want to

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open an individual, entity/trust,

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joint? I want to open just an

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individual account for me

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personally, Markus Heitkoetter.

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And I would like to have a margin

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account. I don't want to have a cash

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account, not a retirement account,so

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for my purposes, for my style of

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trading, I am choosing individual.

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There we go.

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And margin account.

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Step number two.

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So now I have to fill

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in apparently a bunch

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of personal information, which I

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will do right now.

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Are you a U.S.

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citizen? No, I'm not.

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Are you a permanent resident?

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Yes, I am.

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My country of citizenship is

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Germany, and I can tell you that.

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So no surprise there, you probably

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already know this.

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I am born and raised in Germany,

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100% German.

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I do, of course, have a Social

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Security number.

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So you need to do Social Security

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number.

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It is asking how many

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dependents I have, my date

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of birth.

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I think we are somewhere

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at a point where I can share my

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desktop again. So we are now on

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employment information.

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That is a difficult one.

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I am not employed, I'm not

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unemployed, I'm not retired, I'm not

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a student. So let's say I am

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employed and the employer name

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is, I have a company, as you know,

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Rockwell Trading Services,

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LLC, it is an education company,

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and my job title is

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kind of the owner of the company.

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Let's see.

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Are you subject to backup

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withholding? No.

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Are you a director, 10% shareholder

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or policymaking officer?

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No, I'm not.

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Are you employed with the securities

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or futures member firm?

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I am not.

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Is the account maintained

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for a current or former political

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exposed person?

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Holy moly!

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No, of course not.

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The trusted contact, since

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I'm my own trusted contact, that's

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what I will enter here.

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So I need to come back to you for

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just a second while I am

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filling this out.

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Should be fairly quick.

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So that's a little bit unusual why

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they ask for a trusted contact.

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When I just said, "Hey, I'm the

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account owner and I'm the only one

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on the account." I don't want to

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give anybody else access to the

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account. So it's asking for my date

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of birth again, I can tell you this.

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There's no secret it's November

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15th, 1969.

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Yes, so this year I will be turning

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51 years old.

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And now it says to have the

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government find funding of

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terrorism, we have to acknowledge

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something. And yes, we want to

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continue to trading

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access. There we go.

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So I want to buy a stock, I want to

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short sale stock, I want to buy

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options, I want to sell covered

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calls, I want to sell naked

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calls, I want to sell naked puts and

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futures. OK.

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So let's see if I qualify for the

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works, please describe your

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knowledge of stocks.

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I would say my knowledge of stocks

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is pretty extensive.

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Covered options and spreads, I'm

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want to say it is pretty extensive

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because I've been doing it for a

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very long time.

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Uncovered options, I mean, you're

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watching me doing uncovered options.

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What do you think?

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What is my knowledge of uncovered

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options of selling naked calls

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and puts? I would say extensive.

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And futures I've been trading

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futures for, since

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1998, I believe so.

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So I also would say very extensive.

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Trading objective,

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I am willing to take larger

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risks here.

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Yeah, so it's speculation.

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That's it for me.

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So my annual income

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currently it's probably between

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$500,000 and $1.2 Million.

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Last year it was a little bit

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higher.

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So last year it was a little bit

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over a million.

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But I think that will be fine.

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My liquid net worth is $5,000,000

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and above.

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So we are good.

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Networth and liquid net worth, oh,

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it's probably how much money I have

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right now in cash.

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So I mean in my savings account or

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my checking account I probably have

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around to $400,000 -

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$500,000 and then I have a lot of

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money invested in real estate.

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OK. Continue to security.

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Confirm your identity. It is

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confirmed. OK.

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Validate your device.

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Now I need to send a verification

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code to my mobile number.

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Let's do this.

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So it sent it here to my mobile

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number. The verification code that

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I got is 161422.

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Validate.

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And this worked as well.

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And now there's a security question.

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You can select your own question,

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which is actually pretty cool.

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So I'm doing this and I am

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typing the answer.

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OK. Continue to important

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documents. OK.

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So now, holy

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moly, there is a bunch of documents

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that you have to acknowledge and

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sign and supposedly read

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and you can read these, it's

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kind of a when you're buying a house

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and signing up for a mortgage,

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right? So there's a lot of stuff.

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And they ask, have you received,

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read, understood each of the

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documents above and agreed to all

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provisions in each document.

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So don't tell

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anybody. I will say "Yes," even

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though I haven't read them.

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Again, this is not my first rodeo

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I have opened accounts before.

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I know what it says.

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It basically says I'm responsible

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for anything, the broker is not

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responsible for everything.

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That's what it says in many, many

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documents. So shhh,

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don't tell anybody that I say,

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"Yeah, I've read them," because I've

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read them in the past and they're

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not that interesting to read here

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together. So, yes, review your

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application. Now, this is where I

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probably have to come back because

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it shows a bunch of sensitive

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information here right now.

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Yes, it does.

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So it is basically just saying,

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all right, if I

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am Markus Heitkoetter, I agree

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that all of this stuff above

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is correct and

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sign and submit the application.

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Let's do this.

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So now they're saying we're setting

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up your account please do not

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refresh your browser.

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I won't. Let's see what happens.

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Kind of exciting, like I said I

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haven't open account in three or

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four years.

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Congratulations, you opened your

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first account and your TastyWorks

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journey has begun.

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You're now signed into this

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TastyWorks account management site

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and the status of your new account

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and any future account appears in

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the blue box on this page.

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First things first, before you close

[488]

this pop up, you should download the

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TastyWorks desktop platform.

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Let's do this. Let's just quickly

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download it and install it.

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It's only 200 megabytes.

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So this should be rather quickly.

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So while this downloading in the

[499]

background, I want to see if there's

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anything else I need to do right

[503]

now. Let me just come back to you,

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because I'm going to click on my

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account data.

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OK. So when I click on my account,

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here's what happens.

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You've initiated one account at

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TastyWorks.

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OK. It is processing.

[514]

I do have an account here, to be

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honest, I am a little bit surprised

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that it didn't ask me to upload my

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documents because usually you have

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to upload your driver's license

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and proof of residence, which

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is usually a water bill,

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a gas bill, electric bill.

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I'm a little bit surprised that it

[532]

didn't do that.

[534]

Well, it is what it is.

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There is not much more to do.

[538]

Apparently, right now, besides

[540]

waiting for the e-mail. As you can

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see this is pretty straightforward,

[543]

pretty easy.

[544]

No big deal.

[545]

So apparently it's a two step

[547]

process here.

[548]

Step number one was today, fill out

[550]

the account application and now you

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know exactly what an account

[553]

application looks like.

[554]

Is this is making sense thus far?

[556]

Is this helpful at all, that you see

[558]

what exactly it looks like when you

[560]

open an account?

[560]

If it is, do me a favor, click on

[562]

like really quick right now.

[564]

And I know that it was a bit odd

[565]

that I have to be off screen

[567]

sometimes when I enter personal

[568]

information.

[569]

But hey, now you know what is being

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asked when you open an account,

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pretty painless, right?

[573]

I mean, how long did it take us to

[574]

open the account?

[575]

Ten minutes and all, it's just

[577]

a matter right now of being

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approved.

[580]

All right. So it has been a few

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hours and I did receive an email

[583]

from TastyWorks saying that my

[585]

account is approved.

[586]

It was a matter of really

[588]

a couple of hours.

[589]

So now the next step is to fund

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the account.

[592]

And that's what we're gonna do here

[593]

together right now.

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So I'm showing you exactly how you

[596]

can fund an account.

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In order to do this.

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I'm going to tastyworks.com.

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It remembered me, so I'm still

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logged in, I'm clicking on my

[603]

account that is now approved,

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and when you go to my account,

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you now need to fund

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the account. When funding the

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account, you have several

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possibilities.

[613]

You can do it by ACH,

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by wire transfer, by

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check, and I have no idea what

[619]

ACAT is.

[622]

Don't know that.

[623]

So here's what I found, when I

[624]

logged into the account I was ready

[626]

to wire them some money.

[628]

But then they say, you know what?

[629]

The fastest thing is to do

[631]

it by ACH.

[633]

By doing so, all you needed to do

[635]

is select my bank

[637]

and log into my bank and it was

[639]

already linked. So it was super,

[641]

super easy to do this.

[642]

Now, here's an important thing, and

[644]

this is something to remember,

[646]

because of Anti Money Laundery

[649]

is that it laws?

[650]

Yeah, AML laws.

[652]

Anyhow, all the money

[654]

need from the brokerage account

[655]

needs to come back into the account

[657]

that you're wiring it from.

[658]

So choose wisely if

[660]

you right now, if you link one

[662]

account and you wire money from

[663]

there into your brokerage account,

[665]

that has to be the account that the

[667]

money is coming back to.

[668]

OK. Let's actually fund this.

[671]

And all we need to do here is

[673]

the transaction frequency is one

[675]

time and the deposit amount,

[677]

this is where we had the poll going

[679]

on. I asked you, how much money

[681]

would you like me to deposit into

[683]

the account? I asked you, should I

[684]

deposit $5,000, $10,000 or

[687]

$25,000?

[689]

169 have voted and

[691]

the vote is $10,000.

[693]

So I will put $10,000 in there and I

[695]

will trade it together with you as

[697]

a $10,000 account.

[698]

So we do it right now, $10,000.

[701]

And you see in order to

[703]

be processed the same day ACH

[705]

deposits must be in by 2:00

[707]

p.m. Right now it is 3:00

[709]

p.m. Central Time.

[710]

So it is a Friday anyhow so

[713]

we won't be able to trade with the

[714]

money today, but we can

[716]

trade with it on Monday.

[718]

And that's what we're gonna do.

[719]

So I'm gonna click continue.

[720]

All it does it's confirming a few

[722]

things, I hit submit and by doing

[724]

so, it is now asking me to

[726]

send a security code.

[728]

Now the security code is being sent

[730]

to my cell phone.

[731]

So we're verifying it, okay, your

[732]

deposit is processing.

[734]

Head over to schedule deposits

[736]

to check the account status.

[737]

OK, so oh, look at this, trade

[739]

with your funds today.

[740]

Your ACH transfer were successfully

[742]

submitted. Funds are typically

[743]

available within one to two business

[745]

days, but we are happy to grant

[747]

you a $1,000 in buying power

[749]

in the meantime, while we wait for

[750]

the full amount to settle.

[751]

OK. Please note by opting

[753]

in you will not be able to cancel

[755]

this pending ACH.

[756]

Would you like us to grant buying

[758]

power? OK, yes.

[759]

So that's pretty cool.

[760]

It seems while they're waiting for

[762]

the funds, they say, "OK, we already

[763]

give you a $1,000

[765]

to trade with." Cool.

[767]

Let's open the platform and let's

[768]

see what this platform is all about.

[770]

Now, every single broker platform

[772]

has five main elements.

[773]

And we're going to try to find these

[775]

five main elements here.

[776]

So the first is where can we enter

[779]

the trades?

[780]

And you see usually it shows

[781]

activity positions right here trade.

[783]

So this is obviously when we click

[785]

on trade where we can place a trade.

[787]

Oh, okay this how it works.

[789]

So I will make myself familiar with

[791]

the platform over the next few days,

[792]

but if I want to go long a stock,

[795]

I do it here.

[796]

And if, oh my gosh,

[798]

there's all these options.

[799]

So I could short of put option, can

[800]

short a verticle. Okay, that does

[802]

look pretty cool.

[803]

Now, here's the deal.

[804]

I will familiarize myself with this

[806]

trading platform probably over the

[808]

weekend right now as I'm recording

[809]

it is Friday.

[811]

And then when we are ready to trade

[812]

on Monday, I'll probably hopefully

[814]

know what I'm doing.

[816]

And otherwise, we'll figure it out

[817]

together. So if you enjoyed this

[819]

video and would like to see how I am

[821]

trading the $10,000 that

[823]

you asked me to put in the account,

[824]

I gave you several options.

[825]

You said do $10,000.

[827]

So we'll see how quickly we

[829]

can grow this $10,000 account.

[832]

And if you would like to watch me

[833]

how to do this, click on Subscribe

[835]

right now and hit the little

[836]

notification bell because this way

[838]

you got a notification from YouTube

[840]

whenever I release a new video

[842]

or when I'm going live and show

[844]

you exactly how I trade live.

[845]

Hey, and make sure that you click on

[846]

like, the more likes I get the

[848]