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How I Use tastyworks' Platform - A Quick And Simple Tutorial Using My Favorite Trading Platform - YouTube
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All right, in this video, I want to
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show you how I personally use
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tastyworks to place trades.
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Now, this will not be one of these
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hourlong tutorials.
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It will be probably a 15 minute
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tutorial that shows you the basics
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of what you need to know to place
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your first trades.
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Because let's briefly recap.
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In order to place a trade there's
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five things that your broker
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needs to know.
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So, first of all, your broker
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needs to know what do you want to
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trade? The symbol, whether you're
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trading a stock or an option
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it doesn't really matter, right?
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So secondly, you need to tell your
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broker whether you want to buy
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or sell. So I'll show you how to do
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this. Now, third, your broker
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needs to know how many shares
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or options do you want to trade?
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So the quantity here.
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Number four, this is the fourth
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thing that you need to know before
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placing a trade or when placing a
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trade is at what price
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do you want to buy or sell?
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And then number five
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is the duration of the trade.
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For how long are you trying
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to buy or sell a stock?
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Is it only for the day?
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So there are two things.
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It's either a day order or
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it is a good till
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cancel, which would be
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a GTC order.
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So let's start with the basics here
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so that you know exactly how to
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place a trade.
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So when you open tastyworks, this is
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what it looks like.
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By the way, if you would like to
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have more information on tastyworks,
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go to Rockwelltrading.com/tastyworks.
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This is where you'll find more
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information we'll post the link in
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the description. As you can see,
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there is a watch list
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on the left hand side and honestly,
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I'm not using this at all.
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So unfortunately, I haven't figured
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out how to minimize this
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watch list so it is just there.
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For now I'm moving it off the screen
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because there's not really a whole
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lot that I'm doing with the watch
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list, because this way we have a
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little bit more room here for the
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main screen.
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OK. So, again, looking
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at the five things that you need,
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first of all, the question is where
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do you buy or sell?
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Where do you place the symbol?
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And it is up here in the upper right
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hand corner. So let's say if you
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want to actually buy Tesla,
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you type in Tesla right
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there.
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So here we are at positions.
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And when you go to trade, so you
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see you have three tabs here.
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This is where you see your open
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positions. So you see right now,
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these are the positions that I'm in
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TGTX and MUR and
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you see how much is the open P&L
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and how much is the P&L
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for the day. But anyhow, if you want
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to place a trade this is where
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by default you see an
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options chain because,
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yes, tastyworks is mainly for
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options trader but you can also
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trade stocks.
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Now in order to trade stocks it's
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fairly easy.
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You go up here and this
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where you see it says either long
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or, when you click on long, short
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stock.
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So when you click on Go, this
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is when you see it pops up
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this little order entry window that
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you have here in the bottom right
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now.
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And now let's take a look what you
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need to do and then I'm showing you
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how to do this with options.
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So after we place the symbol,
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we need to say, do we want to buy or
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sell at the quantity.
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So let me show you here, you see buy
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or sell.
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Super easy.
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This is how you buy, this is how you
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sell, you see here the quantity
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that you can change.
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And you can either do it with these
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arrows or you can just
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override it and say you want to buy,
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let's say 10 right here.
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Ten shares of Tesla.
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You can specify a limit price if you
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want and then also say whether you
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want to place a market order,
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limit order, stop market, or
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stop limit order.
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If you're unfamiliar with the
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orders, I did a video for you and
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we'll post the link in the
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description that shows you
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how to use ,or when to use,
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a stop order versus when to
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use a limit order.
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So as you can see, here is the time
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in force.
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And this is where the last
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thing, the duration, whether you use
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a day order or good to cancel
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order you see it right here.
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So you have day, you have good
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till cancel, "Ext" means
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extended hours so don't worry about
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these, just worry about the first
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ones.
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So when you click on review and
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send, you can review your order
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so that you see how much does it
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take up of your buying power, of
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your stock buying power, your option
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order and you can review the order
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before you send it.
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OK? Is this making sense?
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So this is how you place a stock
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trade. And I'm going to clear
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this order right now, because now I
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want to show you how to place an
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option trade.
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Now, if you're trading options, then
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you know there's a little bit more
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instead of just picking the right
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symbol. So for option traders,
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you need to know the expiration.
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So by when shall
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the option expire, you have to
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specify whether you trade a call
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or a put option, and
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the strike price.
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Now let me show you how to do this
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on tastyworks.
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Again, we're keeping it super easy
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this is not meant to be an extensive
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tutorial. I'm showing you the basics
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so that you can enter an order
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with confidence.
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So here you see all the different
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expirations for Tesla.
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And you see, for example, you have
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the July 24th expiration,
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which is four days to expiration,
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July 31st, eleven days to
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expiration.
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And you also see that there's
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different colors.
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The dark blue ones are
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weekly options and the lighter blue
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ones that you see here are
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monthly options.
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So let's say we want to buy
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a call for Tesla.
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We expect Tesla to skyrocket
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and we're going to buy one for
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$1,800.
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So you see on the left hand side
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there's calls, on the right hand
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side they're puts.
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So if you want to buy a call we just
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click on the ask and now you see it
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opens again this little window
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here which makes it super easy
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to say OK, how many do
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you want to trade?
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Because again, you need to say,
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tell your broker do you want to buy
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or sell this option?
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How many options do you want to
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trade? And at what price?
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And you see, this is where you have
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this little window popping up
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that allows you to either say,
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OK, you want to trade one, two
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or three. You can also change the
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quantity here.
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See, now it says two options,
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you have the price right here.
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And then again, whether you use a
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limit order or a market order.
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When trading options, I recommend
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using a limit order.
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And again, I have a video on this.
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So super easy and then the same,
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you do review and send and it will
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tell you how much of the stock
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buying power or option buying power
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you need. And here,
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since Tesla is horribly expensive,
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this small account that I'm trading
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here on tastyworks does not
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have sufficient buying power
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available for this order.
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Anyhow, so as you can see, it
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is super easy if you now want to
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sell an option instead of buying
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it you can just click on this
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and you see it changes from cell to
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buy.
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Really, really super easy.
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Let's actually go to a stock that is
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a little bit cheaper because then I
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can show you some other cool stuff.
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And let's go to Apple.
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Let's just say Apple it's a little
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bit cheaper here.
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And Apple is trading right now
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at $392.
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Let's say we are bullish on Apple
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and we expect Apple to go
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above $420.
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And so we want to buy an option
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with a strike price of $420
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right here and you see it
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highlighted and it costs us
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$6.10. So that's $610,
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little bit easier here.
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So, as you can see, super easy
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to change the quantity.
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You can just increase the quantity
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here. Now you see B2 for
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buying two, but you can decrease
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the quantity.
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And you can just click on this
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and this is how you would sell,
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instead of buying.
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So as you can see, super easy.
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Then you click on review and send
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and this is how you would then send
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the order and put it in the
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marketplace.
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As you can see, this is where I
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wanted to show you, first of all,
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how you enter orders.
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Now, here is something cool that
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I really like about tastyworks.
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Because when you're entering an
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order, you see it makes it super
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easy, especially when you're an
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option trader.
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Let's say you want to see a
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different strike price.
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So here you can just drag
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and drop it to other strike
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prices. You see super easy.
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So instead of changing the strike
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price manually and typing it in,
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you can just drag and drop it here
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which makes it easy.
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You can change the quantity here and
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you can even go out in expiration
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or come back in expiration.
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So you see, when you click on this,
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then the order moves to August
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28th right there, instead of
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August 21st.
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When you click on minus, it comes
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back to August 21st.
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So I think this is actually
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super cool.
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You have the possibility to trade
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more complex options strategies
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but honestly, if you just
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want to buy or sell options,
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this is how easy it is
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to do it. Again, if you would like
[521]
to have more information on
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tastyworks go to
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Rockwelltrading.com/tastyworks.
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We'll post the link in the
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description. But I also want to show
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you a few other cool things
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here. Again, that's super
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easy how I use it here and then
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on to under the activity, because,
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again, we talked about these three
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tabs. These are the three most
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important tabs that you need and
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that you use.
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Here is where you have all your
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positions, here is where you place
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the trades, and the third tab, the
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activity, this is where you see
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what's going on.
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As you can see, I have two working
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orders.
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I want to buy an option on CALX
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for $1.60 and right now it is
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trading at $2.35.
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So I want to see that it is coming
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back. And here I want to place
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an order. I want to buy, I want to
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buy a call.
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I want to buy a call at $2.40 and
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right now it is trading at $3.
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So this is where you see your
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working orders.
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Now you see you have also not really
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tabs here, but these are really
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toggle switches.
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So that's something that I found,
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based on my experience, is unique
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to tastyworks.
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So if you want to see all of your
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filled orders, you just click on
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Filled and now you see both your
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working orders and all
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of your filled orders.
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As you see, I'm an active trader,
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so there's a lot of fills that I'm
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having here in these accounts and
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this is only two of
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the 8 accounts that I
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personally trade.
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You can also see the canceled order,
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and you see this where you toggle
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them on and off.
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If you only want to see the canceled
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orders, you click again on filled
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and working, this toggles it off and
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now you see only the canceled ones.
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So for me personally, I like to
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see my working orders here
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and sometimes I want to see on what
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did I get filled.
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And you can narrow it down on today,
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so what orders did you get filled
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on? So these were the orders that
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I got filled on today.
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TRGP, ANGI and
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CEQP.
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These were the orders and this
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is where you place the working
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orders.
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So as you can see, super, super
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easy. Now these are really
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the basics. I want to show you some
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bells and whistles here right now
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because I think that there's some
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cool stuff with the platform.
[647]
But let me just ask you this thus
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far, is this making sense?
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Is this helpful at all before I
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go a little bit deeper?
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Because my goal with
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this little tutorial is to show
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you how to place a trade
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on tastyworks, whether it is a stock
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or options trade in 10 minutes
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or less. So.
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And I will show you some other cool
[667]
features here. And if you're
[668]
enjoying this video thus far, do me
[669]
a favor and click on like really
[671]
quick, because this way I know which
[673]
videos you like and I'll do more of
[675]
those. And if you're new to the
[676]
channel, make sure that you hit that
[678]
little notification bell and click
[679]
on subscribe this way you get
[681]
notified whenever I release
[682]
a new video.
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All right, so let's go back here.
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Now, one of the other cool things
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is that with tastyworks
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you do have a charting platform.
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So you can right now click here
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on chart and you see a chart
[695]
of Apple, and you see there's some
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cool tools here so you can
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click on an hourly chart or you
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can have a 15 minute
[703]
chart of Apple if you want to.
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And all of these are live,
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they are real time.
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So when you're opening an account
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with tastyworks, they give you free
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real-time data.
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So I think this is pretty cool.
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You can plot some indicators
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if you wanted to.
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So, for example, if you like the
[720]
idea of plotting Bollinger
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bands, you can just add
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Bollinger bands, modify
[726]
the settings if you wanted to.
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So you see, you have a pretty neat
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charting platform here as well.
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So that's what I wanted to show you,
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it's one of the bells and whistles.
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And as you can see, there's some
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other tools where you can,
[740]
for example, draw trend lines,
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right? So if you choose to to
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draw a trend line like this,
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I have plotted it right now here.
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It's a little bit hard to see so you
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need to configure it if you wanted
[751]
to use it. Now, I personally like
[753]
to use TradingView as my charting
[754]
platform, so I really don't
[756]
want to go into all the details
[758]
of charts.
[759]
It's pretty intuitive, so you
[761]
can definitely figure it out here.
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No problem at all.
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OK. So this is what you see down
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here.
[767]
And then you can go back to trade
[770]
because especially when you're
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trading options. And again, even
[772]
though you can trade stocks here,
[774]
the real power of tastyworks is
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when you are trading options.
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Because one of the things that you
[779]
can do is do an analysis.
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For example, if you're buying this
[784]
particular option of Apple, you
[786]
see here, first of all, at a glance,
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what is your probability of profit?
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This is 19%.
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So it's pretty low because we're
[794]
trading an out of the money call
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option.
[797]
And you see, as you're moving it
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closer into the money, your
[801]
probability of profit
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moves higher.
[804]
You also see how much extrinsic
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value it has.
[807]
And the probability of making at
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least 50% on the option.
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So here in this case that it moves
[813]
up from $7.50 to
[815]
roughly $11, right?
[817]
This would be a 50% profit.
[819]
So this is what you see here with
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the P50.
[821]
You see the Delta, the Theta,
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you see the maximum loss,
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the maximum profit that you achieve,
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and the buying power.
[829]
So you have everything at a glance
[830]
here where you can quickly compare
[833]
what makes more sense to buy a 425
[835]
option or maybe buy
[837]
a 400 option, 400
[839]
strike price, because then you see
[841]
the probability of profit is
[843]
32%.
[844]
The probability to make at least
[846]
50% of the option is 51%,
[849]
so it's actually pretty cool.
[850]
So but this is just the summary.
[852]
Now some of you options traders, you
[854]
love to have a curve.
[856]
So this is where we see exactly
[858]
ok, how much money would we
[860]
make or lose with this
[862]
option at different stock prices?
[865]
And this is an expiration here.
[867]
So you have a powerful analysis
[869]
tool and again, I don't want to go
[870]
into much detail.
[872]
If you're interested and want me to
[873]
cover anything else here
[875]
just let me know in the comments and
[877]
I'll be happy to do another video.
[878]
This, again, is just a very brief
[881]
intro video that shows you the main
[883]
functions here.
[884]
But it's actually pretty cool
[885]
because you can show the theoretical
[888]
zones here, the P&L,
[890]
theoretical, right for
[891]
what happens if the stock moves
[893]
to a certain price over
[895]
the next few days.
[896]
And again, I'll be happy to cover it
[898]
in a more detailed video.
[900]
But as you can see, there's some
[902]
cool analysis stuff here.
[904]
So besides just having the table
[906]
and here, quickly, the most
[908]
important information that
[910]
you need when trading options, at
[911]
least that's what I rely on, you can
[913]
really geek out
[915]
and dive deep here and have
[918]
a graphical and a visual analysis.
[920]
Now, this is pretty cool, especially
[922]
if you're trading more complex
[923]
options strategies.
[924]
So let's say you want to trade
[926]
a debit spread and you're buying
[928]
this call and at the same time,
[930]
you're selling a 4.10.
[932]
So this way, you go back to the
[934]
curve and you see, OK,
[936]
how does it change when you're
[937]
trading these two options,
[940]
when you're trading a spread?
[941]
And you see now you can even
[943]
change here, the strike
[945]
price. Look at this, isn't that
[946]
cool? I really like this.
[948]
I really like this I think it's
[949]
super intuitive so that
[951]
you see what if and you always
[953]
see here the probability of profit,
[955]
you see the probability of making
[957]
at least 50% on this trade.
[959]
The delta, the theta are the max
[960]
profit and the max loss.
[963]
Now, how do you like this?
[964]
And again, I'll be happy to do
[965]
another video in more detail here.
[968]
But let me just show you one
[970]
last thing in this
[971]
video here and this is how to
[973]
configure the columns.
[974]
Because this is something that I was
[976]
a little bit surprised in the
[977]
beginning and something to get used
[979]
to. When you're trading options, you
[980]
see the bid and the ask?
[981]
You always see this and then you
[983]
have two more columns that you
[985]
configure any way you want.
[987]
And here are all the possibilities.
[989]
So if you're an option trader and
[990]
you would like to know what the
[992]
delta of an option
[993]
you can display the delta here.
[996]
And then it's showing it both for
[997]
the calls and the puts.
[999]
You see, it's the same.
[1001]
We have now the bid/ask, Delta
[1002]
and the High.
[1004]
And if you want to display the theta
[1005]
of all the options, then you can
[1007]
change this here, you can just pick
[1009]
and choose from any of these and
[1011]
you're seeing the bid/ask,
[1013]
Delta and Theta and you see it for
[1014]
both the the puts
[1016]
and the calls.
[1017]
Now, at first I thought, well, I
[1019]
would like to display more columns
[1021]
and it is not possible.
[1022]
It is fixed, you can only display
[1024]
four columns, and out of these four
[1026]
columns, two are fixed.
[1027]
So it's something to get used to.
[1029]
So, for example, if you want to see
[1031]
the open interest, you have to
[1032]
replace the Theta column
[1034]
with open interest.
[1036]
I personally like to see where
[1038]
has the option traded for the day,
[1040]
where is the high and the low off
[1042]
the option.
[1043]
Because I usually don't like to
[1045]
to buy at the high and I don't
[1047]
like to sell at the low here.
[1049]
But again, you can configure it and
[1050]
it's something to get used to that
[1053]
you only have two customizable
[1055]
columns, that you cannot just show
[1057]
a bunch of columns here.
[1058]
This is what I'm used to from other
[1060]
trading platforms that I used in the
[1061]
past, mainly Interactive Brokers
[1064]
where I could add a lot of columns
[1066]
here. But here
[1068]
it is what it is. Anyhow,
[1071]
so as I promised, this is just
[1073]
a very quick introductory video
[1075]
on how to use tastyworks.
[1077]
And if you have any questions and
[1078]
would like to see me making some
[1080]
other videos that go into more
[1082]
details of the platform just leave
[1084]
a comment below and I'll be happy to
[1086]
post another video.
[1087]
Hey, so if you enjoyed this video,
[1089]
please do me a favor and and like
[1091]
it. And if you want to see more
[1093]
videos like this, leave a comment
[1095]
or click on the subscribe button and
[1097]
click the little notification bell,
[1099]
this way you get notified whenever I
[1101]
release a new video.
[1102]
And if you liked it and you
[1104]
think that others could benefit from
[1105]
this video, please remember to share
[1107]
this video and I'll see you in one
[1109]
of the other videos that are
[1110]
probably popping up on the screen
[1112]
right now.
[1113]
See you in the next one.
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