All right, so let's talk about
opening a brokerage account.
And today we're going to open an
account with TastyWorks here
together.
So I will open an account with you
and show you exactly what the
account opening process is all
about. Now, let's quickly review.
Here is what I did in
the previous video.
I looked at four different
brokerages TD Ameritrade,
Interactive Brokers, WeBull and
TastyWorks.
And I had my eight criteria
that I personally use to pick a
broker.
So I went through this and you see
that for me, TastyWorks came
up on top. Now, for you, it might be
different because you might have
different criteria.
If you're interested in watching
this full video, there's probably
a link right now somewhere on the
screen or in the description, so you
can see what criteria I used
and how I evaluated these
brokerages. Anyhow, TastyWorks
came out on top and this is why
right now we will open
an account with TastyWorks.
So let's jump on the screen and
do it here together.
So all I did thus far is go
to TastyWorks Home Page.
They say, "Want 100 shares on us?"
Sure.
If you want to give me 100 shares,
I'll be happy to do this.
So I'll let you know what shares
I'm getting here.
So tell me how and right
here, we can open an account.
So it does seem that we have one,
two, three, four, five sections
here. So first of all, some account
information, then information
about the trader, that's probably
me. Something regarding access, some
security, and then they do
need some documents.
Now, I can already tell you from
experience that brokerages in the
United States always need
a driver's license and proof of
residence. Proof of residence can be
your electric bill, can be your
water bill, so I am prepared
for this. So I do have already
my latest electric bill
that I can upload as well as my
driver's license front and back.
That's what I wanted to show you
right here, it is in the folder.
But let's get started.
So my email address, user
name and password.
So here's what I'm going to do.
Right now I am typing this in,
but I'm coming to your full screen
because I decide to keep this
information private.
So I'm typing in the user name
and I will show you what happens
when we click on Continue and go to
the next screen.
Good. Fantastic. So here's the next
step. We do need to confirm the
e-mail so I can use my username
and password and I need to confirm
the e-mail address.
We've just send you an email, please
be sure to click the link you find
when within the next 72 hours.
OK. So we don't have to do this now.
We can do this within the next 72
hours, so we'll be fine.
Now the next step is that is asking
me what kind of account do I want to
open an individual, entity/trust,
joint? I want to open just an
individual account for me
personally, Markus Heitkoetter.
And I would like to have a margin
account. I don't want to have a cash
account, not a retirement account,so
for my purposes, for my style of
trading, I am choosing individual.
There we go.
And margin account.
Step number two.
So now I have to fill
in apparently a bunch
of personal information, which I
will do right now.
Are you a U.S.
citizen? No, I'm not.
Are you a permanent resident?
Yes, I am.
My country of citizenship is
Germany, and I can tell you that.
So no surprise there, you probably
already know this.
I am born and raised in Germany,
100% German.
I do, of course, have a Social
Security number.
So you need to do Social Security
number.
It is asking how many
dependents I have, my date
of birth.
I think we are somewhere
at a point where I can share my
desktop again. So we are now on
employment information.
That is a difficult one.
I am not employed, I'm not
unemployed, I'm not retired, I'm not
a student. So let's say I am
employed and the employer name
is, I have a company, as you know,
Rockwell Trading Services,
LLC, it is an education company,
and my job title is
kind of the owner of the company.
Let's see.
Are you subject to backup
withholding? No.
Are you a director, 10% shareholder
or policymaking officer?
No, I'm not.
Are you employed with the securities
or futures member firm?
I am not.
Is the account maintained
for a current or former political
exposed person?
Holy moly!
No, of course not.
The trusted contact, since
I'm my own trusted contact, that's
what I will enter here.
So I need to come back to you for
just a second while I am
filling this out.
Should be fairly quick.
So that's a little bit unusual why
they ask for a trusted contact.
When I just said, "Hey, I'm the
account owner and I'm the only one
on the account." I don't want to
give anybody else access to the
account. So it's asking for my date
of birth again, I can tell you this.
There's no secret it's November
15th, 1969.
Yes, so this year I will be turning
51 years old.
And now it says to have the
government find funding of
terrorism, we have to acknowledge
something. And yes, we want to
continue to trading
access. There we go.
So I want to buy a stock, I want to
short sale stock, I want to buy
options, I want to sell covered
calls, I want to sell naked
calls, I want to sell naked puts and
futures. OK.
So let's see if I qualify for the
works, please describe your
knowledge of stocks.
I would say my knowledge of stocks
is pretty extensive.
Covered options and spreads, I'm
want to say it is pretty extensive
because I've been doing it for a
very long time.
Uncovered options, I mean, you're
watching me doing uncovered options.
What do you think?
What is my knowledge of uncovered
options of selling naked calls
and puts? I would say extensive.
And futures I've been trading
futures for, since
1998, I believe so.
So I also would say very extensive.
Trading objective,
I am willing to take larger
risks here.
Yeah, so it's speculation.
That's it for me.
So my annual income
currently it's probably between
$500,000 and $1.2 Million.
Last year it was a little bit
higher.
So last year it was a little bit
over a million.
But I think that will be fine.
My liquid net worth is $5,000,000
and above.
So we are good.
Networth and liquid net worth, oh,
it's probably how much money I have
right now in cash.
So I mean in my savings account or
my checking account I probably have
around to $400,000 -
$500,000 and then I have a lot of
money invested in real estate.
OK. Continue to security.
Confirm your identity. It is
confirmed. OK.
Validate your device.
Now I need to send a verification
code to my mobile number.
Let's do this.
So it sent it here to my mobile
number. The verification code that
I got is 161422.
Validate.
And this worked as well.
And now there's a security question.
You can select your own question,
which is actually pretty cool.
So I'm doing this and I am
typing the answer.
OK. Continue to important
documents. OK.
So now, holy
moly, there is a bunch of documents
that you have to acknowledge and
sign and supposedly read
and you can read these, it's
kind of a when you're buying a house
and signing up for a mortgage,
right? So there's a lot of stuff.
And they ask, have you received,
read, understood each of the
documents above and agreed to all
provisions in each document.
So don't tell
anybody. I will say "Yes," even
though I haven't read them.
Again, this is not my first rodeo
I have opened accounts before.
I know what it says.
It basically says I'm responsible
for anything, the broker is not
responsible for everything.
That's what it says in many, many
documents. So shhh,
don't tell anybody that I say,
"Yeah, I've read them," because I've
read them in the past and they're
not that interesting to read here
together. So, yes, review your
application. Now, this is where I
probably have to come back because
it shows a bunch of sensitive
information here right now.
Yes, it does.
So it is basically just saying,
all right, if I
am Markus Heitkoetter, I agree
that all of this stuff above
is correct and
sign and submit the application.
Let's do this.
So now they're saying we're setting
up your account please do not
refresh your browser.
I won't. Let's see what happens.
Kind of exciting, like I said I
haven't open account in three or
four years.
Congratulations, you opened your
first account and your TastyWorks
journey has begun.
You're now signed into this
TastyWorks account management site
and the status of your new account
and any future account appears in
the blue box on this page.
First things first, before you close
this pop up, you should download the
TastyWorks desktop platform.
Let's do this. Let's just quickly
download it and install it.
It's only 200 megabytes.
So this should be rather quickly.
So while this downloading in the
background, I want to see if there's
anything else I need to do right
now. Let me just come back to you,
because I'm going to click on my
account data.
OK. So when I click on my account,
here's what happens.
You've initiated one account at
TastyWorks.
OK. It is processing.
I do have an account here, to be
honest, I am a little bit surprised
that it didn't ask me to upload my
documents because usually you have
to upload your driver's license
and proof of residence, which
is usually a water bill,
a gas bill, electric bill.
I'm a little bit surprised that it
didn't do that.
Well, it is what it is.
There is not much more to do.
Apparently, right now, besides
waiting for the e-mail. As you can
see this is pretty straightforward,
pretty easy.
No big deal.
So apparently it's a two step
process here.
Step number one was today, fill out
the account application and now you
know exactly what an account
application looks like.
Is this is making sense thus far?
Is this helpful at all, that you see
what exactly it looks like when you
open an account?
If it is, do me a favor, click on
like really quick right now.
And I know that it was a bit odd
that I have to be off screen
sometimes when I enter personal
information.
But hey, now you know what is being
asked when you open an account,
pretty painless, right?
I mean, how long did it take us to
open the account?
Ten minutes and all, it's just
a matter right now of being
approved.
All right. So it has been a few
hours and I did receive an email
from TastyWorks saying that my
account is approved.
It was a matter of really
a couple of hours.
So now the next step is to fund
the account.
And that's what we're gonna do here
together right now.
So I'm showing you exactly how you
can fund an account.
In order to do this.
I'm going to tastyworks.com.
It remembered me, so I'm still
logged in, I'm clicking on my
account that is now approved,
and when you go to my account,
you now need to fund
the account. When funding the
account, you have several
possibilities.
You can do it by ACH,
by wire transfer, by
check, and I have no idea what
ACAT is.
Don't know that.
So here's what I found, when I
logged into the account I was ready
to wire them some money.
But then they say, you know what?
The fastest thing is to do
it by ACH.
By doing so, all you needed to do
is select my bank
and log into my bank and it was
already linked. So it was super,
super easy to do this.
Now, here's an important thing, and
this is something to remember,
because of Anti Money Laundery
is that it laws?
Yeah, AML laws.
Anyhow, all the money
need from the brokerage account
needs to come back into the account
that you're wiring it from.
So choose wisely if
you right now, if you link one
account and you wire money from
there into your brokerage account,
that has to be the account that the
money is coming back to.
OK. Let's actually fund this.
And all we need to do here is
the transaction frequency is one
time and the deposit amount,
this is where we had the poll going
on. I asked you, how much money
would you like me to deposit into
the account? I asked you, should I
deposit $5,000, $10,000 or
$25,000?
169 have voted and
the vote is $10,000.
So I will put $10,000 in there and I
will trade it together with you as
a $10,000 account.
So we do it right now, $10,000.
And you see in order to
be processed the same day ACH
deposits must be in by 2:00
p.m. Right now it is 3:00
p.m. Central Time.
So it is a Friday anyhow so
we won't be able to trade with the
money today, but we can
trade with it on Monday.
And that's what we're gonna do.
So I'm gonna click continue.
All it does it's confirming a few
things, I hit submit and by doing
so, it is now asking me to
send a security code.
Now the security code is being sent
to my cell phone.
So we're verifying it, okay, your
deposit is processing.
Head over to schedule deposits
to check the account status.
OK, so oh, look at this, trade
with your funds today.
Your ACH transfer were successfully
submitted. Funds are typically
available within one to two business
days, but we are happy to grant
you a $1,000 in buying power
in the meantime, while we wait for
the full amount to settle.
OK. Please note by opting
in you will not be able to cancel
this pending ACH.
Would you like us to grant buying
power? OK, yes.
So that's pretty cool.
It seems while they're waiting for
the funds, they say, "OK, we already
give you a $1,000
to trade with." Cool.
Let's open the platform and let's
see what this platform is all about.
Now, every single broker platform
has five main elements.
And we're going to try to find these
five main elements here.
So the first is where can we enter
the trades?
And you see usually it shows
activity positions right here trade.
So this is obviously when we click
on trade where we can place a trade.
Oh, okay this how it works.
So I will make myself familiar with
the platform over the next few days,
but if I want to go long a stock,
I do it here.
And if, oh my gosh,
there's all these options.
So I could short of put option, can
short a verticle. Okay, that does
look pretty cool.
Now, here's the deal.
I will familiarize myself with this
trading platform probably over the
weekend right now as I'm recording
it is Friday.
And then when we are ready to trade
on Monday, I'll probably hopefully
know what I'm doing.
And otherwise, we'll figure it out
together. So if you enjoyed this
video and would like to see how I am
trading the $10,000 that
you asked me to put in the account,
I gave you several options.
You said do $10,000.
So we'll see how quickly we
can grow this $10,000 account.
And if you would like to watch me
how to do this, click on Subscribe
right now and hit the little
notification bell because this way
you got a notification from YouTube
whenever I release a new video
or when I'm going live and show
you exactly how I trade live.
Hey, and make sure that you click on
like, the more likes I get the
more videos I'll make.
Promise.
OK.
I'll talk to you soon.