All right, in this video, I want to
show you how I personally use
tastyworks to place trades.
Now, this will not be one of these
hourlong tutorials.
It will be probably a 15 minute
tutorial that shows you the basics
of what you need to know to place
your first trades.
Because let's briefly recap.
In order to place a trade there's
five things that your broker
needs to know.
So, first of all, your broker
needs to know what do you want to
trade? The symbol, whether you're
trading a stock or an option
it doesn't really matter, right?
So secondly, you need to tell your
broker whether you want to buy
or sell. So I'll show you how to do
this. Now, third, your broker
needs to know how many shares
or options do you want to trade?
So the quantity here.
Number four, this is the fourth
thing that you need to know before
placing a trade or when placing a
trade is at what price
do you want to buy or sell?
And then number five
is the duration of the trade.
For how long are you trying
to buy or sell a stock?
Is it only for the day?
So there are two things.
It's either a day order or
it is a good till
cancel, which would be
a GTC order.
So let's start with the basics here
so that you know exactly how to
place a trade.
So when you open tastyworks, this is
what it looks like.
By the way, if you would like to
have more information on tastyworks,
go to Rockwelltrading.com/tastyworks.
This is where you'll find more
information we'll post the link in
the description. As you can see,
there is a watch list
on the left hand side and honestly,
I'm not using this at all.
So unfortunately, I haven't figured
out how to minimize this
watch list so it is just there.
For now I'm moving it off the screen
because there's not really a whole
lot that I'm doing with the watch
list, because this way we have a
little bit more room here for the
main screen.
OK. So, again, looking
at the five things that you need,
first of all, the question is where
do you buy or sell?
Where do you place the symbol?
And it is up here in the upper right
hand corner. So let's say if you
want to actually buy Tesla,
you type in Tesla right
there.
So here we are at positions.
And when you go to trade, so you
see you have three tabs here.
This is where you see your open
positions. So you see right now,
these are the positions that I'm in
TGTX and MUR and
you see how much is the open P&L
and how much is the P&L
for the day. But anyhow, if you want
to place a trade this is where
by default you see an
options chain because,
yes, tastyworks is mainly for
options trader but you can also
trade stocks.
Now in order to trade stocks it's
fairly easy.
You go up here and this
where you see it says either long
or, when you click on long, short
stock.
So when you click on Go, this
is when you see it pops up
this little order entry window that
you have here in the bottom right
now.
And now let's take a look what you
need to do and then I'm showing you
how to do this with options.
So after we place the symbol,
we need to say, do we want to buy or
sell at the quantity.
So let me show you here, you see buy
or sell.
Super easy.
This is how you buy, this is how you
sell, you see here the quantity
that you can change.
And you can either do it with these
arrows or you can just
override it and say you want to buy,
let's say 10 right here.
Ten shares of Tesla.
You can specify a limit price if you
want and then also say whether you
want to place a market order,
limit order, stop market, or
stop limit order.
If you're unfamiliar with the
orders, I did a video for you and
we'll post the link in the
description that shows you
how to use ,or when to use,
a stop order versus when to
use a limit order.
So as you can see, here is the time
in force.
And this is where the last
thing, the duration, whether you use
a day order or good to cancel
order you see it right here.
So you have day, you have good
till cancel, "Ext" means
extended hours so don't worry about
these, just worry about the first
ones.
So when you click on review and
send, you can review your order
so that you see how much does it
take up of your buying power, of
your stock buying power, your option
order and you can review the order
before you send it.
OK? Is this making sense?
So this is how you place a stock
trade. And I'm going to clear
this order right now, because now I
want to show you how to place an
option trade.
Now, if you're trading options, then
you know there's a little bit more
instead of just picking the right
symbol. So for option traders,
you need to know the expiration.
So by when shall
the option expire, you have to
specify whether you trade a call
or a put option, and
the strike price.
Now let me show you how to do this
on tastyworks.
Again, we're keeping it super easy
this is not meant to be an extensive
tutorial. I'm showing you the basics
so that you can enter an order
with confidence.
So here you see all the different
expirations for Tesla.
And you see, for example, you have
the July 24th expiration,
which is four days to expiration,
July 31st, eleven days to
expiration.
And you also see that there's
different colors.
The dark blue ones are
weekly options and the lighter blue
ones that you see here are
monthly options.
So let's say we want to buy
a call for Tesla.
We expect Tesla to skyrocket
and we're going to buy one for
$1,800.
So you see on the left hand side
there's calls, on the right hand
side they're puts.
So if you want to buy a call we just
click on the ask and now you see it
opens again this little window
here which makes it super easy
to say OK, how many do
you want to trade?
Because again, you need to say,
tell your broker do you want to buy
or sell this option?
How many options do you want to
trade? And at what price?
And you see, this is where you have
this little window popping up
that allows you to either say,
OK, you want to trade one, two
or three. You can also change the
quantity here.
See, now it says two options,
you have the price right here.
And then again, whether you use a
limit order or a market order.
When trading options, I recommend
using a limit order.
And again, I have a video on this.
So super easy and then the same,
you do review and send and it will
tell you how much of the stock
buying power or option buying power
you need. And here,
since Tesla is horribly expensive,
this small account that I'm trading
here on tastyworks does not
have sufficient buying power
available for this order.
Anyhow, so as you can see, it
is super easy if you now want to
sell an option instead of buying
it you can just click on this
and you see it changes from cell to
buy.
Really, really super easy.
Let's actually go to a stock that is
a little bit cheaper because then I
can show you some other cool stuff.
And let's go to Apple.
Let's just say Apple it's a little
bit cheaper here.
And Apple is trading right now
at $392.
Let's say we are bullish on Apple
and we expect Apple to go
above $420.
And so we want to buy an option
with a strike price of $420
right here and you see it
highlighted and it costs us
$6.10. So that's $610,
little bit easier here.
So, as you can see, super easy
to change the quantity.
You can just increase the quantity
here. Now you see B2 for
buying two, but you can decrease
the quantity.
And you can just click on this
and this is how you would sell,
instead of buying.
So as you can see, super easy.
Then you click on review and send
and this is how you would then send
the order and put it in the
marketplace.
As you can see, this is where I
wanted to show you, first of all,
how you enter orders.
Now, here is something cool that
I really like about tastyworks.
Because when you're entering an
order, you see it makes it super
easy, especially when you're an
option trader.
Let's say you want to see a
different strike price.
So here you can just drag
and drop it to other strike
prices. You see super easy.
So instead of changing the strike
price manually and typing it in,
you can just drag and drop it here
which makes it easy.
You can change the quantity here and
you can even go out in expiration
or come back in expiration.
So you see, when you click on this,
then the order moves to August
28th right there, instead of
August 21st.
When you click on minus, it comes
back to August 21st.
So I think this is actually
super cool.
You have the possibility to trade
more complex options strategies
but honestly, if you just
want to buy or sell options,
this is how easy it is
to do it. Again, if you would like
to have more information on
tastyworks go to
Rockwelltrading.com/tastyworks.
We'll post the link in the
description. But I also want to show
you a few other cool things
here. Again, that's super
easy how I use it here and then
on to under the activity, because,
again, we talked about these three
tabs. These are the three most
important tabs that you need and
that you use.
Here is where you have all your
positions, here is where you place
the trades, and the third tab, the
activity, this is where you see
what's going on.
As you can see, I have two working
orders.
I want to buy an option on CALX
for $1.60 and right now it is
trading at $2.35.
So I want to see that it is coming
back. And here I want to place
an order. I want to buy, I want to
buy a call.
I want to buy a call at $2.40 and
right now it is trading at $3.
So this is where you see your
working orders.
Now you see you have also not really
tabs here, but these are really
toggle switches.
So that's something that I found,
based on my experience, is unique
to tastyworks.
So if you want to see all of your
filled orders, you just click on
Filled and now you see both your
working orders and all
of your filled orders.
As you see, I'm an active trader,
so there's a lot of fills that I'm
having here in these accounts and
this is only two of
the 8 accounts that I
personally trade.
You can also see the canceled order,
and you see this where you toggle
them on and off.
If you only want to see the canceled
orders, you click again on filled
and working, this toggles it off and
now you see only the canceled ones.
So for me personally, I like to
see my working orders here
and sometimes I want to see on what
did I get filled.
And you can narrow it down on today,
so what orders did you get filled
on? So these were the orders that
I got filled on today.
TRGP, ANGI and
CEQP.
These were the orders and this
is where you place the working
orders.
So as you can see, super, super
easy. Now these are really
the basics. I want to show you some
bells and whistles here right now
because I think that there's some
cool stuff with the platform.
But let me just ask you this thus
far, is this making sense?
Is this helpful at all before I
go a little bit deeper?
Because my goal with
this little tutorial is to show
you how to place a trade
on tastyworks, whether it is a stock
or options trade in 10 minutes
or less. So.
And I will show you some other cool
features here. And if you're
enjoying this video thus far, do me
a favor and click on like really
quick, because this way I know which
videos you like and I'll do more of
those. And if you're new to the
channel, make sure that you hit that
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on subscribe this way you get
notified whenever I release
a new video.
All right, so let's go back here.
Now, one of the other cool things
is that with tastyworks
you do have a charting platform.
So you can right now click here
on chart and you see a chart
of Apple, and you see there's some
cool tools here so you can
click on an hourly chart or you
can have a 15 minute
chart of Apple if you want to.
And all of these are live,
they are real time.
So when you're opening an account
with tastyworks, they give you free
real-time data.
So I think this is pretty cool.
You can plot some indicators
if you wanted to.
So, for example, if you like the
idea of plotting Bollinger
bands, you can just add
Bollinger bands, modify
the settings if you wanted to.
So you see, you have a pretty neat
charting platform here as well.
So that's what I wanted to show you,
it's one of the bells and whistles.
And as you can see, there's some
other tools where you can,
for example, draw trend lines,
right? So if you choose to to
draw a trend line like this,
I have plotted it right now here.
It's a little bit hard to see so you
need to configure it if you wanted
to use it. Now, I personally like
to use TradingView as my charting
platform, so I really don't
want to go into all the details
of charts.
It's pretty intuitive, so you
can definitely figure it out here.
No problem at all.
OK. So this is what you see down
here.
And then you can go back to trade
because especially when you're
trading options. And again, even
though you can trade stocks here,
the real power of tastyworks is
when you are trading options.
Because one of the things that you
can do is do an analysis.
For example, if you're buying this
particular option of Apple, you
see here, first of all, at a glance,
what is your probability of profit?
This is 19%.
So it's pretty low because we're
trading an out of the money call
option.
And you see, as you're moving it
closer into the money, your
probability of profit
moves higher.
You also see how much extrinsic
value it has.
And the probability of making at
least 50% on the option.
So here in this case that it moves
up from $7.50 to
roughly $11, right?
This would be a 50% profit.
So this is what you see here with
the P50.
You see the Delta, the Theta,
you see the maximum loss,
the maximum profit that you achieve,
and the buying power.
So you have everything at a glance
here where you can quickly compare
what makes more sense to buy a 425
option or maybe buy
a 400 option, 400
strike price, because then you see
the probability of profit is
32%.
The probability to make at least
50% of the option is 51%,
so it's actually pretty cool.
So but this is just the summary.
Now some of you options traders, you
love to have a curve.
So this is where we see exactly
ok, how much money would we
make or lose with this
option at different stock prices?
And this is an expiration here.
So you have a powerful analysis
tool and again, I don't want to go
into much detail.
If you're interested and want me to
cover anything else here
just let me know in the comments and
I'll be happy to do another video.
This, again, is just a very brief
intro video that shows you the main
functions here.
But it's actually pretty cool
because you can show the theoretical
zones here, the P&L,
theoretical, right for
what happens if the stock moves
to a certain price over
the next few days.
And again, I'll be happy to cover it
in a more detailed video.
But as you can see, there's some
cool analysis stuff here.
So besides just having the table
and here, quickly, the most
important information that
you need when trading options, at
least that's what I rely on, you can
really geek out
and dive deep here and have
a graphical and a visual analysis.
Now, this is pretty cool, especially
if you're trading more complex
options strategies.
So let's say you want to trade
a debit spread and you're buying
this call and at the same time,
you're selling a 4.10.
So this way, you go back to the
curve and you see, OK,
how does it change when you're
trading these two options,
when you're trading a spread?
And you see now you can even
change here, the strike
price. Look at this, isn't that
cool? I really like this.
I really like this I think it's
super intuitive so that
you see what if and you always
see here the probability of profit,
you see the probability of making
at least 50% on this trade.
The delta, the theta are the max
profit and the max loss.
Now, how do you like this?
And again, I'll be happy to do
another video in more detail here.
But let me just show you one
last thing in this
video here and this is how to
configure the columns.
Because this is something that I was
a little bit surprised in the
beginning and something to get used
to. When you're trading options, you
see the bid and the ask?
You always see this and then you
have two more columns that you
configure any way you want.
And here are all the possibilities.
So if you're an option trader and
you would like to know what the
delta of an option
you can display the delta here.
And then it's showing it both for
the calls and the puts.
You see, it's the same.
We have now the bid/ask, Delta
and the High.
And if you want to display the theta
of all the options, then you can
change this here, you can just pick
and choose from any of these and
you're seeing the bid/ask,
Delta and Theta and you see it for
both the the puts
and the calls.
Now, at first I thought, well, I
would like to display more columns
and it is not possible.
It is fixed, you can only display
four columns, and out of these four
columns, two are fixed.
So it's something to get used to.
So, for example, if you want to see
the open interest, you have to
replace the Theta column
with open interest.
I personally like to see where
has the option traded for the day,
where is the high and the low off
the option.
Because I usually don't like to
to buy at the high and I don't
like to sell at the low here.
But again, you can configure it and
it's something to get used to that
you only have two customizable
columns, that you cannot just show
a bunch of columns here.
This is what I'm used to from other
trading platforms that I used in the
past, mainly Interactive Brokers
where I could add a lot of columns
here. But here
it is what it is. Anyhow,
so as I promised, this is just
a very quick introductory video
on how to use tastyworks.
And if you have any questions and
would like to see me making some
other videos that go into more
details of the platform just leave
a comment below and I'll be happy to
post another video.
Hey, so if you enjoyed this video,
please do me a favor and and like
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