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Thoughts on TastyWorks?

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06-30-2017 , 12:06 PM

whoisthewomanme

newbie

Join Date: Feb 2016 Posts: 34

Hey everyone. What are your thoughts on TastyWorks?

I'm currently looking to open a brokerage account to trade stocks & options.

There are a several of them out there. TastyWorks looks to be the cheapest in terms of commissions and fees though.

Anyone here used them? Pros? Cons? Good? Bad?

Thanks!

-Susan

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07-02-2017 , 03:00 PM

rand

Pooh-Bah

Join Date: Feb 2007 Posts: 4,137

Susan, I am going to assume you are innocent until proven guilty, aka the reason you have only 4 posts is that this is a new account asking a sincere question and not a TW marketing maneuver.

I have not used their platform but have heard nothing but good things about Tom Sosnoff and know people actively involved in the development.

Sosnoff's Ted Talk did really suck though...

If I were you I would open an account and give it a shot (heard they have a really long waiting list though). I will say this, they will not steal your money.

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07-03-2017 , 03:31 PM

whoisthewomanme

newbie

Join Date: Feb 2016 Posts: 34

I've had the account since Feb 2016. Just a lurker and don't post much.

I'm not affiliated with TastyWorks in any way.

I filled out the application and funded last week. There was no waiting list. At least, not that I encountered.

Managed to do both within 24 hours.

I won't be trading with them until after the 4th of July Holiday.

Going to spend some time learning the platform today and tomorrow.

I'll post back with my thoughts / review later after using them a bit.

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07-05-2017 , 08:22 PM

rand

Pooh-Bah

Join Date: Feb 2007 Posts: 4,137

Yeah, thats great. Please do share your initial reaction.

I think there was a waiting list but guess they have been able to work through it.

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07-06-2017 , 01:24 AM

:::grimReaper:::

veteran

Join Date: Jul 2010 Posts: 3,113

Never tried TW, but some of the stuff Sosnoff is says is plain out idiotic and wrong. Like option isn't a zero-sum game, talking about time-decay as an investment strategy, and pretty much anything he says about bonds or non-trivial probability.

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07-06-2017 , 05:55 PM

rand

Pooh-Bah

Join Date: Feb 2007 Posts: 4,137

Quote:

Originally Posted by :::grimReaper:::

This could just be perspective. Like I said, I thought his TedTalk was pretty much trash. But he is no idiot...

I could see a rational person considering options to be zero sum. I could also see a rational person as not considering options to be zero sum.

Is poker zero sum? Well many pros (most people?) would say yes. But the house makes it negative sum. And if people get entertainment / utility out of it maybe its positive sum.

https://www.youtube.com/watch?v=l8IuGxP4Pa4

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07-06-2017 , 11:24 PM

:::grimReaper:::

veteran

Join Date: Jul 2010 Posts: 3,113

Quote:

Originally Posted by rand

Is poker zero sum? Well many pros (most people?) would say yes. But the house makes it negative sum. And if people get entertainment / utility out of it maybe its positive sum.

Well, our only consideration here is making money (obviously?). And that's never his argument for why options is not a zero-sum game. His argument usually is along the lines of "you can pick your strategy" or some bull****.

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07-07-2017 , 12:15 AM

:::grimReaper:::

veteran

Join Date: Jul 2010 Posts: 3,113

Quote:

Originally Posted by whoisthewomanme

-Susan

Since you mentioned commissions, no one beats Interactive Brokers. The amount of commission you pay on stock/options trades can vary, but commissions there are roughly $0.50 per option contract or 100 shares stock. They will also pay you interest on your balance (FF - 50, which currently amounts to 0.66%). On a $100k account, that's ~$50 of free monthly cash. You will have to pay for data ~$5-10/mo (level 1 quote), and there is a $10 inactivity fee if you account <$100k.

IB is a no brainer!

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07-07-2017 , 02:22 AM

Steiger

centurion

Join Date: Nov 2008 Posts: 145

Intraday margin requirements are ridiculous though.

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07-07-2017 , 03:31 AM

#10

:::grimReaper:::

veteran

Join Date: Jul 2010 Posts: 3,113

Quote:

Originally Posted by Steiger

Intraday margin requirements are ridiculous though.

Details? I thought 4x intraday was standard Reg T. Are you talking about Port Margin?

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07-07-2017 , 03:38 AM

#11

Steiger

centurion

Join Date: Nov 2008 Posts: 145

Some examples for IB intraday margin:
FDAX: 14k
6E: 7k
ES: 3.8k

In comparison AMP futures intraday margin requirements:
FDAX: 2.5k
6E: 500
ES: 400

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07-07-2017 , 10:40 AM

#12

:::grimReaper:::

veteran

Join Date: Jul 2010 Posts: 3,113

So what? It's still 30:1 margin. I'll take the free money and dirt cheap commissions any day. Unless you trade huge size for a couple of ticks, you should be well capitalized beyond the $3.8k margin.

IB isn't meant for people opening an account with just a few thousand dollars. Plus, I don't feel comfortable with a broker/clearing-firm who literally only caters to hyper-margined day traders.

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07-07-2017 , 11:24 AM

#13

Steiger

centurion

Join Date: Nov 2008 Posts: 145

Yes, for daytrading IB is not a great choice. For everything else it's obv pretty good. I am using both IB and AMP for different things. Unfortunately I even have to pay a fee instead of getting interest, but that's not IB's fault.

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