Here's a quick guide for everything you need in order to setup your account and get rolling!
Our mission is to help you learn to trade, or learn to trade better
Don't Know Where to Start?
(can never be outdated + applies to every single options trade)
Most brokers require at least $2,000 to open a margin account. I recommend having at least $2,500 to start.
I know that may seem like a lot of money to some people to get started. I totally understand, but it’s a regulatory requirement.
I would caution you though, you’re going to take some losses. Let this be money you can afford to lose, at least in the beginning as you learn the craft. Don’t sacrifice your mortgage or your 401k or money to eat with on learning how to trade (the hard way like I did.)
Gary Vaynerchuck has a few amazing videos of where you can find cash basically for free!
Tastyworks.com is where I have all my accounts and they are my personal favorite. Their platform is highly stable and based on the latest high frequency trading technology.
Best of all, their commissions are unmatched. The commissions are $1 per opening leg with nothing to close. And if you are a big dog putting up more than 10 contracts, they actually cap your costs at $10 per leg total.
So at other brokers an iron condor may cost as much as $19.90 to open and close ($7.95 per opening and closing trade ticket charge plus 4x $0.50 per leg) at Tastyworks, it’s $4.00 total.
I built a course for free that goes through every single thing I’ve learned on how to trade stocks and options. You’ve got nothing to lose any only the skills that will benefit you for a lifetime to gain.
Yes, these skills can make you money. Yes, if you go in deep, you can win big, but you can also lose MORE than your original investment (yes, I’m serious). So this kind of trading should be taken very seriously and slowly.
The first month you’re in, I suggest only putting on 1-2 trades to really feel out the process.
The next month, maybe 3-4.
The month after that maybe 5-6.
Don’t be in a rush. Let me repeat, DON’T BE IN A RUSH!
I lost 67% of my account in the first 30 days because I was in a rush. Don’t repeat my mistakes, that is why starting slow is the final step in getting started.
Once Your Account is Setup, Check Out These Resources
Options are not suitable for all investors as the special risks inherent to options trading my expose investors to potentially rapid and substantial losses. Options trading in a tastyworks account is subject to tastyworks’ review and approval. Please read Characteristics and Risks of Standardized Options before investing in options.
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*Free bonuses are from 10minutestocktrader.com, no additional bonuses are offered from Tastyworks. Bonuses include but are not limited to product downloads, free months of platinum services and physical goods. Documented proof of using the 10MINUTE referral code for a tastyworks account opening is required in order to redeem the free bonus offer.