From the creators of Thinkorswim and TastyTrade, Tom Sosnoff is at it again with his continuous passion for changing the retail trading industry. That’s right folks! TastyTrade has launched their own brokerage firm called TastyWorks and I am excited! The official launch date was 1/3/17.
Disclaimer: I am slightly biased, as I watch the TastyTrade team on a regular basis for educational and entertainment purposes. There is no doubt in my mind that I will end up using this platform moving forward for all trading purposes.
But I have good reasons to be biased. I enjoyed the user interface and simplicity of managing trades on their last trading platform “Dough” which routed all trades through TD Amertirade. From what I understand, a lot of the usability and functionality of Dough will transfer over onto their new trading platform.
I’m going to be honest though, the first question that popped into my head when I heard the news was “What are the commissions going to look like?” At the end of the day, a large player in my profitability as a trader is determined by my trading expenses a.k.a COMMISSIONS.
Below is a screenshot showing commission breakdown.
As a trader with a smaller account, I like what I am looking at. With $1 per contract and $0 for closing fees. By switching from TD Ameritrade to TastyWorks I will be saving about 66% on my commission spend. Yep, 66% is a big deal!
I spent close to $400 last year in commissions for 2016. That is $264 in savings. Now that may seem pretty insignificant, but as I continue to grow my account and trade more contracts that savings can grow substantially!
Now at this point in the article, you’re asking yourself “Why is this guy hyping this up so much?” Well to be honest I enjoy TastyTrade so much and have gained a plethora of knowledge all for free, so I feel like I owe something back. This article is a way of spreading the word about TastyTrade/TastyWorks.
After being able to sign-up for an account with the new brokerage firm, I was curious to see what the platform looks like. It turns out there will be three ways to access your individual account (Desktop, Browser, Mobile). I outline each one further down below.
With Dough, there was no desktop client to make trades. TastyWorks has changed that! First glance, it looks to be similar to what most brokerage firms offer on their desktop platform. It has customizable features for each trader’s unique setup.
Here is just a basic screenshot I took when I logged in showing all the different tabs available for trading (Positions, Trade, Activity, Watchlist, TastyTrade, Chart, Transactions, Follow).
I do like the chart tab as that is something Dough did not have. I would have to use a separate charting software for analysis. Now I will be able to do all my analysis in one place.
After logging into my account via my chrome browser. It looks to be the same setup as Dough. The sidebar and features all look to be the same as the original dough browser platform. I guess the saying is “don’t fix it if it isn’t broken” or something like that.
Well if you enjoyed the dough browser platform, you’re going to love the TastyWorks take on things!
As of right now the mobile applications have not been released. I am looking forward to reviewing the mobile app, because that is a very large part of my trading nowadays.
Being able to access my account wherever I’m at is empowering and enables me to watch my positions at work and on the go.
I am planning on reviewing the TastyWorks platform more in depth. This post is just my first thoughts on the new platform and commission structure.
If I have sparked your interest in signing up for an account, follow the link.
There are several account types that are available when signing up. The TastyWorks margin account is probably the account you want to go for if you’re looking to be able to apply more advanced option strategies in your account. (Sell naked options, buy/sell credit and debit spreads).
As of right now, futures are not tradable on TastyWorks, but that will be available as some point down the road.
Hope you guys found this post helpful in letting you get a taste (pun intended) of the TastyWorks platform.