I warn any potential Tastytrade clients, or even existing clients to beware. I had previously had my account set to closing only for trading deep ITM spreads. However today I had a winning diagonal spread consisting of 5 contracts, where I profited by $164 per contract. So basically $820 per contract. The opening price was 174.99, and the closing price was 164.35. Then I receive this email from Tastytrade after closing this spread for a big profit. Just letting everyone know to AVOID Tastytrade like the plague. They like it when you are losing, but when you are winning they will take issue with it and threaten to close your account!
So I profited 820 dollars on a deep ITM options spread and received this email from Tastytrade
- Thread starter Con1991
- Start date
Robert Morse
Sponsor
May I ask for an example of the Option spread they asked you not to do?
Yes indeed. Attached screenshot of both opening and closing leg together.
Attachments
So... they warned you, and you lied by confirming that you would no longer do the trade they told you is unacceptable to them. But people should "stay away" because TT held you responsible for lying.
Oddly, I've never had any problems with them due to "winning", and I've never heard of anyone else who has. But since your definition of "winning" includes lying and being able to get away with it, I can understand why TT wouldn't want to do business with you. Neither would any other rational person - or broker - so your post might not be the best advertisement of your character. Frankly, if I was in that business and saw this, I'd reject your application - or close your account if you were trading with us. And since KYC rules exist, that may yet happen.
Oddly, I've never had any problems with them due to "winning", and I've never heard of anyone else who has. But since your definition of "winning" includes lying and being able to get away with it, I can understand why TT wouldn't want to do business with you. Neither would any other rational person - or broker - so your post might not be the best advertisement of your character. Frankly, if I was in that business and saw this, I'd reject your application - or close your account if you were trading with us. And since KYC rules exist, that may yet happen.
So profitable strategies now, include clients having to lie to trade such? Do you not understand that I made $820 from this trade? Where is the risk, where is the problem? Tastytrade do not want winners, only losers. Everything here confirms that. I think whether this was deep ITM or not pretty much confirms that. No further information required as far as I'm concerned...
You're an idiot.
You don't understand that you can replicate the trade OTM with the call diagonal. They don't want to pay your fees when you go to zero.
They benefit when you win or lose... but more when you win as ostensibly you'd scale up = more comms.
They received fees and commissions from this trade standard. Tastytrade are not to be trusted, they are a shady and underhanded broker. That is for sure. Take your business elsewhere.
Who's the idiot with an $820 account profit fool?
Wow. World-shaking. When are the Guinness Book people coming to your house?
This sounds like "what's wrong with robbing a liquor store? Look, I've got... $68.73 here! It's a WIN, I tell you!"
You violated the rules you were told about ahead of time, and that you agreed you understood - and promised not to violate again.
That's the problem. Nobody cares about your penny-ante "win".
You don't get to make those rules. The house does. If you violate them, you get kicked from the house.
The only thing I see "confirmed" here is that you want to violate the clearly-stated rules and get away with it - and whine loudly when called on your violations. Typical spoiled brat behavior.
I'd suggest not trying that nonsense at other people's houses. They wouldn't be nearly as pleasant about it as TT was... in fact, you'd almost certainly be taught a harsh lesson about the realities of life - with a libel suit as a cherry on top if you slimed them as you're doing with TT.