They want you to trade so they can make money. They like to hear themselves talk. They are sometimes amusing. That is it. It is a place to be entertained, but certainly no place to try to actually learn to trade options. For that, you gotta read and paper trade. Most people are too lazy to read, and too impatient to paper trade.
Tastytrade Review + Criticism
- Thread starter Lucas
- Start date
I don't trust Tom Sosnoff and I don't want to give him my business. Why? The first big, read flag for me is that people frequently speak about how Tom made 600 million selling Thinkorswim to Ameritrade. They say this right in front of him. But that is not true, and he makes no effort to correct them. Tom did not receive 600 million from the sale. Tom was part of a team of several people who were responsible for TOS. The money from the sale was split between them. Most people would not allow a tall tale so big to continue. He still made a respectable sum. There is no need for him to take credit for things that are untrue, but he does take credit.
I love Tasty Trade-it is quirky and fun-here in the UK option traders are practically viewed as lepers because we are the only people who make money-all that crap about forex, and individual stocks-sure a few people got lucky but for retail traders who want to educate themsleves instead of trying to get lucky,nothing compares to options. You are so lucky in the US to have so many liquid optionable stocks. I like the show and I like the research which clearly has its limitations-and backtesting means absolutely nothing, but it's a good discipline,as is paper trading,but nothing prepares you for taking big money trades with your own money. I learned about ToS from Charlie Cottle who is an excellent educator,and even gives away his books- shoulda woulda coulda and the one after that(?) The financial markets are a disgusting parasite on society and themore money we take out of them the better. I've been trading options since 1999, I make money and I welcome TastyTrade,but it's not the big picture,they are mostly premium sellers doing horrible trades. I just like the idea that they make it fun,and are enlightening people. The UK is a frikkin dead zone for options traders
Options spreads carry enormous risk that most people are not willing to admit to. It's not much safer than selling naked calls. Even Karen the 'supertrader' admitted that she was so worried one time she was ready to pack her bags and flee to Mexico to avoid retribution from her clients. Tastytrade is not enlightening anyone. They are causing people to take big risks while pretending little risk is being taken.
Options do not carry enormous risk, in fact they're not even the issue. What carries enormous risk is selling far OTM options such that the reward is *less* than the risk while the entire trade relies on probability to make any money. If you're short options that are OTM enough such that their value increases greatly on an adverse move due to vol/gamma you're going to be the penny. Spreads actually limit the risk but the entire trade idea has an inverted risk/reward profile.
Don't think one can define the risk of a spread or a naked without looking at the trade. There are low risk spreads and there are high risk. Of course most of the time only the later is available.
I have a friend that used to follow Tom's traded and he got busted. With futures not with options. With options I think it is hard to lose all.
What is the "new" direction the show is taking now? No more Technical Analysis?
Isn't IV-Rank, and Volatility just like using TA? I never understood that Tom is very skeptic regarding TA but I cannot find a difference from Volatility to other TA like RSI it is a measure of past activity?
What is the "new" direction the show is taking now? No more Technical Analysis?
Isn't IV-Rank, and Volatility just like using TA? I never understood that Tom is very skeptic regarding TA but I cannot find a difference from Volatility to other TA like RSI it is a measure of past activity?
All trading carries risk and it takes time to get comfortable with your own risk profile but options give flexibility-futures are just win or lose,same a stocks- I'd say futures are the highest risk product of all-death by 1,000 cuts
Tasty Trade is suspicious. It is really old Chicago future traders who did not need much skill since they had a monopoly on bid/ask spreads. TT is similar by making money creating expensive options commissions to TOS (Atrade). They like spreads with a huge number of legs. Listen to comments on futures scalps. If they are wrong, position was tiny. One day last week a ESM15 scalp lost 10 points (40 ticks) immediately followed by comment it was a very small postition. When they make 4 points, it is described as a very large position often with a comment such a large position is irresponsible.
I have been benefitting from TT. Whe a trade is described, I try to come up with a similar
trade not using options with 3 to 1 profit over loss using IB alerts and stops. It is hard to make
much money using TT type trades, but my commissions are 5% of previous when I tried to trade
options.
I have been benefitting from TT. Whe a trade is described, I try to come up with a similar
trade not using options with 3 to 1 profit over loss using IB alerts and stops. It is hard to make
much money using TT type trades, but my commissions are 5% of previous when I tried to trade
options.
Options can be as risky as futures so can stocks.
Exactly After a few months trading options me and a friend compared commission he was on TD and I am on a different broker. mine was a couple of hundreds and his were almost 2k lol and he basically gave all his profit to TD.
Most money I made last year was going against TT long apple. Options are like you need 10 winners to cover one loser.
Exactly After a few months trading options me and a friend compared commission he was on TD and I am on a different broker. mine was a couple of hundreds and his were almost 2k lol and he basically gave all his profit to TD.
Most money I made last year was going against TT long apple. Options are like you need 10 winners to cover one loser.