Hello Guys... I've finally figured out the TOS platform as I've been watching TastyTrade like crazy lately and have seen enough to be able to use it. However... After you put on a trade. TT talks about managing winners at 50% of max profits. However, what happens when you placed 15 trades in the last 3 or 4 days and you can't remember what the max profit was? How can I figure out if I'm at 50% of max profit or not?
ThinkorSwim question??
- Thread starter jim.thornton
- Start date
Best practice for me was to create and maintain a Trade Journal in Excel to track all trades, so I know what I did and why. However, if you are managing winners at 50% max profits, you should (also) place your GTC exit orders as soon or simultaneous with your entries. 1st triggers OCO or 1st triggers ...; see below how to alter the initial order. If your position is more complex with multiple legs and expirations, you may want instead to use an "Alert" to fire at the precise conditions you choose and send to your phone precise instructions of what you need to do and when to exit per your plan.
You can also use the Monitor->AccountStatement screen to find your initial trades.
Sounds like you may have "scratched the surface" instead of "figured out" the TOS platform. <-- IMHO
You can also use the Monitor->AccountStatement screen to find your initial trades.
Sounds like you may have "scratched the surface" instead of "figured out" the TOS platform. <-- IMHO
Yes... "Scratched the surface". But, my initial attempt was to open the program, click a few things and then close it because it was WAY over my head. But at least now I understand how to "navigate" and place trades.
Is there no way to use the platform to find out what the initial trade max profit was?
Is there no way to use the platform to find out what the initial trade max profit was?
Also... I don't know what you mean by OCO.
Jim:
What was your trade? If it was selling a call or put or selling a credit spread, the MAX profit potential is the money you received for that trade! Look at your account statement to see what you did, and what you received in credit! See here for an example of an "Account Statement" display:
OCO: Click the dropdown I provide earlier and observe the order types. OCO stands for One Cancels Other (This is handy if you want to exit with more than one criteria, and have the first exit cancel the other)
You have not indicated what type of orders you are placing so I have no idea what you are really doing or attempting to accomplish. If this is still not clear, post what your trade is, and perhaps more specific detail can be provided.
#5 A moment ago Edit Delete Report
What was your trade? If it was selling a call or put or selling a credit spread, the MAX profit potential is the money you received for that trade! Look at your account statement to see what you did, and what you received in credit! See here for an example of an "Account Statement" display:
OCO: Click the dropdown I provide earlier and observe the order types. OCO stands for One Cancels Other (This is handy if you want to exit with more than one criteria, and have the first exit cancel the other)
You have not indicated what type of orders you are placing so I have no idea what you are really doing or attempting to accomplish. If this is still not clear, post what your trade is, and perhaps more specific detail can be provided.
#5 A moment ago Edit Delete Report
I have many different strategies on. I have been building them as I'm watching TT. However, I didn't realize that I needed to track the max profit myself. Unfortunately, I'm not good enough yet to just look at my positions and see whether I sold the iron condor or bought it. I think it is the same as the two closest strikes? Meaning if I bought the two middle strikes then I bought the iron condor?
See attachments.
See attachments.
OK... I went through the order trade history and see the strategy I used. Red, sell and green buy. That's easy enough. Now, I can figure out my red max profit from the credits I received. How can I figure out the debits though? I've used:
Iron Condor
Vertical
Calendar
That's it.
Iron Condor
Vertical
Calendar
That's it.
The trade price adds the price of each leg, not the price of the spread. However, I can figure out the credit profit management very easily. I'm looking to figure out what the max profit was for the strategies that I bought.