When I first started trading, I had absolutely no idea what I was doing and tastyworks held my hand and walked me through it. If you want to not only trade, but REALLY learn what you are doing, I can not recommend this brokerage enough. By giving the title of this article a glance, you can guess that this is very obviously a biased piece of writing based on a personal opinion of my own, but I can assure you it is worth a read. Moving on- I am sharing 3 (of many reasons) why this brokerage is a great start if you are a beginner options trader.
1. SO MANY Good Resources
As a beginner options trader, you need to learn… A LOT. Good courses are costly and are also difficult to find. Tastyworks has a free learning platform (tastytrade.com) with option courses that are SO easy to follow along to, and are also made by very credible traders. I wouldn’t advise taking what you learn on tastytrade and applying in other brokerage accounts, such as Robinhood. This would just be a real headache because you would have to learn how to use another platform simultaneously when it’s completely unnecessary.
2. They Save Your A$$
Starting out, it’s inevitable that you will ABSOLUTELY mess up and get yourself into trades which you will most likely not understand. Depending on your knowledge of options, you may know that you can manage some of your losing positions and turn them into winners (pretty cool), but I’ll be damned if you can do that with confidence the first time you have a losing option. So what do you do if you see yourself in a bad position? You email tastytrade support with all your newbie questions, and they will email you back asap with some professional advice on how to manage your position.
3. Last and Best Reason- YOU CAN DUPLICATE THEIR TRADES
If you are not sold by my other two reasons, this one should hopefully do the trick. If you have a tastyworks account, you can not only follow trades, but you can duplicate them, for FREE. This is especially helpful because placing your first options trade is very intimidating, but I can assure you that you will have a hell of a lot more confidence if you are copying a professional trader rather than trusting yourself. This feature is what will give you confidence and enable you to want to learn how to make your own trades. But if you are lazy, you literally could just always follow their trades… and I can’t think of an easier way to make this kind of money.
In all, I know there are many other brokerage firms that would be great for trading options as well, but this is my recommendation based on my personal experience with tastyworks.