Thinkorswim Info...

holzie said: "Hey guys, just wanted to give this great community heads up. In case somebody needs a broker to trade for $1.50 per options contract, let me know and I will set it up. BTW, there is no incentive or "free trades" for me or any crap like that. I just feel like I might help somebody, who trades small size contracts, ie small accounts, and this particular price would make economic sense for you. Optionsxpress is great for orders over 10 contracts. But for multilegged spreads, small size contracts, small positions etc..thinkorswim is much better. Plus their desktop trading software is really the best trading software I have seen. Like I said, no spam here, my only motivation is trying to help out somebody. I wish somebody would have done it for me. I made OX a lot of money in commissions. Holz."

drdan said: "I will have to agree with Holzie on this one. If you are doing small contract orders thinkorswim is great! Welcome back Holzie haven't seen you here in awhile."

holzie said: "It's good to be back....the forums got cleaned out...especially the options forums, so I kinda stopped frequenting it. That's ok though :) As I said in the other thread....after the earnings trading debacle, I took a break from options for a few months but I missed it too much. I had to realize that I was using options the wrong way.....lmao there is no get rich quick scheme afterall :sad010: So I watched a lot of iron condors and started trading them along with some vertical spreads. Now I love it. I do iron condors 1 month out on indexes and every now and then I will do one on an individual stock like a week before expiration, if I feel it is high probability trade. Not all trades are "full" or expected profit by my ratio is about 3 out of 4. My few worst trades have been a break even because I closed it myself...so I can't complain. I trade with TOS, and that allows me to have a lot of small size condors. You gotta love their buying power algorithm as well. What I mean is that when I simulate a trade in OX, they want to tie up let's say $300 of my money, including a horrendous $50 commission. Do the same trade with TOS and you will do the same trade for $6, and they only hold $180 dollars of your money. This is just an example, but you get the point. Lol, I have had ICs 3 day till expiration for a $35 credit with a $70 total risk and buying power effect....expired worthless :) So trades like this are fun. You pocket 35-6=$29...learn a lot, and still clock in 41% profit. But trades like these are just my "fun" trades...I do them rarely. I usually take a very conservative approach and the profits from a trade are around 18% per 3-4 week trade. With low commissions like this, you can adjust your bad condor leg for 2*$1.50 and feel great about it. Some folks like to be more aggressive with ICs and gun for 50% or more everytime..choosing strikes very close to current price. I just don't care for the extra risk...they all can have it :) I take my measly 10% sometimes when I close the trade early and go about my busy school life. But this post is off the topic though. I hate throwing percentages around...I have been there and done that..seen people speculate how many times they can "double" their accounts..etc etc, you know what I am talking about. There is no free ride with options. It's about being consistent and exercise a very careful money management..otherwise you will be out of the game before you know it. Holz."

Hanger said: "Cool- I am with E*trade and have been for a long time....just I always seem to have problems with access from the Blackberry.....any chance either of you use something similiar to access thinkorswim from time to time? With the rates they have, definately wouldn't mind moving a chunk of money for options only over.... Will check it out---Thanks"

LongArm said: "I have no first-hand experience with them, but ThinkOrSwim gets excellent ratings at EliteTrader.com."

drdan said: "For trading options I feel there is only three companies you should be dealing with. Options Xpress, Think or Swim, or Trade King. Reason - they are experienced at Options Trading. This means that their execution speed is very fast especially OX. With options getting your trade executed is pretty important considering the smallest changes can have big changes in your % profit/loss. The other is their trading platforms. I like OX's the best but thinkorswims is good as well and with the commissions with thinkorswim you can't beat it."

drdan said: "[QUOTE=holzie] As I said in the other thread....after the earnings trading debacle, I took a break from options for a few months but I missed it too much. I had to realize that I was using options the wrong way.....lmao there is no get rich quick scheme afterall :sad010: So I watched a lot of iron condors and started trading them along with some vertical spreads. Now I love it. I do iron condors 1 month out on indexes and every now and then I will do one on an individual stock like a week before expiration, if I feel it is high probability trade. Not all trades are "full" or expected profit by my ratio is about 3 out of 4. My few worst trades have been a break even because I closed it myself...so I can't complain. [/QUOTE] Is this where I get to say...I told you! :) Just teasing. I am glad you are back and to think you did the exact same thing I did when I first started trading options only you were quicker at learning than me. I was too stuborn to think that the lesser gains would be better than swinging for the fences all the time. Now I swing for the fences in very small numbers for fun. Otherwise it is spreads - verticals and diagonals. Hey have you talked to WildMan much? He hasn't been on here in awhile either."

holzie said: "Wildman Dan....., he is still trading :) We exchange an email or two every now and then...Well let me put it this way...he will send me some spam shit...and sometimes its funny as hell so I reply to tell him that I liked it and we get into a discussion...That's how it works with Dan and I. Yeah man, you told me!!! You fricken told me exactly. That's why I am gonna stick around now and try to explain it to these new guys.....I started by pointing them to TOS. See here is how I see I can at least save them. With TOS, at $1.50 a pop, you can buy 1 QQQQ contract even at let's say 0.70, costing total of $71.50, and if you have a $1,500 account it is your 5% per trade --- basically TOS is good for these guys because they can exercise money management from the start. You can buy the same contract at OX and think you are gonna make money on volatitlity.....$12.95 (or $14.95) one way is a lot of money. So let's stick around. Oh yeah and join the stock game.....no spreads but I guess we can manage. Holz."

drdan said: "[QUOTE=holzie] See here is how I see I can at least save them. With TOS, at $1.50 a pop, you can buy 1 QQQQ contract even at let's say 0.70, costing total of $71.50, and if you have a $1,500 account it is your 5% per trade --- basically TOS is good for these guys because they can exercise money management from the start. You can buy the same contract at OX and think you are gonna make money on volatitlity.....$12.95 (or $14.95) one way is a lot of money. [/QUOTE] Agreed!:th_dblthumb2: I wish I had used think or swim in the beginning, but I didn't even know they existed 5 years ago or even if they existed."

Hanger said: "[QUOTE=holzie]Wildman Dan....., he is still trading :) We exchange an email or two every now and then...Well let me put it this way...he will send me some spam shit...and sometimes its funny as hell so I reply to tell him that I liked it and we get into a discussion...That's how it works with Dan and I. Yeah man, you told me!!! You fricken told me exactly. That's why I am gonna stick around now and try to explain it to these new guys.....I started by pointing them to TOS. See here is how I see I can at least save them. With TOS, at $1.50 a pop, you can buy 1 QQQQ contract even at let's say 0.70, costing total of $71.50, and if you have a $1,500 account it is your 5% per trade --- basically TOS is good for these guys because they can exercise money management from the start. You can buy the same contract at OX and think you are gonna make money on volatitlity.....$12.95 (or $14.95) one way is a lot of money. So let's stick around. Oh yeah and join the stock game.....no spreads but I guess we can manage. Holz.[/QUOTE] Umm I was reading, and I don't think alot of the newer guys have 3,500 required to open a TOS account...Just read that in the FAQ....I am doing the 2 week trial of the software....just to compare/contrast with E*trade..... again thanks for the heads up.....I swear something is just wrong with the commision rates for E*trade...TOS seems to be killing them, and for not switching over, I could call myself ignorant lol..."

holzie said: "Well, that's just where these guys are great. I opened my account with $1100....when you open an account send an email to Scott Sheridan, one of the founders and ask for an exception. His email is [email]scott@thinkorswim.com[/email] . Then tell him that Martin Chmelik from the OptionClub sent you to get the $1.50 per contract adjustment. Scott will set it up for you. Hope this helps. Holz."