Review – Why I Like the Tastyworks Trading Platform
In this post:
- What is the biggest advantage of Tastyworks?
- Which platform is the easiest to use for trading and options trading in particular?
- How can you create a single strike trade on Tastyworks?
Choosing a trading platform is an extremely personal decision. There are many different platform options out there, and they each have their own unique strengths and drawbacks. Just like anything else, it’s important to spend time learning about the platform options available to you. That way you can see which one is the best fit to suit your personal trading needs. I’ve used many (and I mean, many) of the platforms extensively, and while there are great platforms out there, my personal preference is Tastyworks.
Benefits of the Tastyworks Platform
I love Tastyworks for a number of reasons – the biggest reason is because it’s extremely user-friendly. This ease of use translates into many benefits. Let’s talk about a few!
Quick Features for Options Trading
Out of all the platforms I’ve traded over the years across multiple brokerage companies, Tastyworks is by far the easiest to use for trading and options trading in particular. This is especially true in comparison to some of the other trading platforms out there, like Think or Swim (TOS). With Tastyworks, you have the ability to simply click on strikes you want to set up regardless of whatever options strategy you’re looking to use. This might seem like a no-brainer thing to do, but oftentimes I’ve run across trading platforms that make trading an options spread strategy very confusing.
For example, on Think or Swim, if you want to create a vertical debit spread it can get tricky. If you click on the first strike and then go to click on the second strike, it’ll cancel out the first strike only to replace it with the new one. Unless you know all the little shortcuts behind that platform (like hitting the control button), you end up creating a new single strike trade when you really wanted an option vertical debit spread.
Straightforward Choices for New Traders
I think that Tastyworks is a great platform to consider as a newer trader because of its user simplicity. The straightforwardness I mentioned for putting on a simpler vertical spread is a constant presence on their platform. For example, if I need to look at buying a long call, I can just go to the strike that I want to buy and click on the Strategy column and it sets it up based on what I need.
Or, say I needed to create a credit spread, like a cover order for my profit recycling trade. I can just go to that other strike I need and click on the bid side. Then the platform effortlessly and automatically sets it up as a vertical, pairing the first available strike with the second. I love that I don’t have to know the shortcuts of the platform, or technically figure out how to set it up as a vertical spread for the platform to pair it for me. This feature on Tastyworks makes the platform very easy to use.
Beyond that, the same thing is also true in the order ticket section of the trade. If I need to change the contract amount, it’s simple to add and subtract, or to go from one expiration to the next with a simple + or – button.
Similarly, to clear you can just right-click and delete the legs.
Last but not least, I love that in their positions page you now have the ability to sort it by spread as well as by the individual options strikes.
A Versatile Mobile App
Tastyworks’ simplicity isn’t limited to its desktop platform. They also have a mobile app, and I’ve found their app to be one of the most user-friendly trading apps out there. If you’re familiar with the Tastyworks platform on your computer, then it’s an easy transition to trade off the app. The same interface they have for the desktop has been simplified for the mobile app. The simplicity of use for opening, closing, and viewing your trades has been translated well onto the app. Plus, the app gives you the flexibility to switch between accounts with ease so you can keep track of everything in one place.
I’ve also found that for both the desktop and mobile app, I didn’t need to spend extra time watching YouTube tutorial videos or Googling my questions. Tastyworks allowed me to download the platform, fund it, and then jump right into trading.
Overall, I use Tastyworks because it’s just so easy. And I’m so excited that they’re still building and developing the platform. This leaves room for even more improvements and new tools to be added.
Potential Drawback to Trading with Tastyworks
While it’s exciting to use a platform that’s still being built and developed, there is also a slight drawback to its newness. On their charting side, Tastyworks is still building their charting platform and has some room for development. I currently have some of my Simpler Trading indicators added, but not all of them. Hopefully soon, you’ll have the ability to add any indicator that you already have from me or Simpler Trading onto Tastyworks. While they’re working to add more indicators onto the platform, it’s a process that takes time. I’m mindful, though, that the team at Tastyworks is consistently working to add to the functionality of the platform, which is extremely helpful.
If Tastyworks lacks the charting that you like, and you prefer to go with a different trading platform, I’d suggest considering Tastyworks as your backup platform. It’s always good to have a backup.
For instance, oftentimes, I find that Think or Swim might be down, having issues, or lagging. In this situation, you want to make sure you have a secondary trading platform. With Tastyworks as your backup, you’ll still be able to trade not only on the brokerage side but on the charting side as well.
While all of the same indicators might not be entirely built in yet, I’m beginning to see the indicators I use on Think or Swim being added to Tastyworks as well. This tells me that with time, Tastyworks will be a strong rival to Think or Swim even in that area. The best part is by having both brokerage platforms, when one runs into technical issues, I can always switch to the other, and therefore, won’t miss the opportunity to jump into a good setup.
And because I like passing along a good deal, here’s my link to sign up for Tastyworks. If you follow the instructions for funding, you can be eligible for discount credit in the Simpler Trading Store!
What Makes Tastyworks my Platform of Choice
Ultimately, between the extremely low commission cost and simplicity of use around it, I’ve found that Tastyworks is an ideal trading platform for myself and my trading needs. While it does have a small drawback, I believe that the platform will only get better from here. If nothing else, I highly recommend using Tastyworks as a backup platform until you’re familiar enough with it to use it all the time.
Are you ready to see first-hand how I use these easy Tastyworks features in my trading? Sign up for my Profit Recycling Mastery, get access to live-trading sessions, along with instant alerts and more!
Q: How to change the contract amount on thinkorswim?
A: In order to do that, or to go from one expiration to the next one, simply use the + or – buttons on your order screen.
Q: Is tastyworks better than thinkorswim?
A: While there is more than one answer to that question, my preference is tastyworks because of its smooth user experience.