Transcript for:
Day Trading Options using ThinkorSwim

how's it going everyone in this video I want to walk you through how I day trade options using thinkorswim High user active Trader to give me the quickest execution possible I'm actually going to place a live trade in this video so be sure you stick around until the end before we get started be sure you subscribed to my channel click that thumbs up button and click that Bell icon so you do not miss out on any upcoming videos [Music] so let's get right into this first off you want to come up here select trade come to active Trader you have to have the desktop platform downloaded to your computer so make sure you're just not logging in online make sure you download it to your desktop now once you have that done click trade active Trader should pull this up might have a chart and active Trader selected I only have one box if you want multiple Traders you'll come here you know select whatever setup you want but for this example we're going to stick with one box and I'm going to have the options chart up with this as well just so you can see what's going on here now first off I like to have Auto send checked so what that does is going to allow me when I click buy it's going to do it automatically I'm not going to have to go through another screen to you know get my order in if this is unchecked once you click buy another box will pop up you have to confirm your trade there you do not want that when day trading you want to be able to get in and out quickly so make sure you got that box okay if you want adjust the quantity you see here you would come to set up to do that if you want to adjust the buttons that you see here you click this gear icon and add whatever you want to your current set if you want to adjust where they're at you just simply click on them hold and move them up or down now I know you don't see this p l when you start this I put that in there so everyone can see I have people ask me about this a lot you simply come to this gear icon here the small one customize and that's where you'll add the p l in there so we got that out of the way right gotta keep these videos short and to the point provide you the most value without rambling on about nonsense so you understand how they get the buttons on how to adjust your quantity you understand Auto send needs to be checked if you want to adjust your buttons uh again you do that here if you'll not you know add stuff to your bar here you do that here with this your icon right super simple stuff now you're probably thinking how do I get the options into the active Trader you know so you can see how to get dog tickers but how do you get your options in there so first off if you want to trade stocks using active Trader you would tap that in here right so if you want to test up you type in TSLA or pull up the stock you could trade the stock here now if we want options what you do you click down go to options click that whatever you want to get options on you tap that in here okay and if this doesn't load if you know if you click type in a ticker name it doesn't load the options sometimes you have to exit out log back in for that to work and then keep in mind you can adjust how many strikes you see here we got 14 selected right now the different expiration dates are here as you can see we're looking at spy for example all the different expiration dates you got calls on the left that's on the right so now you want to put one in let's say we want this 417 call option that expires today we clicked it now it places it in our active Trader so we go to interactive Trader now we want to buy one there's different ways to go about this you can see I have by market or Dubai where I can come down here and buy limit by clicking here so if I click buy limit whatever is selected that's the only price you're going to get filled at if I click buy Market that's going to get me into the trade quickest and that's what I typically do when I'm trading Spa options I got good liquidity good spreads you don't want to be buying Market if you're trading some stock that has bad spreads and honestly you don't want to be trading that stock in general if the spreads are bad so now let's just get into this trade at least buy okay we've bought one right we're in this trade this is live trade this is not a fake account this is what I trade on every day so I purchased that I got filled at 52 dollars per contract we have one we're up we're making money we're actually making decent money off this let's sell um let me sell Market got me out of that trade I just made eleven dollars you all see me make that there and it's as simple as that when you're executing with the active Trader on thinkorswim I did sell Market a lot of times I'll join the ask it tends to give me a much better feel but it doesn't always sell right away okay so it might take it a second you may have to push in your favor a little bit more to sell by joining the ask and yes you can place a stop loss here you can come down and say if we bought in right here we could place a stop down here that way if it dropped down and hit or stop we will you know allow them for the proper wrist reward you can always drag your stop up or down once you have it set but be sure when you go to sell be sure you cancel out that stop loss or it will not let you sell okay and that's it for this video if you have any questions about this always feel free to reach out to me um if you feel I didn't include something that would help you out DM me on Instagram we'll see if I can make the next video uh something that would help you out one last thing be sure you're subscribed to my Channel with the notifications on you have to have the notifications on to get more content like this it really helps me out I don't ask for much but please have them notifications on that way you can make sure you watch all my videos I appreciate you all for watching and I'll see you next time