tastytrade Review. tastytrade / tastyworks Options Trading DANGER

tastytrade Review. tastytrade / tastyworks Options Trading DANGER
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    TastyTrade - why I'm not a fan of tastytrade.com David Jaffee with BestStockStrategy.com
    I make around a million dollars a year by trading stock options you can go to
    BestStockStrategy.com enter in your email address and receive over $400 worth of free
    trading materials and those free training materials are worth more than
    almost everybody else's paid materials so I know that I recently did a video
    about why I believe that Kirk Du Plessis from option alpha doesn't really make
    any money and why I think it's like borderline fraudulent and scam.
    I mentioned that he trades ETFs, he trades iron flies I just don't think
    that he makes money or if he does it's like a really small amount I think that
    most of his students especially those who have account sizes of
    under like $20,000 or $30,000 dollars I think that none of them are
    profitable or an extremely small percentage. Tastytrade is a little bit
    different. I've spoken to both Tom Sosnoff and Tony Battista
    and I respect them tremendously. Tom Sosnoff is probably worth, I don't know $200 MILLION
    million dollars which you know I respect that and I'm really happy and proud for
    him because he's built up businesses and he's probably around like sixty
    years of age and he built up businesses when he was like in his 40s so I have a
    lot of respect for him. And Tony as well. You know when I emailed them they email
    me back within like 24 hours they're fantastic. The only thing is, and I
    definitely do not think that tastytrade in any way is a scam, so for the people
    who are putting out information, besides myself (and obviously you guys are gonna
    think that I'm like a little bit biased) but besides myself there is only one in
    a half other good resources for you tastytrade is that one and the half is
    option alpha where I think that the production value on his videos are
    pretty good I think that his strategy is kind of like shitty I don't think you're
    gonna make money because I don't think he makes any
    money but tastytrade is really good they have they have incredible videos that
    you can learn I I definitely think that if you follow tastytrade and you don't
    follow me then your 100% certainty you're not maximizing your gains and
    you're also increasing the probability of losses so I think that if you try to
    save money and not subscribe to the alerts or take my education course I can
    almost guarantee you that you're gonna end up costing yourself around ten or
    twenty times as much money as those programs cost you but I definitely think
    that you know if you watch my videos and you watch someone tastytrade then you
    have a really good understanding of the overall strategy but remember you have
    to make really good decisions and the read my problems would taste your hair
    the following one you're taking way too much risk primarily because they
    encourage people to trade small and trade off and trade often my problem
    with that is it often leads to you having a lot of small positions on in a
    numerous amount of underlyings but all the underlyings aren't the same so what
    Tom and Tony doing what they encourage is that they tell you to look for
    underlyings that have very high IV rank so when you scan for IV rank you're not
    necessarily discerning between a Tesla which like two weeks ago was at 4:20 and
    then like a week later who's down to like 260 and then it jumped back up to
    320 and now it's back to around 260 again or like you know or another stock
    like all they're telling you to do is not make any discernment between the
    underlying that you trade whether it's snap or Twitter etc and all they care
    about is hi implied volatility and maximize the amount of premium that you
    receive but I'm telling you with absolute certainty that you should care
    about the underlying that you're trading right there's a huge difference between
    snap and Facebook right there's a reason why Snap is losing the the number of
    people or the average you know an average user per month the amount of
    time that they spend on it whereas Facebook with the instant Instagram
    platform is gaining users and gaining market share if you're trading a Twitter
    it's almost like trading I wouldn't necessarily
    say it's like MySpace but those are those aren't the best examples but the
    point is you should care about the underlyings that you're trading and I
    can tell you on numerous occasions where I've listened to their podcast where Tom
    has actually lost track of some of his underlyings I know that you can say well
    yeah like he's producing a show he's producing hours of content he's running
    a company okay that's great but for you you care about maximizing your gains in
    making money if you have a ten thousand dollar account a new scam based upon Ivy
    and you're trading something like a win resorts which is trading it like 180 I
    bet you that when when was trading at 150 it had really high ivy so what would
    you do you would then sell a 140-foot as tastytrade would tell you or 145 Twitter
    actually tastytrade they tell you to trade straddle so you would sell a 150
    put now win is out like 123 what are you gonna do like why would you even trade
    something like that when it's not a leading sector it's not a market leader
    in its space I mean they just make no discernment or they do not distinguish
    between market leaders and the quality of the underlying and with your money
    you should definitely care about only being involved in the most liquid the
    largest and the best underlyings all right I know that they that they
    definitely discern upon based upon liquidity I get that but they trade way
    too many underlines and there have been numerous occasions where Tom has even
    admitted on his show that he has lost track of his underlines and he just
    simply wasn't paying attention to it and the reason is because he treats wait too
    many securities it probably has positions on like 50 or 70 securities at
    a time I don't care if his account size is 200 million a - 5 million I have
    positions on five or six securities at one time he has positions on 70 the
    other thing is they're very biased towards having a negative Delta so a
    negative Delta means that if you're that you would be short calls at all time you
    would automatically hedge your position against the market falling very
    precipitously like it did in February of 2018 and I completely disagree with the
    strategy because I definitely think that it you you are sacrificing
    around 20% of your gains every single year
    and look I get it all right there the market is definitely going to correct
    and even if I make in extra twenty percent a year for ten years and then we
    have a crash like happened in you know the Great Recession in 2008 if I end up
    losing 30 percent of my entire portfolio yeah and that's not gonna happen but if
    I do end up losing 30 percent of my portfolio during that crash then I would
    be much better off making an incremental twenty percent a year for ten years then
    I would have by breaking even with that by having that negative Delta and not
    not losing that thirty percent of my total account size because effectively
    when you earn like 20 percent a year extra you're effectively doubling your
    account size every single three three and a half years so if at the end of ten
    years I lose thirty percent on the total my total principal in my total look
    total account size is so much larger because I do not have that negative
    Delta bias which is acting as an anchor that is dragging and holding me back
    from maximizing my returns so like I said I definitely think that they have
    way too much risk because they're telling you that you have to trade a lot
    more underlyings they're also they have short Delta the other thing is they
    encourage you to trade straddles and strangles and I can't tell you how bad
    of an idea this is right now one good thing about tastytrade is they don't
    really encourage you to trade verticals which i think is great because verticals
    take away your premium and Tom I think he says that about sixty to seventy
    percent of his positions tend to be naked positions which I agree with I
    definitely don't believe that vertical credit spreads are the way to go I think
    that encourages people to increase their size it decreases the amount of premium
    and it also takes away a lot of your flexibility because you can't roll and
    manage that position but at the same time they do encourage you to trade
    straddles and strangles and from my experience the probability that the call
    side of those Strauss's triangles tested is about two or three times more
    than the put side and also when you trade a straddle you are selling of at
    the money call which you have a very high likelihood of that getting getting
    tested and conveniently they own tasty work so they just say hey no problem
    just roll up the untested side but who has time for that a lot of you guys are
    working full time you're working on your side hustle you don't want to sell and
    at the money straddle and then even if you close it out for 25% we're only
    collecting 25% of the max of the total amount of premium you don't want to have
    to make endless amount of adjustments and chase that security I mean tom has
    numerous positions which are substantially underwater and I can
    guarantee you that most of those are because he sold straddles right and most
    of those are because he's trading securities that at that moment have high
    implied volatility and he was looking for a volatility contraction and he just
    decided to make a trade and collect premium and now he's paying the price
    for it do I think that Tom makes money in the stock market 100% do I think that
    Kirk du Plessis is from option alpha comm makes money in the stock market I'm not sure
    about that but do I think that the tastytrade strategy is the best strategy
    that people should have I definitely do not believe that and it's funny because
    I often times get emails from people and they're like oh they'll talk about like
    theta and Vega and high implied volatility like I don't know if they're
    trying to impress me or I don't I just don't get it but the fact is that show
    me your returns like I think that you're focusing on shit that is just completely
    not important right like the fact is that you should care about the amount of
    premium that you're receiving for doing a trade and for making good decisions so
    the high ivy and the days to expiration and all of that other extraneous
    information is factored into the price that you are receiving and the price
    that you're collecting and the amount of premium that you're collecting at that
    specific moment from making the trade right so you can look at high Ivy you
    look at everything else you can factor everything else into the equation but
    you don't even have to look at it because you simply have to make a
    decision when you make that trade and ask yourself am I being compensated for
    the risk I'm taking if I sell this put in Facebook with an expiration of six
    weeks out do I feel comfortable receiving two and a half dollars worth
    of premium for selling that 145 put for the amount of risk that I'm taking
    that's the only question that you should ask yourself not oh well the implied
    volatility in Facebook right now is seventy and the implied volatility and
    micron and Intel is 76 so even though I think that I would be better off by
    going with Facebook you know this has higher ivy so I'm gonna trade this
    security that's not the way that you should trade it if you really want to
    make money right you definitely straighten sell straddles and you
    definitely especially in a bull market should not sell calls I don't care if
    it's maximizing your if it's gonna maximize your capital efficiency because
    those calls are gonna end up getting testing they're gonna have to make
    adjustments and you might actually have to end up increasing the number of puts
    that you have in order to increase the strike price of the call that you sold
    in order to make sure that that call does not become even more in the money
    so if you really want to make money you should follow tastytrade but if you want
    to maximize your profits you should go to BestStockStrategy.com and enter in your email
    and also become an alerts member and you can also subscribe to our education
    course it's the best education course available it doesn't overwhelm you with
    extraneous information it doesn't require you to log into your account and
    scan underlyings four or five times a day it doesn't require you to do this
    bullshit where you're selling like kirk Du Plessis from option alpha tells you I
    am butterflies and selling straddles that are spreads and you have to log in
    and make like tons of adjustments and the same thing with tastytrade they
    encourage you to make a ton of adjustments because when you're selling
    straddles you will have to make adjustments alright and that's
    annoying that's gonna increase your commissions which is great for tasty
    works but you don't want to log into your account multiple times and incur
    that stress because when you have a losing position you think about it on
    the weekends when you have a big losing position it stops you from being able to
    get a good night's sleep you do not want to get into the habit of selling premium
    only to have to make adjustments later on let me repeat that
    you do not want to get in the habit of selling premium only to have an
    expectation that you will have to make an adjustment at a later date it's not a
    good strategy it's gonna increase your stress and do decrease your
    profitability all right let me just make sure that I hit everything that I wrote
    down so too much risk I definitely agree with that because they're encouraging
    you to sell straddles and strangles and I do not like selling call so though
    thankfully with tastyworks and tasty trade they don't encourage you to sell
    on ETS that much they do encourage more so on specific underlyings which is
    great which is one of the big knocks that I have on Kirk du Plessis from option alpha
    where I did I think all right I'm not gonna say it's a scam I just think that
    he doesn't make any money and that people following option alpha don't
    make any money. He has short delta for for tasty trade which decreases the
    returns by about 20% a year which I definitely don't agree with I think that
    you're way better off just trading the long side is when you're in a bull
    market and then if you want to switch to the short side that's totally cool. Hey I
    need over a hundred thousand dollars in February of 2018 by
    selling calls on Amazon in February March I made a lot of money because I
    sold calls on Amazon why because the market shifted and the market was bare
    I'm not trying to predict future price movements if the market is bare I'm
    gonna sell calls no problem but I don't want to consistently sell calls and how
    that act is a drag against my returns too many underlines I've mentioned on
    numerous occasions that Tom himself has lost track of the underlyings and that's
    led to some problems and when you have a small account you can't afford to take
    those losses another thing we tastyworks is there
    are exchange fees that they pass through to people are like six
    higher than I pay with a trade so I don't know what's going on like they
    tell you hey it's only like ten dollars of leg maximum but then I think they
    also charge you like 20 cents per contract in exchange fees I mean to me
    that's just crazy like I spent 10 cents per contract with each tree and my
    exchange fees I think are like one cent per contract so even if even if I sold a
    hundred contracts with tastyworks it would actually cost me a lot more even
    though it capped it at ten dollars I would pay an incremental twenty
    dollars in exchange fees whereas with whereas with each trade I would actually
    pay a lot less how to end up paying around so I so let's say if I sold
    twenty twenty-five hold one hundred contracts but AC works there will be ten
    dollars plus like twenty dollars an exchange piece that's like thirty
    dollars and with each trade I spend around 8.50 cents on a base and then one
    and then ten cents in particular meant to contract with one cent per exchange
    fee so right there you're looking at eighteen dollars and fifty cents plus an
    incremental $1 for you know for the exchange fees so it's a difference of
    like thirty dollars for tastyworks in nineteen dollars and fifty cents for
    each trade so even though they tell you that there are a really low cost broker
    they nail you with the exchange fees and they're just way more expensive than
    what I pay with each rate the other thing is they trade they encourage me to
    make way too many adjustments their Commission's like I said when you factor
    in the exchange fees are way too much and also as I said Thomas lost track of
    positions which I believe is a little bit negligent but I do want to tell you
    that I highly recommend that you follow tastytrade and tastyworks a lot of my
    students use tastyworks and I'm not really a fan of it because I think that
    the visual ui/ux and the visual interface is like very annoying it's
    extremely slow for me to enter in trades but I a lot of my students they use
    tastytrade and tastyworks and I have hundred times think that it's better
    than RobinHood right like it's not a good comparison alright I definitely
    think that tastyworks is infinitely better than RobinHood so I highly
    recommend tastyworks as a platform if you have anywhere
    from like five or ten thousand dollars and I can link you to the blog post that
    I made about how to choose the best the best online brokerage but um you know
    those are the problems that I have with tastytrade and Casey works and I
    definitely think that you're costing yourself money by just watching these
    videos and watching tastytrade videos or watch or listening to tastytrade and not
    being an alerts member and an alert subscriber or purchasing the education
    course and hey look I don't want to spend five hundred ninety nine dollars
    for education either I'd rather get everything for free I don't want to
    follow someone and pay them $349 I can do it myself
    hey if you want to think like that if you think that you're a better trader
    than me and you make better decisions then God blessed you and more power to
    you but I can guarantee you that you are not the better trader and you are in
    your substantially hampering and hindering your returns by not being an
    alerts subscriber because you are trying to be penny wise and pound foolish
    you're sacrificing and not maximizing your returns and you're also increasing
    your risk because you're trading in ways that are not the best strategy in order
    to maximize your profits David Jaffee from BestStockStrategy.com you can go to
    BestStockStrategy.com enter in your email and receive over $400 worth of free trading
    materials. Please like share comment and subscribe to this video like I said I'm
    a big fan of Tom Sosnoff and Tony Battista I definitely believe that tastytrade is comparable to
    myself and that is your only legitimate education platform out there I don't
    think that option alpha is legitimate I definitely think that like Sky View
    trading is a complete scam and complete fraud and everyone else I mean but
    they're just not even like in the question but yeah if you want to like
    watch tastytrade videos then do it option alpha they do have some high
    production value and I don't think that that sky view trading actually makes
    trades you know I look like I just don't think that they trade at all I think
    they have great marketing but I don't think that they trade but yeah you know
    there is a ton of and a wealth of information out there but my main point
    is that I don't believe that the tastytrade methodology and
    tastytrade strategy is in your best interest if you want to
    maximize your profits and minimize your mistakes and I definitely think
    especially for what my students tell me and the reason why they pay me every
    single month is if you want to maximize your returns and minimize your mistakes
    and you should sign up and become a member of BestStockStrategy.com
    thank you for watching and if you have any questions let me know
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