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I'm new to the forum and had a quick question for the group. I've been selling options on futures for the past year with pretty good success. I've been using OptionsXpress but this weekend they are merging with Schwab. I'm not sure what that will ultimately look like but I've been thinking about holding my account elsewhere. I've been researching the other brokers but they all seem to have their quirks.
I'm curious what platform other option sellers use and why.
Thanks for the help!
Can you help answer these questions from other members on NexusFi?
Regarding option selling, I work with DeCarley for two reasons: Carley has a positive attitude towards option selling, and she offers the best service I ever received from a broker.
Hi Myrrdin- I’ve looked at DeCarley in the past. I like Carley and what she’s about, but I ran out of steam trying to figure out a trading platform setup that makes sense... Any insight? What does your setup look like?
I use the Zaner360 platform. It is certainly not what I would like to have, but for option selling it is ok. Some weeks ago they included the Greeks to their option chains which helps.
Carley is able (and willing) to compensate for some of the deficits of the software.
Cannon Trading Co. works with six well-known clearing firms (FCM’s) and one with which it has been doing business for over a decade, Gain Capital, offers a free trading platform that now provides Greeks and theoretical prices in the platform’s Option Chain window. Setting up a Gain Capital account through Cannon Trading Co., a near-thirty-year-old Introducing Broker, is a top shelf choice.
I'd definitely like to hear more. Are you selling options on futures there? If so, how are the margin requirements and what does the market access look like?
TOS is now TDAmeritrade. It is definitely a very good choice for a starter. Its commission is very cheap, compared to the brokers of gain capital. This allows you to do narrow spreads ($2 in crude oil) to test the market with limited loss. You can trade ES, ZS, ZC, ZW, CL, GC, ZN, & NG. The only limit is that for contracts besides ES and grain, you can have only 3 month options to play. No silver, copper, coffee, coca, cotton, etc. But that's enough for a beginner.
TDA's UI is fantastic. It is tailored for absolute beginner. Its Analyze page can show you the decay/margin by incrementing the date.
You can also got portfolio margining with TDAmeritrade if you pass a test.
If you are absolute beginner, stay with TDA for at least sometime before switching to others.
I have been using ToS since TD Ameritrade acquired them as I happen to work at TDA and can't have accounts elsewhere. I love the platform but want to trade options on more futures than what is currently available per the list that sinpeople provided above. Having never explored other platforms, where is a good place to start?
Also, the founder of ToS Tom Sosnoff recently started a brokerage to partner with his Tastytrade network called Tastyworks. The platform looks a lot like ToS but with all of the Tastytrade philosophies interwoven into the technology. Looks cool, and they have just added futures recently.
Also, I am a new member here and glad to have found this site. I am passionate about trading and enjoy reading about ideas from others.