Tuesday, February 16, 2010

Re: [TheOptionClub.com] Newbie question

 

Alex,
 
E-mail scott@thinkorswim.com  and let him know you are a member of the Option CLub and ask for the $1.50 per contract commission rate.
 
Karen

From: Alexander St.John <alexstjo@mac.com>
To: OptionClub@yahoogroups.com
Sent: Tue, February 16, 2010 3:48:42 PM
Subject: Re: [TheOptionClub.com] Newbie question

Hello I am new to the group.  What are the details on these $1.50/contract special pricing at TOS that you are talking about.

thanks

Alex


On Feb 16, 2010, at 1:42 PM, Nick Horowitz wrote:


Hi Sam.  With TOS the best-practice is to set your limit order at the "mid" price.  The TOS order screen shows you a price continuum with "mid" and "nat" (natural) price and a purple arrow showing where the price currently is.  We always go for the "mid" price (which is half way between bid & ask) because it shaves a few cents which adds-up to real savings over time.  Just cancel/replace with the new "mid" price if it moves.  I usually wait about 5 mins to see if it fills before I cancel/replace.  Now spreads and other combo orders sometimes take longer to fill because the market maker has to deal with them manually a lot of times.  So if you have the flat $1.50/contract special commission rate for OptionClub members (email scott@thinkorswim.com to add it to your acct), then you don't really care about placing a vertical order (which saves on the ticket charge which we don't have), and you could place separate orders for each option.  Those single option orders will get filled automatically by computer especially if you set your limit price at mid or 1 penny past mid price.  Just make sure you fill the long option first, then the short option second so you don't go naked in your account.  There is an advanced order called 1st triggers Sequential, where you can set the order for the long first, and then when that fills, it will fire off the second order for the short.  Since you have no ticket charge, it's the same commission for you either way.  So this is another secret to get quicker fills.

From: OptionClub@yahoogroups.com [mailto:OptionClub@yahoogroups.com] On Behalf Of iflyadesk
Sent: Tuesday, February 16, 2010 1:14 PM
To: OptionClub@yahoogroups.com
Subject: [TheOptionClub.com] Newbie question


Hello everyone. My name is Sam and I've been lurking for a few weeks and learning a lot from everyone's posts. I have been paper trading on thinkorswim and have been doing quite well, so I decided to try it with real money. However, I've been having a great deal of difficulty getting my vertical orders filled at market. In TOS paper money, if the volume is 1000+ for the day, I can fill an order in seconds, but with real money, several minutes go by without filling. My strategy is somewhat dependent on nearby prices, so by then the market has changed and I have to cancel. Any ideas on why this is happening? Is this normal for the "real world"?

Thanks!
Sam







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