Trading Futures with Stephanie Lewicky | Twitch #1

Trading Futures with Stephanie Lewicky | Twitch #1

[MUSIC PLAYING] –very first TD
Ameritrade show on Twitch. I am your co-host Anthony
Panzeca, joined always buy Bill Ruby. Hey. How’s it going, Anthony? Good. How you doing, buddy? Pretty good. Pretty good. It’s good to see you, my man. Yeah. First livestream ever. That’s right. Maiden voyage today. Maiden voyage. Every week we’ll be streaming–
every Wednesday from 1:00 to 2:00 PM Central. What is that Eastern time? 2:00 to 3:00–
something like that? Yes. We have a lot of folks
on the east coast. You’re good at math. Yeah, that’s my specialty. Every week we’ll be
discussing markets. We’re going to educate you
about trading strategies– you, the viewer, the
person on the chat. Feel free to chat in anytime. Ask any questions. This is going to be your show. We’re going to be looking
at trades, making trades. We’re going to be putting them
on in our virtual paperMoney account. And if you look below, you
should see a link there to create a paperMoney account. Yeah. Hopefully, you’ll learn
I’ll be along the way. We’re going to be covering all
sorts of strategies, trying to teach just some basic
trading techniques. And I want to thank
our followers already who have already followed
us, so much appreciated. Absolutely. Absolutely. We’re going to be managing
positions every week, so we’re going to be carrying
positions from week to week. So if you want to
play along at home, again, just look to the
bottom of your screen there and you should see a link there. So let’s have some fun. We’re going to talk a
little bit about who we are. You want to go first,
Bill, or do you want me to? Oh, yes. So I’ve been in the trade
industry for about six years. I had three years on
the floor of the CME. I was a floor
broker predominantly in the milk futures pit. Milk. Yeah, milk. Nice. Yeah. Not a very liquid product. Yeah, I had to say it. That’s terrible. Yeah, I know. That’s a dad joke. Leave the dad jokes to me. Right. I’ll stay in my lane
from here on out. So I’ve been at TD for about
two years now, and loving it. We’re on the trade
desk, both you and I. Yeah. But yeah, it’s been good so far. Awesome. Yeah. How about you? Well, you and I were
hired along the same time. During the Scottrade
acquisition, they hired a team
of 20 or 30 of us. I previously traded on the floor
of the CBOE, equity options predominantly. I was kind of all
over the place. They put me at a couple
different trading pits. I traded Broadcom, Yahoo, Home
Depot, Hewlett Packard, Merck, Motorola– you name it. So did that. Everything went
electronic after that, so made some other career moves. I was in some mutual
funds for a while. Oh, OK. Worked at a bank. A jack of all trades. I didn’t love working
at the bank, though. Wasn’t fun. Were you in a branch? I was at a branch. Oh, wow. Yeah. Different strokes
for different folks. So got hired on here. This is probably a million
miles away from where I thought I was going to be. Yeah, well– Yeah. That’s just life, Anthony. I know. I know, right? Mm-hmm. Let’s look at some
of our followers. Who do we have so far? Wow, we just got a few more. You want to go
through them, Bill? Yeah. We’ve got El Grego,
Savannah, you. Wait, I think we know Savannah. We do know Savannah. Yeah, she sits next– Yeah. All right. Sits next to Anthony. Yeah she does. We got Shooter McGavin. Love the Shooter. Yes. Throwback reference there. Witro, Michelle Swain,
Emu-like bird, our Lars– Love it. DIC Holiday. Mama Ruby, I wonder
who that one is. I wonder who that could be. I’m not sure. Is that mama bear? I would assume. I would assume. You should look directly into
the camera now and say, hi mom. Hey, mom. After all, she
did give you life. Yes, that’s right. And she could take it
away in an instant. Well, much appreciated. We got M. Gunther, DRK,
Superman– excuse me– [INAUDIBLE] Sounds right. We’ve got [INAUDIBLE]
Crazy for Tony P– Wow. My first fan. Do you know who that is? Yeah. I like the little thumbs up. You don’t know who that is? I have no idea. Who could that be? I guess that would be me. Yeah. And finally, [INAUDIBLE] I have a feeling that’s Leon. I have a feeling
that is you, Leon, because he’s the only one at
the desk that calls me Tony. Leon is also on the trade desk. He’s a broker. Yeah. But speaking of people at TD,
we do have a guest here today. Wait. Hold on one second. Did you mention Will? Will, of course. I got Will at the bottom. Yeah, that last one. He is our very
first ever follower. Oh, wow. Very first, and there
can only be one first. Yes. Speaking of first, we
have our first guest. We’re going to have a
guest on every week, and today we’re proud to be
joined by Stephanie Lewicky. Hello, Stephanie. Shooter McGavin’s
saying hi in the chat, by the way, Stephanie. Oh, hi, Shooter McGavin. Hi. Yes. I think he liked the shout out. It is great to be here. I’m looking forward to what we
are going to talk about today. Yeah. Well, tell us a little bit about
your background, Stephanie. You worked at the
CBOE, didn’t you? I did not work at the
CBOE, but I have– Oh, wow. These notes are– Throw those out. Let’s just throw those out. Yeah, that must
be somebody else. I have been in the business
for quite a while, though. For about 20 years, I have
been in the financial markets business. I started at a prop firm
called PEAK6 Trading. I’ve heard of them. Yeah, you guys probably know
that, coming from the floor. I never was on the floor
trading, but after PEAK6, I– a couple of jobs– an underwriting bond firm, and
then I ended up at thinkorswim, and thinkorswim was bought
out by TD Ameritrade– I don’t know– seven, eight
years ago now, probably. It might even be more. So you’re original. So when I first started
at thinkorswim– I am an original, with the
[INAUDIBLE] on the desk down there. That’s awesome. Wow. It was a ton of fun. There was 25 of us in a small
little office in Wrigleyville. And I also lived
in Wrigleyville, so I had about a five
minute walk to work. Super laid back, super
chill, but we worked hard for our founders, also
ex-CBOE floor traders. And now, I am predominantly
on the futures side of things here at TD Ameritrade,
and a regular contributor on our affiliate, the
TD Ameritrade Network. Ah. Great. That is so cool. Yeah. Doing the TD Ameritrade
Network thing, is that just so far away
from where you ever thought you’d be in your career? Yeah. Or is that something you
maybe always wanted to do? Did you want to go into media? No. Never thought I was
going to be into media. And [INAUDIBLE],, our
producer of this show, actually was the first one– I was pregnant with
my second child, and he’s like, when you come
back from having your baby, you want to be on this new
network we’re starting? I was like, no way, I’m not
going to be able to do that. He instilled some
confidence in me, and then you got over that
first hump of being on. And now, it just seems kind
of an everyday, regular type– very fun, especially
with what’s been going on in the markets lately– a
little bit of volatility back. Yeah. Lot to talk about, for sure. Yeah, lots to talk about. So yeah, it’s fun. Well, that’s great. He definitely pushes
into this, and I think we’ll see how it goes so far. Yeah. I’m just hoping not to Walt
Disney up here, pretty much, where you freeze. They’re going to
cryogenically freeze my head, if that ever happens. I don’t think that’s a danger
we have to worry about so far. I don’t know if I’m worth
cryogenically freezing. Well, I think we’ll
see how this goes, and then maybe you will be. Walt Disney was
definitely worth it. He’s definitely cryo-worthy. Yeah. I don’t know if I’ve
read that status. If you get a theme
park named after you, then I think you’ll– Is that all it takes? So far, yeah. Yeah, I got to get to
know you first, Anthony. We’re on opposite sides
of the office right now. I was on a trade
desk for a while, and did talk to
customers, but we’ve got to decide if we like
you here or not before– OK. –we freeze you. Yeah, I agree. I’m still forming an opinion,
and I’ve known him for a while. Yeah. My mother’s still
forming an opinion. That’s why she is not
watching today, and yours is. Yes. See, that tells
you a little bit. Well, my mom’s great. Or maybe that she just doesn’t
know how to use a computer, which I have to teach her. That too, that too. I was talking with my father
last night about this, and he’s just like,
well, how do I get to it? And I’m just like– I didn’t even want
to explain it. And he’s like, is it switch? Is it glitch? Yeah, my dad was the same way. I had to send him the
link maybe three times. What is that, [INAUDIBLE]? So you started out on the
equity side, Stephanie, and you moved over to futures. What caused that transition? Yeah, I was on the equity
side, equity options, index option side of things. And then kind of a little
bit a zig and zagging after I came back from maternity
leave, and was always on the– also, for a while, on the
market structure order routing type operational– a little bit of back office. And then the futures
team was growing, as the futures business
at TD Ameritrade has been growing
steadily for a while now, as retail customers really
become a part of the market and a good partner
with CME where– Anthony, you were
on the CME, right? I was on the CBOEs. I was on the CME. You were on the– OK. We don’t trade
milk futures here. No, unfortunately not. No. Your joke actually means
something, when you said milk– That it’s liquid? –futures aren’t liquid,
because it’s not very liquid. And we here, at TD
Ameritrade, only offer the most liquid
products, because we want the retail-friendly
liquid products. But been on the futures
side for about three years now, more on the
educational side of things. Yeah, futures are fun– Yeah. –because they’re open 24/6. Yeah. Yeah. Yeah, so I could lose
money 24 hours a day. Well, 23– most of
them take a break. There you go. That break could mean a lot, if
you of a futures position on. Well, if you want to
get really far into it, it’s 22 and 1/2 hours a day. There you go. [INAUDIBLE] They take a break. Yes, they do. They do. See? Yes. Well, futures trading, all
23 hours, or 22 and 1/2– excuse me– There you go. –for certain products. But you have this position on. If you carry it
overnight, that’s something you still have to
manage and keep an eye on. It’s– can be kind of
challenging, certain– especially with the
news, as it’s been, we’ve seen a lot
of overnight moves. A lot of big volatility–
yes– a lot of the big moves have come in the
overnight session. There’s two different trader
types, really, with futures. You have a speculator
who’s just getting in there to try and benefit off of– profit off of price
action, and then somebody who’s concerned maybe about
their portfolio, and hedging– So the hedger. Yeah, the hedging is a great– futures are a great
product to hedge with. Yeah. Yeah, exactly. You’ve got the two sides. You’ll have these
producers and suppliers, who are selling
or buying futures to make sure that they’re
locking in a price or taking off some risk. Mm-hmm. Now, is that why, in natural
gas now, we’re seeing– and a few other
products, as well– where you have
financial futures, and then you have
physically settled futures– is it just because
there was so much open interest in the
physically settled, and that we’re going
to give clients an opportunity without
having to take delivery risk? That’s absolutely
right, because with– like you mentioned, there
are certain futures products that they settle physically–
for example, like you said, natural gas or crude. At TD Ameritrade, we would
never let a customer take physical delivery of a product. We would make sure you get
out of that beforehand. I got room right in my backyard. Like 10,000 barrels, I
think could fit there. OK, OK. We’ll see if we can get that
delivered to your house. But yes, they made
the natural gas– I think about two
years ago, they introduced the financial
side because they’re easier for a retail trader to trade. And we have seen
the liquidity really shift out of those
physically settled options over to the financially
settled options. Yeah. And those are just settled
just like the SPX, right? It’s just cash settled. Uh-huh. So you don’t even really need
to be out of those positions by a certain date, but
the physical ones you do. Right, right. Well, at TD Ameritrade, we don’t
want you taking deliveries, so we’ll have a day that
you need to get out. That’s very disappointing. Well, it can be pretty tough. Most of the time,
it’s a big headache. I’ve been delivered on
before, back when I was– Yeah? –trading. Seriously? Well, I didn’t. No, I didn’t, but the people
I was trading for did. Really? Yeah. So what did they do? Well, a lot of
times, you just get a receipt for something
you’re holding, and then your futures– your clearinghouse,
essentially– Yeah. –will be like,
OK, we’ve got this. And there’ll be additional fee
to take care of it for you. No, makes sense. I’m going to step back a
little bit, because any of the viewers that might
be watching, obviously, this is all about
trading and the markets– Sure. –futures aren’t– they’re
not suitable for everybody. Many might not know
what futures are. You have to be approved to trade
futures, but more importantly, you don’t– not even if
you want to trade them, but if we focus on
that watchlist– which we have on the platform
here on the left-hand side– which is customizable– futures
are very important to have on your watchlist. So if you have your– the Dow
Jones– that’s your $DJI– your SPX for the
S&P 500 composite for the NASDAQ composite– That is right here. Right. That is right there, yes. But the futures, again,
we just mentioned how they trade at 23 hours
a day, 24 hours a day– is that futures
can indicate maybe where the cash equity market
can open, and can give you a direction of– even if you have a position
in, say, Apple or a big Dow component– Caterpillar or Boeing–
and you see that– you wake up at 6:00 AM
Central time, and you see– the first thing I
think you look at, if you’re going to check
your trading account, have that watchlist, and
have those futures in there. And that’s /ES, /NQ, /YM– that’s DOW. Those are some key
ones to have in there, and it can give
you an indication of what the market is going
to you on the cash open. Stephanie, I actually
have a question for you that brings to mind, and this
might be a chicken or an egg kind of question. Do the futures move
the actual cash index, or is the cash index move first? Or is– sometimes is
a combination of both? So let’s say, if somebody wants
to buy like 1,000 E-mini S&P futures, is that going to
move the equities market, or would the futures move
based of what the underlying index does? Do you kind of get
what I’m saying? Yeah. What moves first? I think that more of the
future is going to move first, move then the cash product. And it’s an indication of where
the cash product could move. Is it always that way? If somebody is trading,
let’s say, the Dow futures, and then somebody–
there’s some news in some– I don’t want to mention
a stock per se– XYZ stock that’s listed on the
Dow has some news come out. Stock drops like 25%. Obviously, the cash is
going to move with that to reflect that change. And then I would think
that maybe the futures would lag behind that. Is it always– or is it just
like a dance between the two? No, think it might be more
of a dance between the two. And there’s never going to be
any type of [INAUDIBLE] saying, oh, I see the futures are
down, I can go and trade the cash products because then
they’re going to move next. Right. Right. And I think it really depends
on the nature of the move. You might have climbing
futures prices in the indexes, and that’s kind
of saying, OK, we think this is going to go up. You’ve got to remember that
futures are a guess at where it’s going to be at that time. That’s usually built in in the
different expiration month. So futures are primarily
moving the cash– moving the cash market. And so what happens? I just want to kind
of break this down, and Stephanie, I think
you’d be the perfect one to ask for this. So I go in. Let’s say I want to buy
10,000 E-mini futures. Wow, you got a lot of money. I got beaucoup bucks. Hello. I got Bill Ruby money,
and I’m in there– I buy a ton of it. So what actually is what moves
the equity side of things? Is it algorithmic trading,
like maybe a program goes off somewhere and it sends
a bunch of market orders to buy, say,
Boeing, Caterpillar, and those other Dow components? Is that kind of how it works? Oh, you’re trying to breakdown
the actual index compilation of how they balance. Yeah. Because again, I don’t
know 100% for certain, but like the S&P 500, it’s made
up of 500 large cap stocks, and I don’t think
we need– well, I am not probably as well-versed
in how the whole compilation of that works. What we want to just focus
on is knowing the products, and the product would
be the S&P 500– is that it’s made
up of 500 companies. What you do need
to pay attention– they take care in the back
end, and like the Dow Jones Industrial– that’s market cap weighted. So if you have a big move
in 3M, or Apple, or some of those bigger Dow
components, that’s why you’ll see the Dow
down maybe more than you’ll see the S&P 500. What I really want to say is,
you do hear the Dow mentioned a lot– the Dow fell 700 points,
the Dow is down 1,000 points. I look, as I look at
multiple indicators to tell– gauge what the
market could be doing. And that even goes off to crude. It goes into bonds. It goes into the 10-year. We’re hearing so much about the
inverted yield curve right now, but I think most
investors, traders should focus on the S&P
500, because again, you’ll get a better indication of
the breadth of the market– Right. That’s true. –then just through the
Dow because it’s 30 stocks. Right. I feel like a lot
people still watch that because the older
generation is so used to seeing the Dow. Is that why it’s so
commonly used, even still? It could be both. It is older than
the S&P, for sure. But I did want to
point something out. Savannah, you bring up
a interesting question– what kind of investors
should apply or attempt to trade futures? Like Stephanie was saying,
it’s not for everyone. Yeah. Someone has a little
bit more capital to work with, and maybe has
a little bit higher risk tolerance, because– Because it is a
leveraged product. Absolutely. Yes. It’s very leveraged. There’s a lot of movement,
a lot of volatility. And every single
tick in a futures can mean $20, or $50, or– Yeah. Definitely somebody who is a
sophisticated trader, and in saying that you do have to have
full approval for all option strategies before you can
even apply for futures. So you definitely have to
know what you’re doing, as there’s– these products all
move in different tick values. It’s not penny for penny,
where all equities are, if the stock goes up
$1, will go up $1. This is– again, if we’re
looking at the ES right here– every one-point move
in the ES is $50. Right. So like you guys
just said, we’re having a big range
moves right now. I think the average
range on the ES right now has been about 51 points,
with a lot of that occurring overnight. Right. And again, when we
talk about leverage– just to give an
example, if you wanted to do a basket of, say,
S&P 500 stocks, at TD Ameritrade, if you have a margin
account, it’s 50% Reg T margin. And the math in my head,
it might be somewhere, you got to put up,
let’s say, 100– we’re trading around,
say, like $100,000, if we look at what
that basket’s trading around, the margin
on an ES future right now is just shy, I
think, of $8,000. Might take $6,830, right? $6,830, there you go. So you’re controlling that
same notional value of– about $140,000 is the
notional, so if you’re looking to get
that same exposure, you’re going to put up,
again, a lot more money. But with that leverage comes
higher risk, as we just discussed those prices events. Right. It’s essentially like
a deposit on there. Yes. And I wanted to
shout out– we got Bagouli GBR 1995, [INAUDIBLE]
Garden, “love me some Ruby” coming in. I love me some Ruby too. [INAUDIBLE] as well. But also, there’s
another [INAUDIBLE] is it reasonable for a
non-full-time investor to trade futures? Seems borderline impossible,
with the extremely long trading hours. So I would tend to agree
there, if you’re not– if you’re comfortable
holding that risk overnight– Something you kind of
got to watch, right? Yeah. An investor would have
a lot of maintenance that they would need to do, when
taking care of those futures. It is reasonable to say that
you could put stops in– Yeah, sure. –and have a risk
profile that you lock in, when you have those– especially
overnight, so you’re not waking up at 2
o’clock in the morning to look at your futures
position– which I have done, and it’s not pleasant. I’ve seen some investors that
put it a first trigs OCO order. They’ll put their
entry in, and an OCO– which stands for
One Cancels Other– will trigger, and will enter
the market with, let’s say– for example, in the ES, if you
want to go long those futures, you could put in an
order to buy them, and it would subsequently
put in an OCO to have a stop below the
current market price, and then a target price
above to take a profit. I’ve seen people do that. But I don’t know. I’m more of a fan of just
really keeping an eye on them, since they are so
highly leveraged. And we do have a lot
of customers that don’t hold the positions overnight. So they don’t want
to have the risk overnight, so they will
get out of their position by the futures close time. Again, you have to have the risk
tolerance, like you guys said. You got to watch your positions. You get in on something,
you’re responsible for that. You guys just
mentioned stop orders. The thinkorswim platform has all
kinds of alerts that go off– alert me if it goes at
or above this price– percentage-wise alerts. But again, if you’re going
to hold something overnight, it does trade those hours,
because they trade like that because Asian market opens
up 8:00 PM Central time. Then the European market– Yeah, it’s true. –opens up about 2:00,
3:00 AM Central time. So there’s different people
coming in from around the globe to trade these
futures, so that’s why they do trade those hours,
because other marketplaces are getting in on these. So you don’t want
the risk overnight, I would say you get
out of the position by the close of the
future, which is really 4:00 PM is what time– Central time– is
what time the equity– most equity indices closed. But again– Right. –futures, the
different products, have different trading hours. Yeah. And it’s really important
to know your product too. Yes. For sure. You know how it moves, when
it’s trading, the tick size. You know what’s a little tool? Right here. Oh, yeah. I love this tool. I point people towards
this tool all the time. It’s great. We can see the ES right here. Shows you right there–
the margin requirement, that’s how much
the initial, that’s how much buying
power your option BP has to be to just
do one contract. Your tick value, 1,250– quarter point is the tick
size, so for every one point, that’s $50. So that’s a very
cool tool to use. Stephanie, in your experience,
if somebody were to– somebody who’s
brand new to futures just wants to start
trading them now, where would they start
to get that education? Just like Guppy
Trader, probably– our newest follower,
Guppy Trader. Did Guppy Trader
ask that question? No, no. That’s a great that’s a great
thing to point out, though, for Guppy Trader. Yeah. I like the name too– Guppy Trader–
because that’s just– they’re not a big fish yet. They’re just a little guppy. That’s right. And they want to know,
how do I do this? And that is a great question. And again, we’re,
right now, looking at a paperMoney account. Right. Anybody can come
in and have access to paperMoney
account for 90 days. If you’re new to futures,
what I would suggest– TD Ameritrade offers about 70
different futures products. About almost 20 now futures
also have options on them– 20 options on futures. They do. I would pick one product, the
most popular traded product at thinkorswim is the ES, and
that’s why we’re looking at it. So it’s an equity index. I would pick one
product and get to know that product, because as
I had just mentioned– and you’ll know, with trading
milk futures– is again, every product has a
different margin requirement, has a different tick size, has
different settlement times. Futures, unlike
stocks, they do expire. You can look at the
screen right here. These are on a
quarterly expiration. They have again, different– I think I mentioned
settlement processes, but they could be financial
or physically settled. So pick one product. Get to know how it moves. Get familiar with
those tick sizes. And I would do
that in paperMoney. We have a lot of education
on TD Ameritrade. Our website, if
you log in, there’s a brand new futures
course that just launched. We have future specialists
like, Will over here, who has traded futures. So they’re here to help
and take your phone calls, but definitely start
with one product. Some of our other
liquid products– gold has been in the
news a lot lately. Gold is at an all– a six-year high, and really,
mainly on fears of maybe that a recession is coming, and
that the US China trade war– the ongoing back
and forth battle– has pushed gold higher. But that’s a popular
product– and then crude. And these products– futures are
really in your everyday life. If you take crude,
fill up your gas tank– you know some of these products. Gold, you think of
gold bullion, you think of jewelry, some of
the other uses for gold. But they’re not as scary
as some might look at them, but again, you do
have to be advanced. You do have to be– separate approval. My main thing, though, is
start with one product. Right. I would tend to agree there. And I don’t think the
idea is too scary, but when we wouldn’t go over to
something like the sweet crude, that’s /CL– it’s $55.75. That goes up one cent to
$55.76, you’re looking at $10. Looking at $10 real money
in that translation. Because they multiplier’s
how many barrels? Is it 10,000 barrels of oil? 1,000 barrels. It’s 1,000, OK. Mm-hmm. And if we were looking
to find the trading hours in the platform, we could
go into the Education tab too. So if we go into Learning
Center up top there– Take the wheel, Bill. Well, let’s see. While Bill’s looking
for that, let me just mention– we keep
saying forward slash. You might be wondering, why
is this forward slash in front of these symbols? It differentiates
it from the equity. Anything that has a
forward slash in it– if you see it in
the platform, that designates that it’s a future. The reason you have to enter
that forward slash beforehand is because– let’s take an example like CL. CL all by itself is
Colgate-Palmolive, the company– the equity. So forward slash before it
designates that it’s a future. A futures contract. So this is where you’d click. That takes you to
a link to the CME. That’s where you’d
want to check on all those different products. Trading hours– it’s
important to know those. I’m not going to click
on it, because it’s going to take us off our thinkorswim. Yeah, we don’t want that. Right, exactly. Well, let’s take a look. Let’s take a look at the chart
for one of these futures. What do you want to
look at, Stephanie? Do you want to look at
the S&Ps, crude oil? Let’s look at the S&Ps. And we’re going to
look at those again, because I want to talk
about another product that just has recently been
launched by the CME, and this is a great– there you go. You know what I’m thinking. [INTERPOSING VOICES] So the micro– so it’s the– Most successful product
ever by the CME? Yeah, most successful product
launch ever by the CME. And it’s really not
surprising because, as we just talked about, the S&P– what is called the E-mini– it controls $140,000
notional value. That’s a lot to control. Maybe some don’t want
that type of exposure, don’t want that risk. You want to get in on some of
this action, the broad breath– you take in a general direction
on the market, up or down. This micro contract
is 1/10 of the size, so it’s $14,000 notional. Its margin is about $693. Every one-point move is
just $5, so you can do– this is a great first
product to get your feet wet, if you’re brand new, as well,
is to go into these micros. Now, they entered– or they
added four different micros on their four major equity
indices, which there is– and we don’t have to
go through them all. Or you can take a look
at them all, but– MNQ another one? Yep, NASDAQ. And NASDAQ is one of
the second or third most popular traded
future at TD Ameritrade. Again, NASDAQ’s got
your big names– Apple, Google. The FANG stocks that
we hear so much about, NASDAQ has really been a
mover lately, and a mover on the China US trade wars. There you go. There’s the Dow. So there’s a micro for the Dow. And then there’s also a
micro for the Russell 2000. MRT? Is that it? This is this funky symbol– M2K. M2K? I like it. Yeah. Oh, wow. Yeah. So again, those are four
brand new micro products. This one is this small cap
2000, similar to our RUT, the RUT index that you
might be familiar with, and there’s options on RUT. But also, to find
these micro products, there is a dropdown list that’s
called Micro Products, that’s in the watchlist– in the public watchlist. I did not know that. Yeah, so if you go to Public,
and then go to Micro– go to M– Micro Futures. There they are. Yeah. So an easier way to find them– there’s also a
micro gold product, and that has been
really popular too. So again, it is 1/10 of
the size of the big gold. You want exposure, but you
don’t want as much exposure. Then you’ll see some
other currency futures that are in there, as well. Don’t they haven’t for oil too? It’s like QM or something? Yeah. Which one is that one? Yeah, QM, that is a
smaller contract size. They don’t call it
the micro, but it is smaller than the 1,000 barrel– the CL. Is it 1/10 of the size? 1/10 of the size,
I believe, yes. OK. Right. Well, with these smaller
contracts, that’s– it is taking a little
bit of risk off the table but somebody else considers
the transaction costs. Yeah. So if you are doing
those, it’s going to be a higher percentage
of each your trades, when you’re putting that in. And we just got DA Trader and
TG Cowles coming in to follow. You can find the
futures hours here. I guess we can. Yep. All right, well,
let’s take a look. Do we want to put on a trade? I think that we– Yeah, let’s try something out. And maybe we’ll throw a stop
in there, just let it run, and see where it goes. Well, let’s go with the micro. I think so too. You want to just do an
intraday trade for right now? Yeah, let’s throw
something in there. OK. So we’ve got the MES. I’m looking at that chart. Go ahead. You want to take it? Yeah, let’s see. Go ahead. So where would we start to
initially put in a trade? Trader says, you know what,
I want to get in– they never say, I want to lose money. Right. We want to make money. How do we look at that? We looking at
different charts, like a one-year, 30-day,
180-day, intraday? What are we looking at? Well, what I always
say is, if you’re looking to trade long term,
look at a long-term chart. If you’re looking
to trade short term, look at a short-term chart. We’re putting– trying to put
something on for a relatively short amount of time here– very short, in the
grand scheme of things. So we’re looking
at a shorter chart. So that gray area
up on that chart there, that just designates that
those are the overnight hours for the product. It’s just a
designator so you know those are the futures
that are trading overnight and get a look at it,
that dark-shaded– the darker green area is–
right now, what we’re in is the equity market. Right, exactly. And notice it
switches over at 8:30. DRK Superman had
a question there. He said, is there a
difference between trading 10 micros versus one regular? And that’s really
only the exchange fees that we’re looking at. Exchange fees and
transaction costs, commission– whatever it may be. Those are somebody to pay
attention, because those– especially if you’re
having to trade one and paying one transaction cost,
one commission and exchange fee, versus 10. And here at TD Ameritrade,
it’s the same, right? Yes. It’s the same for the
micro as it is for the big. Yes. That’s right. But the only
difference, I believe, is the amount that
the exchange charges, because it’s less for the micro. That’s right. The exchange fee that the
exchange charges, yes, is a little bit
less for the micro. But again, if you
are looking to do– putting on the trade
at once, and you’re looking for the
size of a 10 micros or the notional
value of $140,000, you would just do one
E-mini, like you guys said. Now, there are customers– and
I think what’s great is you can scale in and out
then of the micro– That’s true. If you’re going long,
you might buy one here, you might buy another
one in an hour, you might buy one tomorrow,
and then you can scale out of them a little– I wouldn’t say easier,
but it’s scalability, in terms of dollar value. Right. And that’s another
thing to consider that’s different
from equities, when we’re talking about futures. So if you do hold
them every night, you’re going to have
a realized profit and loss every night on a
process called mark to market. Right. So if you’re holding
a stock, that P&L is not going to be
realized until you sell out of that stock. It’s not going to have
a real big difference. But you will see that,
on a regular basis– I mean every night,
on futures contract. So here we are. We’re breaking
out of the upside. I think we’re near
the high of the day. We are just near
the high of the day. Yeah, look at that. You could maybe interpret that– You could sell it. –as a little bit
of a [INAUDIBLE].. Now, you’re a little bit more
of a contrarian than I am, I’d say. Well, not all the time. Yeah. Not about life, in general. Well, that’s good. I think that’s a
good quality to have. Yeah. Well, thanks. That’s all that matters
is that you think so. So what are you
thinking here, Anthony? Are you a buy or sell guy here? Well, if you ask my opinion,
I’m sure it’ll do the opposite. I’m more of an options guy. But at this point right here,
I’d probably look at this and say, hmm– I don’t know. I might I might sell this one. I say, you know what,
this is the of the day– let’s go short here. Well, I actually would
say just the opposite. Would you? I would say the
trend is your friend. OK. Yeah. Well, at the end of the show,
we’ll have a sure winner. Yes. And it’s going to be the first
of many broadcasts, of course. But it’s going to be the
first, and you always remember the first. Right. We’re always going to remember
Stephanie as our first guest. That’s right. We’re always going to
remember the first, and now– I don’t know, I’m feeling
like a breakfast sandwich bet or something on this one. That would work. All right. I could maybe try that. You’re on. So what shall we do? OK. [INTERPOSING VOICES] You’re the deciding vote. All right. I’m going to go
in, and I’m just– I’m going to go with
Anthony over here and say maybe we’re going
tick a little bit lower. That’s fine. OK. And I’m looking at the chart– we’ve been stuck in this
range for most of the day, since about– what, 10 o’clock? Right. Just bouncing off
2887 bouncing– the day has been relatively
quiet, or kind of boring these last few hours
in the futures market. Right. But again, this
is– it’s a micro. We’re just trying to teach
and how to place trades, so it doesn’t mean our
real thoughts here. One other thing– we don’t
have to look at it now– we’ll get there’s trade
in– but there’s also options on futures. So– Oh, sure. –no options on the
micro right now. The CME, I think, might
be coming out those. There are options on the
ES, and those options are– if you’re already trading
options on other equities or indices, an option really
is an option, strategy-wise. So if you’re selling a
vertical or an iron condor, they all work the same. And we’re not trying
to force a trade here. Just the tick values
of the options are– they’re different, right? They’re different, right. The same as the underlying. So don’t ever,
obviously, force a trade. We’re here for
educational reasons. Right, right. But there’s also–
if we were saying, hey, I’m going to say we’re
going to stay in this range, you could go and use the options
market to put that play on. But let’s go ahead and– I guess, if I’m on the final
vote, let’s go in and sell one. Short it. OK, that sounds good. I say we do a first trigs
OCO for educational purposes. Oh, great. Sure, sure. So we’re going to go down
here and do first trigs OCO. There’s a couple of ways
to do this on thinkorswim. Yeah, there’s few. This is one. We’re going to be
selling the first one, and then selling to– or
buying on each side of it. Yeah. So we’re going to
have a buy stop on the top as our
protection, and we’re going to have a target price
of a limit on the bottom. So if we were to get in
with a sell, stop market right here– now, what are
we comfortable with risking on this? Well, we only got
about 22 minutes. What kind of movement do we
think we get in the next 22? Hopefully a five-point? Yeah, a five-point. Yeah, it’s been range bound. I think we said five
to seven points. OK. OK, let’s give that a shot. On the stop, though,
what do you want to do? You want to go maybe
two points on the stop? So each handle on
this is $5, right? That’s right. We’re doing a micro. Mhm. So we have to make enough money
to offset the transaction cost. Right, right. So let’s do a little bit more. Let’s do a 10. So this is equivalent
to one regular. Yeah. OK, so we wouldn’t
want to do that, right? No, typically, we would
not want to do that. We’d want to do it in
the regular contract. Right. Well, do nine. Let’s throw them a curveball. Let’s do five. Let’s do five. Can we do 9 and 1/2 of them? How about we do
five, but we can– since we’re doing it in
the smaller contract, we can probably
widen out our stop– Our stop. –and our limit
because, again, if– one-point move is $5, so if
we say we’re comfortable maybe with losing $100 on
the downside, and– or $200– whatever you guys
think that we’re comfortable with– well, let’s say we’re
comfortable with $100, because we’re brand new
and we’re trying it out. OK. That’d be four handles
from the entry point, $5. So 5 times 5 is 25, times– That’s good. Yes. I’ve done this before. So 5 times 5 is 25. You have a calculator
down there, don’t you? Oh, no, not this time. Oh, OK. So why don’t we round it
out, and we’ll go 2892. I think it’s
important– you have to know your break even points,
with transaction costs and all that stuff. Right. Mm-hmm. I think that’s so important– Very. –especially the micro. Yep. All right. Well, we’re also
running away here. Get it in. And what’s our target? You’re trying to sabotage
my breakfast sandwich. Absolutely not, Anthony. Absolutely not. I’m going to get
extra stuff on it. It’ll cost you more money. And want to do five on the
downside, as well, right? Yep. Yeah, sure. We’ll do it that way. OK, well, we’re entering
with a market order. All right. So let’s do it. Are you going to do a
full read back for me? Not this time. All right. Not this time. Just hit it. Just remember, it’s
always good to just– Definitely take a look at this. Always check this box. Make sure. 2892. We’re going with a market order. I can’t tell you how
important that is. I’ve seen so many
traders mess that up. Absolutely. Keep in mind these
transactions costs, as well, because there’s going to
be a commission, as well as an exchange fee. Yep. So let’s get that in. We got it in. OK, we’re in it– 2887 and 1/4. Yep. Our target was– where was it? Let’s see– 82. OK, target at 82, stop at 92. Mm-hmm. OK, so we’re looking for a
little bit of a drop here. Yep, here we go. Cool. Let’s see what happens. Well, that– those
are the minis. All right. We can get into some futures
options too, if we want to. What do you think? So futures options are a little
different than equity options. Mm-hmm. Right. You need tier three
approval for that. You do. Tier three approval
and futures approval. So that’s a little
more advanced. And upon exercise or
assignment, you’re getting one of the underlying. That’s true. Whereas, when it
comes to equities, you are getting 100 shares. Right. Yep. And then you’re
looking at the indexes too, versus the SPX
that’s cash settled. Mm-hmm. So this is actually settled
with the underlying. So you could get long or short
futures, if you’re assigned, or you’re put, or you’re called
away, all that stuff yet. Yep. Mm-hmm. Oh, DRK Superman thinks we
should have done six, guys. Six? One extra one. The good thing about that, you
can always add another one. Yeah. That’s true. You could scale in, just
like you were saying. That’s true. That’s true. Well, let’s see. So we’ve got to go to ES
now for the futures options, because we don’t have
them in the micro yet. I have a feeling that’s going
to be a popular product. Yeah. Again, these micros
have really taken off. They have opened it up
to a whole new realm– a group of traders
that that might not want to take that big risk
on the E-mini contract, but could get in
there with the micro. Yeah. And the SPX is more– it’s more expensive to
trade that one too, right? There was a little more
leverage in those guys, where you get a $0.50 move
here in the tick size, right? So one handle is $0.50. There, it’s 1 to 1. And the SPX– so you do
have to do two contracts, because again, the ES
is 50, so you would do– Right. If we were doing a one lot
vertical in ES options– or in SPX, you’d
actually do two here, because it’s a 50 multiplier. But what you do gain with– you might say, well why trade
options in the ES future, rather than the SPX? Because essentially,
they are the same thing. Right. You’ll see pricing and the
value the same way as– with the ES options, depending– say, if you’re selling an
out of the money vertical, you will get a better– more leverage, and a– it’s a smaller margin
buying power effect than going into the
SPX options, and that’s because it is a risk-based
modeling that the ES options use, versus SPX. That’s why you get
the different margin. So it could be better,
again, leverage. And then the other thing too is
these options trade 24 hours. [INAUDIBLE] So there are times
you want to get out of positions because there
is stuff moving overnight. You have the ability to
do that with ES options. Got a question
from GBR 1995– how can we tell on
the platform which futures have options on them? Well, just like we were
looking at earlier– There you go. –if you can look at down in the
Trade tab, All Products subtab, you’ll see in the–
just below the trade grid, that this one
does not have options. That’ll be the case. So it’s going to
be trial and error. Yeah. I think what they’re asking– is
there a list somewhere that we can look for– I don’t believe that
there is a list. Not in the platform now. It is something that
is in development. We’re going to have a whole
additional futures info contract spec type page
that will be in there, so that information– Oh, I like that. Yeah. –is more accessible. So besides just going
and looking, we do have– if you log into our website
and go to the Futures section, there is a list there that,
again, has the trading hours. You don’t even have to go
outside to CME’s website, but it will have
the trading hours, and it will have a designation
if it has options on it or not. Got another question
from the chat– DRK Superman asking,
would you use the ES to gauge
overnight performance of the S&P or the 2045 ETFs. Yeah– you were kind of
mentioning this earlier, Stephanie– you can
definitely gauge about where it’s going to open. You can, and you might
say, the implied– It’s pretty close, right? –open at– so you
wake up at 6:00 AM. You might say, S&P
futures are down 10. The implied open could
mean that the equivalent that the S&P will open down 10. Is that 100% right? Absolutely not. Right. Nothing’s 100%. Right. But you can have an indication– Gets pretty close, right? –of what’s going on. Like when you were watching just
some of the bigger movements– as Brexit is still in
the news right now, one of the biggest nights
in futures I remember, because Brexit was not
supposed to happen– Right. –I think futures
sold off that night– 120 points or
something overnight. When President
Trump got elected, I didn’t even have to watch– I mean I was watching all the
news channels, but I had– I was watching the
futures, as well. And the futures
were telling me– because he was not the
favorite in the polls to win, I was thinking, president– Donald Trump is going
to become president, and the futures were
selling off on that news. The next day they, made
up most of that loss. Yeah, huge swing
all the way down. If you had one on,
it was a wild ride. Huge swing. Right. Be careful on that. The other thing–
there’s some people that like that volatility. Volatility traders
want to get in there and trade on that price action. Mm-hmm. It depends on what you’re
looking for, obviously. Yes, yes. I’m sorry. You guys see me
laughing over here. It’s because Shooter
McGavin is asking, well, what if you don’t
wake up until noon? I would say, then
it’s time to move out to your parents’ basement. Yeah, I don’t know if you
should be trading futures, if that’s the case. It’s a different type. You got a good gig. I wish I could sleep until noon. Yeah. On a big move like that, with
Trump news or something pending like that, would futures
options be a good place to take advantage
of a move like that? Sure, yeah. Absolutely– trades overnight. And those kinds
of things, that’s why it’s very important
to have stops in. Yeah. Yeah. If you have the stops, if
you’re not paying attention, something weird happens, you
know that you have a parachute, I’d say. And then it’s all
about your time frame. Are you looking
to get in and out? Are you a scalper? Are you day trader,
overnight trader– your time frame is
one or two days, you’re trying to
get into something maybe right before expiration? Or are you long term? Are you looking to
go out three months? So the market is– well,
high on ES is 3029 so I think we’re about five or six
points off the high, but still up around 12%
or 13% from the year– or on the year. If you have a view that we may
go back and retest those highs, you could take– you could, say, sell a
call spread on ES options, because you’re bullish. And you can sell it three,
four months out in advance, and then you watch it play out. You can always adjust
your option positions, if you’re looking to scalp– sell puts, buy puts,
looking to get– could be something small
or bigger profit– again, it’s depending what
kind of trader you are and your time horizon. Right. Yeah. And a lot of times, if
you’re going long options, that can be a way to
pare the costs of having the same position, if you’re
buying something on the wing. Now, the wings are obviously
going to carry more risk. Wings? You flying out of this thing? The wings– ah, the wings– yes. What’s a wing? Outside from at the money
is what the wings are. So for instance,
with our option chain right now, we see 2885 is
our at the money option. Mm-hmm. Now, if you were to go
long, a put, or a call– That’s the meat, right? I used to like to
call it the meat. Exactly, exactly. You could put it on a similar
position for less money, and have a defined risk. When you go options, the
premium that you put in is the only thing you can lose. Well, let’s put on
a vertical maybe. What you think? Yeah, sure. Not something expired today. Maybe go going maybe
a week or so out? OK, yeah. We could try to develop a
strategy based off that? Absolutely. OK, well, question
is, up or down? What are we looking for? Well, we went down for
this intraday move. Maybe we’ll do a bull
play on this next one? Sure, sure. We could do that. OK. And again, remember, these– look at the expirations,
which really mirror the SPX expirations. So that’s important
to pay attention to, as those Wednesdays
actually expire– today is Wednesday–
end of month. We’re actually hitting the
end of the month of August. And then you got
Mondays, Wednesdays. So just pay attention
to your expiration that will determine
your time frame. Right. Like the settlement
price, and all that? Mm-hmm. Yeah. So how do we know? OK, what I would say is, we
have a long weekend coming up. Right? Yeah. Yeah. It’s Labor Day weekend. I think there’s still a lot
of uncertainty in the market. VIX is another one
I want to say that– you guys know this– you
should always be watching the VIX on your watchlist. Absolutely. Right. Symbol V-I-X. /VX is the future
symbol, which is also tradable, but that VIX is the fear index. So the higher that
is means there’s a little bit more
uncertainty a little bit of fear in the market. And it’s not surprising
to see it at a 19 right now because of, really,
the uncertainty with trade. Right. VIX, naturally, I think historic
levels, is at a 14 to 15, where it sits around. 2018, when the market– minus January– or 2017
market went straight up. VIX was really low. There it is. There you go. Yep. Yeah. So there’s your spike in
VIX, the end of December, when we had that sell-off,
because we had a big sell-off– market uncertain. But over the weekend, you
guys can have a play is– know your risk going
into this weekend. It’s a long weekend. We don’t know what’s going
on with the trade war. We can see what a tweet
can do to the market– Tweet-sensitive market. –what a headline can do. For sure. So I would start maybe
something small, and– we can go and look, and maybe
we want to get out this– end of month is this
Friday– or if you guys have a particular take. If you’re longer
term, you can go– you have so many different
expirations to think about. Want to go a week out? Yeah, we have a lot in the S&P. I say we go like a week out– OK, sure. –because then that’ll expire,
and the next time we’re back live, that would be perfect. What do you say? Absolutely, that sounds good. OK. So these ones that are a week
out, when do these expire? Is it end of day, or
how does this work? Yeah, these ones
are the end of day. OK. So say 4:00 Eastern. Is that what the
settlement price is going to be [INAUDIBLE] go off? Settlement price, again, is 3– 3? 3.15. Wow, nice. OK. So keep in mind that all
these prices are also on a multiplier. Gotcha. So if you’re doing those, you
have to take that into account. Anybody on the chart
want to call it? Bull or bear play? We’ll give them like 10 seconds. Otherwise, we’re
going to call it. 5, 4– OK. Well, unless we see
somebody chat in, what do you guys want to do? Steph, what do you think? We’re going to go a week out. We won’t short, so let’s– we’ll just put on a
long trade, just again, to– just to show how
you can use options. So maybe we want to sell a– Bull– DRK Superman– D-R-K– is it Derek or dark? I don’t know. I don’t know. Look at all the bull votes. Oh, we’ve got a lot of bulls
in here, speaking of which, Bronc Soup is coming in
hot, with the bull call. [INTERPOSING VOICES] Are those rocket emojis,
or is it a popsicle? I think it’s a rocket. I think it’s a rocket. We’ve got some
bulls in the chat. I don’t know. I see a stick at the
bottom of the popsicle. Maybe it starts out with
cherry, goes into limoncello. Sure. Yeah. Whatever you say. All right, so if we’re going to
put on a bull put spread, what we’d be doing is we’d be
shorting the higher strike, and then going along
the lower strike. That’s right. It’s the same thing
with a call spread too. If you’re going long,
if it’s a bull play, you’re going to go long
that lower strike and short the higher strike. We’ll do a short put
spread real quick. What do you think? Right at the money? We think we’re going
to go higher from here? Or you want to give something
a little breathing room? I’d give it a little
breathing room. OK. We’re in a very volatile
market, so that’s something to keep in– [INAUDIBLE] And I love that we’re
doing a bull put spread because we’re selling premium. Yeah. Gotcha. So a net selling
a premium, and we take advantage,
just like you said, of that three-day weekend
with the theta on that spread. Theta being your time decay. Want to do the 8075? What do you think? Sure, that sounds great. All right, here’s
how you build this. So all you would do– you left-click on one. And here’s what I always do. I minimize. And my go-to way of putting
together these different– adding option legs to a trade– I just hold down the
Control key and left-click. For you Mac users, I believe
that’s Command-click, and this will come right up. Do you want to do the
same– maybe five contracts? Sure, sure. Now, we’re on the
full size this time. We are, we are. That’s true. Good call on that one. Mm-hmm. I’m going to through this one
in the Analyze tab real quick, see what that one looks like. OK. That’s a typical
bull vertical chart. Would that be a backwards Z? I’m writing it out in the air. There we go. You got a max profit on top of–
it’s showing it in the lower left-hand corner– 437. At expiration, max loss– 812 at expiration. And keep in mind that the purple
line indicates if a stock– or in this case, the future– makes that move
today, that’s going to be your theoretical
unrealized profit and loss in the purple. Right. And eventually, that will
meld into the other one, as we approach expiration. OK. Let’s look at transaction costs. Thanks to Michelle
Marie and Michael Gary. Do we have new followers? We do. We sure do. Nice. Yeah. Welcome. Appreciate it. Appreciate the love. All right, so let’s
take a look here. Midpoint’s moving a lot on this. It sure is. It sure is. Now, keep in mind, we’re
filling in paperMoney here, so sometimes– That’s true. –you can get a little bit more
favorable fills in paperMoney than you would in real life. Yeah. It might not be the same, right? Right, right. But we do have– we’re swinging on
one tick there. Gets pretty close. All right, want to put
this guy in at like $1.75, give it a shot? Yeah, let’s try for $1.75. OK. So let’s take a look at this. We’ve got– keep in
mind, transaction costs. There they are. Always read this box. That’s right. So the options carry a
lower exchange for you, but that’s still
something to consider, when putting in– especially
a multi-leg spread. OK. Mhm. And then, again, you
see your max profit, your max loss in there. Max loss 812– if you’re
comfortable with that risk reward, then– Then fire it away. Then fire away. Bam. Looks like we got
filled right away. Sometimes I get filled
right away, I’m like, maybe I shouldn’t
have done that. Right. It’s like, when you put
your house on the market, and it sells in eight seconds. Yeah. Yeah, there’s– Maybe I didn’t need to do that. –the seller’s remorse. I’m a frequent feeler
of buyer’s remorse, but seller’s remorse
is another thing too. And I think, when
you’re trading options– spreads especially–
tell customers you got that little
[INAUDIBLE] natural box. The natural is going
to be the bid and ask, and that mid prices is going to
be the mark between those two options. So we always say try
and sell it at the mark. Maybe, if we’re
selling something, put it in a little bit higher. I like that. Doesn’t fill in. And I think a
common question you have in order in at the mid
price– and you’re saying, why am I not getting filled? Because again,
it’s the mid price. It’s the mid between the bid
and ask on each of those option strikes. The natural is where you
should get filled at. You’re not guaranteed to fill
there, because you’re actually doing a spread. Yeah. But I would always say, at
least when I was on the desk, is– when I trade, it’s, put
it in mid, a little bit higher. I like it. Right. You can simply cancel, replace,
and take it down a nickel, take it down a dime. Yeah. It’s like going to
the car dealership. Yeah. Yeah. You’re never going to be like,
oh, I’ll just buy any price. You negotiate with the guy. You hardball him a little bit. You make him sweat. Come on. But if you want to get in on
something– because again, we’ve been a little
whippy, choppy market– is you don’t want
also miss your price– Yeah. –so it depends what you’re– Right, there’s a
delicate dance between– There’s pluses and minuses. There is a delicate dance. Yeah, there is. –between collecting that
premium and getting it done. Yeah. Speaking of delicate dances, we
have this [INAUDIBLE] right now and MES– that’s the Micro E-mini. And it’s looking more
and more like I’m going to owe Bill a breakfast
sandwich on our first try. Well, we’ll see. We’ll see. It’s not good,
because he’s not going to ever let me live it down. I will, I will. It’ll just be a couple of years. Yeah. Oh, boy. Yeah, it’s definitely
going higher. We might even actually
get stopped out– 2992, I believe, is our stop. Well, we’ve got some time. Nothing is certain until– We get some time. We got three minutes. Well, three minutes to the end. We have three minutes
until the show ends. Yeah, but our bet was
a breakfast sandwich. And I don’t like losing. I do want to point out
that this is the benefit. Let’s say we’re going to be
walking away from this– if it doesn’t get filled by then,
we have protected position. That’s right. What is the sandwich of
choice, DRK Superman is asking. What’s the sandwich of choice? Bacon, egg, and cheese. Bacon, egg, and cheese. Is it going to be
from somewhere close. [INTERPOSING VOICES] Those are so good. Did you ever have the
everything bagel from there? Yeah. If you haven’t, don’t,
because it’s addicting. Oh, gosh. Well, I haven’t,
yet, so I won’t. Oh, well, now you’re
going to have one. I’m never going to have one. All right. All right. We could look to wrap this up. Should we close
out, or do you want to leave it in the–
we’ll let the bet be for the end of the show. but we’ll leave the trade on,
since we do have the stops. Did we put the target
in the stop’s GTC? No, we did not. We did not. We have a day. Look what could have
possibly happened– left hanging out to dry. That’s right. Because if we don’t get filled
on this by the end of the day, that offer– those orders expire. That’s right. Something to be very aware of. And then you could be– if the market starts to
run higher against you, so make sure– and I
always tell people, I think it’s probably a good
idea to make sure your targets and your stops are GTC. Yeah. I agree. And now, this is a
futures contract. Going back most of the time,
you’re going to be out. But if you are planning
on holding it overnight– I hate getting rejected. Happens often, doesn’t it? I got rejected. Hopefully not too often. Ouch. Wow. She’s coming in hot on the
show, just bashing the host. But I love it. I love it. I’m never going
to be asked back. I love it. No, you will asked back. We want to thank you
very much, Stephanie, for joining the show. This is fun. Yeah. Yeah, we want it to be fun. It’s very laid back. I really do appreciate
you coming on. It’s definitely an honor. Don’t forget to catch
us every Wednesday live at Again, it’s Make sure you check out
the education content, because this show will be
archived on YouTube directly after the broadcast. And you could go to some
more educational links at And it’s looking
like I am definitely the loser on this trade. Until next week, I
am Anthony Panzeca. I’m Bill Ruby. And with Stephanie
Lewicky, we’re saying– [INAUDIBLE] –so long, guys. Thanks for watching. Have a great night. Thank you. [MUSIC PLAYING]


  • Joshua Roberts

    September 4, 2019

    Teach the gamer kids to trade and we will be colonizing orbit in two decades.

  • Lil Fiji is love Lil Fiji is life

    September 4, 2019


  • River

    September 4, 2019

    Haha what is this? Never in a million years would I have thought tda would have a livestream

  • psp785

    September 5, 2019

    Only trade naked options r/wallstreetbets


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