Setting up Autotrade

Did you sign up for a trading newsletter that provides an autotrade service and want to link it with your tastyworks account? If you have a subscription to a Newsletter Service Provider (NSP) and wish to link it to your tastyworks account, please follow the instructions below.

TABLE OF CONTENTS


Autotrade account checklist

You’ll need to get your ducks in a row before enabling autotrade

Before enabling autotrade, you’ll need to have the following prepared ahead of time:

  • Open a new or designate (an existing) individual margin account or IRA account with our Basic trading level or higher. If you do not have our Basic trading level, then click here to learn how to potentially upgrade your trading level.
  • When enabling autotrade on an account, it cannot have any existing open positions, not have any outstanding margin calls, nor have any account restrictions.
  • Deposits must be fully posted to your account's net liq and buying power in a unit increment to the model portfolio you wish to subscribe to. Unit amounts are dependent on the model portfolio you select.
  • The email address used at your NSP must match the email associated with your tastyworks account to link your subscription to your tastyworks account successfully. To learn how to change the email address on your tastyworks account, please click here.
    • If you have issues linking your subscription to your tastyworks account, please reach out to your newsletter provider.


Any customer-submitted order in an autotrade-enabled account will automatically disable the autotrade allocation service. To reenable autotrade allocations, you must go through the initial linkage process, as illustrated in the instructions below. 

As a precautionary measure, all autotrade-enabled accounts are set to closing-only to prevent the routing of any opening orders. If you plan on trading on your own in a another account, please be aware of the account you are routing trades through when sending a closing order on a similar position in a non-autotrade enabled account. To learn how to route a trade in a specific account, please click here.


How do I enable autotrade on my account?

You can set up autotrade in a few easy steps. To get started, log in to customer account management (manage.tastyworks.com). Then go to My Profile→Autotrade Allocations. The instructions below go over how to set up your account. The instructions also apply if you wish to add additional units of any existing portfolio subscription or if you accidentally disabled your subscription.

Location of Autotrade Allocations in Customer Account Management.


Step 1: Select a Newsletter Service Provider (NSP)

Select the newsletter service provider from the dropdown.

Location of the Newsletter Service Provider in step 1.


Step 2: Select a Model Portfolio

Select the model portfolio you are subscribed to from your newsletter service provider in the dropdown menu

Location of Model Portfolios available by the NSP.


Step 3: Configure Allocations

Enter the number of units you wish to apply to your account in the Number of Units field (red arrow). The value of each unit will vary. The total amount of the unit(s) will display below (green outline). The number of units you may allocate will depend on your Net Liq displayed in Step 4.

Example of Number of Units entered for an autotrade portfolio.


However, if you receive a “you have not paid for…” message, then it means that you did not purchase a subscription. If you do have a subscription, then in most cases, the email associated with your tastyworks account does not match the email used with your NSP. The email used at your NSP must match the email associated with your tastyworks account. You will need to either change the email on your tastyworks account or the email associated with your NSP. To learn how to change the email associated with your tastyworks account, please click here. If you have any issues, then please reach out to your newsletter service provider. 

Example for an unpaid or unproperly linked NSP subscription.


Select the account you wish to link. Again, you may only link an individual margin account or an IRA account and it must have our Basic trading level or higher. Accounts must be fully funded, free of any margin calls, clear of any account restrictions, and have no open positions before becoming eligible for autotrade enrollment. After selecting the account you want to link, you can view how much of the account you may allocate to the selected allocation chosen in step 3 (green outline). Any existing subscriptions will also list below the account number (red outline).

Example of any existing subscriptions and the amount available for allocation.

 

Just a friendly reminder that any customer-submitted order in an autotrade-enabled account will automatically disable the autotrade service. To reenable autotrade, you must go through this linkage process again.

If you plan on trading in another account and want to learn how to route trades in a specific account, please click here.


Step 5: Review Terms and Submit

In this last step, you must review the two disclosure documents. The documents do not need to be physically signed and submitted. However, you must view the documents before you can click I agree. The button below will change to Sign and Submit and illuminate green.

Location of disclosure documents required for review.


If you are subscribed to multiple portfolio subscriptions, you can apply them by repeating this process for each subscription.


Autotrade Account Display on the Desktop Platform

Autotrade enabled accounts will have an AUTO icon listed beneath the account number in the Accounts pane, as illustrated below. To learn how to give your account a nickname, please click here.

Example of the Autotrade icon listed beneath an account number.


How to disable an autotrade allocation

To manage or unlink an autotrade subscription to your account, click the Manage Allocation tab. To disable an autotrade allocation service, click the red DISABLE / MODIFY button. 


Clicking DISABLE / MODIFY does not cancel your subscription with the Newsletter Service Provider. Instead, it will disable the autotrade allocation service. To fully cancel your subscription, please reach out to your newsletter provider.

Location of the Manage Subscription tab on the Autotrade page in Customer Account Management.


How to Modify Allocation Units

Currently, if you want to modify the number of allocation units, you must disable your autotrade service. After disabling, you will need to liquidate all open positions before reenabling your account for autotrade with the desired amount of allocation units. You will see the following disclaimer before disabling your autotrade allocation service.

Example of the displayed disclaimer after clicking DISABLE / MODIFY.