What is Autotrade?
“You mean, I can pick a strategy and have trades automatically entered into my account?” Shocking, we know, but you have to admit, it’s a great idea! We’ve included a lot of information below, so without further ado...
After you’ve subscribed to one or more of the RED Option strategy-based advisory services for $20 per month, you’ll begin receiving trade recommendations via email. If you would like, you can choose to have thinkorswim automatically execute those recommendations in your thinkorswim account. If you choose to autotrade, all new recommendations, as well as subsequent adjustments and closing recommendations, will automatically be executed in your account until you elect to discontinue the service.
You certainly aren’t obligated to set up autotrade, but many do so for the convenience and timeliness. If you choose to establish autotrade for any of your strategy-based advisory subscriptions, you will need to determine a specific amount you would like to allocate per trade. As new trades are recommended, they will be executed in your account based on the previously specified amount established with thinkorswim. Don’t worry, you’ll still receive all the trade recommendations via email, but you do not need to be concerned about being at your computer throughout each day, waiting for an email to pop up. Of course, we encourage you to always be apprised of your trades, but who says you can’t have your trade recommendations sent straight to your PDA while playing a round of golf?
All of the RED Option strategy-based advisories are available for autotrade, except for ShadowTraderPro. It is important to note, however, that thinkorswim will not allow you to autotrade the Liquid Swing strategy-based advisory in an IRA, as that strategy shorts stock.
- Log in to www.thinkorswim.com
- Once logged in, find the autotrade tab on the top menu bar. Place your cursor on that tab and click on Sign Up/Newsletter Providers in the dropdown menu.
- On the next page, please click on the RED Option link, found just below the main paragraph.
- When you have clicked on it, additional text regarding RED Option will open up at the bottom of the page. Please find the space requesting your RED Option account number, and enter it. Make sure to type in the entire account number, including the leading RED.
- Once you have entered your RED Option account number, please click on the Autotrade with RED Option button just below.
- The next page will then ask you to sign an electronic Limited Trading Authorization form (LTA), a Terms and Conditions and an SEC Risk Disclosure statement. Please complete the forms, and submit.
- Once you have submitted those forms, you will then be able to set up your allocation method and amount. You will find the strategy you have subscribed to, followed by a field that says “Do Not Allocate.” Please click on the arrow next to that, and choose your allocation method by clicking on it.
- Next, type in the specific allocation amount you would like PER TRADE. Please enter this carefully, checking your amount, to ensure you have typed in the amount you wish to have allocated for each trade that is placed.
- Submit changes.
- Once you have completed those steps, all new positions recommended by RED Option for the strategy you have subscribed to will be placed in your thinkorswim account. If you have any questions at all regarding this process, or if you are unclear about allocation amounts or methods, please do not hesitate to contact RED Option at support@redoption.com or 877-733-6786.
You can cancel or change your autotrade settings at any time. If you choose to cancel your allocation, all existing positions will continue to be adjusted and closed per RED Option recommendations. However no new positions will be placed for you. You do have the option to cancel your autotrade allocations altogether and take complete control of all your open positions. If you choose to do that, it is imperative that you contact the thinkorswim trade desk immediately to let them know you would like to be taken of the LTA (Limited Trading Authorization) list for those trades.
RED Option has chosen to set up autotrade functionality exclusively with thinkorswim, Inc.
RED Option’s $20 fee per month is strictly for receiving trade recommendations. There are no additional fees for choosing to autotrade. If you autotrade, you will simply pay whatever commissions you would pay at thinkorswim if you were placing the trade yourself.
If you have set up autotrade at thinkorswim and selected a specific allocation amount PER TRADE, yet you do not see the most recent trade recommendation in your account, there may be several reasons. It is possible that at the time the trade was recommended, you did not have enough available funds in your account. Please check to make sure you had enough buying power at the time of the trade. It also may be due to the fact that you did not have the initial position in your account. Please check the most recent trade recommendation email to determine whether it is an opening trade or if it was initiated on a date prior to when you set up autotrade.
We are waiting with bated breath to answer your question,
so don’t hesitate to ask it. We love email and I suppose we could use the old fashioned
telephone too, so here’s the info:
support@redoption.com
877-733-6786
