Did you sign up for a trading newsletter that provides an Autotrade service and want to link it with your tastytrade account? If you have a subscription to a Newsletter Service Provider (NSP) and wish to link it to your tastytrade account, please follow the instructions below. The instructions below pertain to Autotrade newsletters that offer a “per unit” allocation style like Terry’s Tips or TradeZaba’s Ultima Theta and Z-Spreads strategies for example.
TABLE OF CONTENTS
- Autotrade Setup account checklist
- How do I enable autotrade on my account?
- Autotrade Account Display on the Desktop Platform
- How to disable an autotrade allocation
- How to Modify Allocation Units
Autotrade Setup account checklist
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.
- The account must be empty with no open positions, outstanding margin calls, or account restrictions.
- Recent deposits must be fully settled in your account's net liquidating value and buying power. The deposit must be made in a unit increment applicable to the model portfolio you wish to subscribe to. The unit amounts vary based on the model portfolio you select.
- The email address used at your NSP must match the email associated with your tastytrade account to link your subscription to your tastytrade account successfully. To learn how to change the email address on your tastytrade account, please click here.
- If you have issues linking your subscription to your tastytrade account, please reach out to your newsletter provider.
Any customer-submitted closing order in a “per unit” 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 (my.tastytrade.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 (whole numbers only, no partial units) you wish to apply to your account in the Number of Units field. The value of each unit will vary and the total amount of the unit(s) will display below. The number of units you can allocate will depend on your selected account's Net Liquidating value.
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 tastytrade account does not match the email used with your NSP. The email used at your NSP must match the email associated with your tastytrade account. You will need to either change the email on your tastytrade account or the email associated with your NSP. To learn how to change the email associated with your tastytrade 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.
Step 4: Link an Account
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 the final step, customers are required to review the two disclosure documents. While these documents do not require a physical signature, they must be viewed before proceeding. Marking the checkboxes for the Limited Trading Authorization and SEC Investor Alert agreements will open new browser tabs to view, save, or print the documents. After reviewing them, navigate back to the initial tab to continue setting the Autotrade allocation. Once all three boxes have been checked, the green ‘Submit’ button will be active. An email confirmation will be sent upon successful allocation setting. If you are subscribed to multiple portfolio subscriptions, you can set allocations for them by repeating this process for each subscription.
Location of disclosure documents required for review.
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 disable an Autotrade allocation to your account, click the Manage Allocation(s) tab, and then click the red X next to your allocation.
Disabling Autotrade on my.tastytrade.com does not cancel your subscription with the Newsletter Service Provider. Instead, it will disable the Autotrade allocation service with your tastytrade account. To fully cancel your subscription, please contact your newsletter provider.
Location of the Manage Subscription tab on the Autotrade page in Customer Account Management.
Disable Allocation Confirmation Screen
How to Modify Allocation Units
Currently, if you want to modify the number of units, please send an email to firstname.lastname@example.org with the details about the change to your Autotrade allocation, and one of our Autotrade specialists will be in touch with you in 1-3 business days.
Example of the displayed disclaimer after clicking disable button
Modify Allocation instructions popup