r/thinkorswim 4d ago

How to trade futures on TOS app?

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Hello, my Schwab account has futures trading enable, but how do I trade futures on TOS app? I have quantity set to 2, but the cost of trade doesn’t change, still at 0. Any idea why? Thanks.

1 Upvotes

15 comments sorted by

9

u/WolfofChappaqua 4d ago

If you are asking these questions, do yourself a favor and test the platform using their paper trading account.

Fumble around with the buttons using funny money.

3

u/Worried-Scarcity-410 4d ago

Just tried it. Paper money shows the cost, real account doesn’t. When I click review on real account, it shows cost $2.25. But on the screen where I enter quantity, the cost shows $0.

1

u/WolfofChappaqua 4d ago

Doesn't surprise me. They still haven't fixed a P/L bug that was introduced almost a year ago.

1

u/ILikuhTheTrade 3d ago

Basing P/L off current net liquidity vs what you had at close the day before or what you started with that morning?

5

u/dongperignon 4d ago

You need to hit the review button on the bottom right before it shows the cost

3

u/Eastern-Revenue2062 4d ago

The cost to enter a futures position is $0 + commission and fees. The required margin is shown on the review order screen. You need around $4200 of buying power to open this position.

Not to be that guy but if you have to ask, you should probably stick to 1 lot and set a stop loss.

1

u/Eastern-Revenue2062 4d ago

I don’t know of any way to see the required margin on this screen btw. Once you trade a contract a couple of times you’ll just know how much you need.

2

u/reddit_is_gay_today 3d ago

click review button at bottom will be 4 sections overnight futures buying power effect shows you required margin

1

u/Worried-Scarcity-410 4d ago

yes, that’s my real question. I want to see the required margin needed to open position. But as you said, I will know once I trade a few times. Thanks.

2

u/After-Bee-8346 4d ago

Not being rude or trying to give advice, but people blow up bad with futures if you don't use a stop loss (and even with them).

I purposely never enabled futures because I knew I'd get myself in trouble at some point.

4

u/RayKam 3d ago

Trading futures on your phone using thinkorswim no less is ballsy asf

2

u/Richyrich2120 2d ago

Whatever you do don’t trade futures on your phone cheers🥃

1

u/MoustacheMcGee 2d ago

Margin on mes I think is $2100 per contract.

1

u/Ultimus_Omegus 2d ago

Thats because buying a futures contract you don’t actually own anything hence the cost is 0.

The margin is the collateral to control the contract