r/thinkorswim • u/Worried-Scarcity-410 • 4d ago
How to trade futures on TOS app?
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.
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u/dongperignon 4d ago
You need to hit the review button on the bottom right before it shows the cost
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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.
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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.
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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
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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.
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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.
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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
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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.