Million Dollar Options Strategy Exposed

Learn how Nathan Bear went from struggling, small-business owner to Multi-Millionaire in a short period of time.

Join this exclusive session as Nathan shares the strategy that can help you potentially build life-changing wealth!

Choosing an Options Broker

Jeff BishopJeff Bishop ·

If you already understand options theory and some basics of their inner workings, you’re probably looking to put your knowledge to the test. Well, if you want to learn how to trade options, one of the first steps is to find the right broker. When you’re selecting a broker, it should fit your wants and needs. That said, let’s look at some options brokers so you could get started on your road to learning how to trade options.

Choosing a Broker

Before you even throw on an options trade, you’ll need to select the right broker. Now, there are a lot of brokers out there, but you need to find a trusted one with all the necessary tools. Remember, don’t just go out an open an options account and throw on trades for the hell of it. You should trade with a community or mentor so they could guide you along the way when you’re first starting to trade options.

TD Ameritrade

I use TD Ameritrade to trade options. It’s easy to use and I could trade from pretty much anywhere. TD Ameritrade does not charge any platform fees and there aren’t any trade minimums. Moreover, its pricing is straightforward and costs $6.95 per options trade and 75 cents per contract. Keep in mind those are the fees when you trade on the app or platform. If you use a broker or its Interactive Voice Response (IVR) phone system, it would cost $44.99 per trade and 75 cents per contract, and $34.99 and 75 cents per contract, respectively.

how to trade options

Source: thinkorswim

With the thinkorswim platform, you can trade multi-leg options, stocks, futures, and forex, anytime, anywhere. The platform offers a customizable options chain, as well as other useful tools. Moreover, if you need to sell or buy options and you’re not by your computer, you could easily trade using their mobile app.

For example, there was one day I was off the desk, but was sitting in some hefty profits. I just hopped on their mobile platform and sold my position.

how to trade options

Now, this is a trusted broker, but just because a lot of traders and investors use it, it doesn’t necessarily mean you should use it. Make sure it actually has everything you want. Remember, you need to conduct your own due diligence and see if this platform and broker offers the needed tools. Additionally, you should be okay with paying these trading fees.


E*Trade is another widely-used broker for trading options. There are even some gurus at Raging Bull using this platform. For options, it offers a web platform and OptionsHouse. There are a plethora of tools to help with options trading. For example, you can find potential opportunities easily.

There are fundamental company information and research, as well as charting tools.

how to trade options

how to trade options

Similar to TD Ameritrade, it offers a stock screener, charts, options chain and a tool to view different options strategies.

how to trade options

how to trade options

how to trade options

Source: E*Trade

Here’s a look at E*Trade’s fee schedule.

how to trade options

Again, be sure to do your own due diligence if you’re looking to pick E*Trade as your broker.

Interactive Brokers

Interactive Brokers has some of the lowest trade commissions and margin rates. Moreover, it’s got a professional-like platform.

Here’s a look at the broker’s fee schedule.

how to trade options

Now, Interactive Brokers offers various products. Here’s why some traders opt for this.

  • Client Portal – This tool is suitable for new clients, traders and investors who want an easy way to trade with 24/7 access. You’re able to check quotes, place trades, view account balances, P&L and performance metrics.
  • Desktop TWS – This platform is designed for active traders and investors who are trading multiple securities, such as stocks, options and ETFs. Its got advanced order algorithms and trading tools.
  • IBKR Mobile – You could easily trade and monitor your options on the go from your iOS or Android device.

Here’s a look at Interactive Brokers’ desktop platform.

how to trade options

how to trade options

Source: Interactive Brokers

This platform provides research, news, market data, real-time monitoring, algos and trading tools, and risk management just to name a few.


Final Thoughts

When you’re learning how to trade options, one of the first steps to actually putting on a real trade is to choose a broker that fits your needs. Now, these three options brokers are among some of the most popular. But keep in mind, if these don’t suit your needs, you have to do your own due diligence until you find a good fit.


Jeff Bishop is lead trader at and widely recognized as the Mensa Trader. He runs short-term trading strategies, using stocks, options and leveraged ETFs.

Trending Now

Bull or Bear Market….It Doesn’t Matter

Kyle Dennis’ new, 5 min strategy is poised to double account sizes weekly! “I got out of GE trade at 379% $0.16-$0.77, thanks Kyle!” Said client Lance P. Check out the free training that started it all. (View Free Training)

SuperNova Service Leading Clients to 5-Figure Profits Consistently

“BOOM!!! Booked another $13,985 in profits on my long position $VMNGF. Great report came out premarket. Thanks Jeff at SuperNova for teaching me to make $$$ in the market.” Said Todd V. Jeff Williams is helping transform small accounts daily. Don’t miss his free walkthrough. (Watch Now)

Jeff Bishop, Co-Founder, “Trading My Strategy Takes A Few Minutes a Day!” 

“Jeff, I have to say I was a little gun shy, but I bought the lifetime service (to Bullseye Trades) Friday night. First trade with your service…in LULU, 205 Calls at $4.70. (I) was going to be away from all internet connections for the next 3 days. It hit my sell price at $6.25 ;)” said James W.    (Read More)

Be a Better Stock Trader, Starting Today

Get the expert insights, tips and strategies you need to optimize your trading skills and profiles