Main Workspace Setup and Tools

No matter how many times I say that investing is “easy”, some of the things I say and write sound difficult – if you are new to the world of investing. Today I recorded a short video (YouTube LINK) to show how use Fidelity’s Trader+ software. Before I discuss using the tool for buying or selling stocks or ETFs, or for trading options, it is best to describe how I have my Trader+ workspace configured.

There are three main tools that I use every time I am working with our investments. I share my screen in the video so that you can see what I am talking about in this post.

The first is the “Orders” window. That window lets me see any open or filled orders. I could also view “cancelled” orders, but I don’t find that useful most of the time. You can select the types of orders you want to see.

The second tool is the “Positions” window. This window is very powerful but might not be fully appreciated without some training. You can filter your positions to include “All Accounts” or just look at a specific account. You can also look at a specific ticker. For example, we own shares of HPQ in more than one account. If I look at “All Accounts” and enter HPQ as the ticker symbol, I can see we own shares in my traditional IRA, my ROTH IRA, and Cindie’s brokerage account.

The “Positions” page can be further filtered to show “All Types” of assets or just stocks, ETFs, mutual funds, cash, etc. Finally, you can filter by your “Long” and “Short” positions. Long positions are stocks or ETFs that you own. Short positions can be options contracts including both calls and puts.

The third primary tool I use is the “Quote” window. This is like a mini-research window. It gives you visibility to things like the day range and 52-week price range of the stock or ETF. It shows the earnings date and the ex-dividend date. It provides the P/E ratio, Fidelity’s analyst ratings, the market cap, the sector, industry group, and the industry.

If you use all three in concert, you can make informed decisions about an investment or an options contract you are considering.

Two Reminders For Trading Options on Trader+

If you want to trade options on Fidelity’s platform, I highly recommend that you start using the Fidelity Trader+ software. It is free to download, install and use. It is possible to trade options on the website, but I haven’t found that to be as user friendly as Trader+.

You cannot just start trading options without requesting that functionality. You have to apply for options trading. You can do that online at the Fidelity website. Each account you manage can be set up for options trading. I think the ROTH IRA is the best account for options trading. It helps you minimize income taxes and gain real income. The traditional IRA is also a good account type, bearing in mind that you will ultimately pay income taxes on any withdrawals from that account as regular income.

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