Mike Butler is the head of the customer support team at tastytrade and is also the host of his very own show, Mike and His White Board. He is also the co-host of Market Mindset & Trade Managers. He joined tastytrade in 2014, and juggles between support, content creation and managing the advertising you see on the tastytrade website. He has been a key contributor to the descriptions you may see on the tastytrade learn page.
Butler trades in his own IRA account, his follow page account, and also manages his mom’s IRA account (it’s the least he could do!). He has learned everything he knows from the content within tastytrade, and is living proof that one can go from not knowing what a put or call is to successfully managing a live account.
Before joining tastytrade, Butler worked for a distribution company in the customer service department, and worked his way up to managing two different support teams.
In his free time, Butler is very passionate about fitness. He finds his sanctuary in the gym, and never stops thinking about Asian food. He also loves to go snowboarding & wakeboarding, and travels every year to do so.
Butler received his undergraduate degree from DePaul University in marketing, with a minor in management, and a concentration in sales leadership.
New to options trading? Have no fear, Mike and his whiteboard are here! Learn trading concepts and mechanics in a visual way.
Jim and Mike take concepts and ideas shown in 'From Theory to Practice' and 'Mike & His Whiteboard' and show you how to apply these principles.
Hometown: Palatine, IL
Years Trading: 2
I think most traders that are starting out have a hard time with managing positions that are going against them. It totally makes sense, as that is where the “art” in trading is. It’s much easier with experience. That’s why I created the “3 adjustments” mini-series on Mike & His Whiteboard. I wanted to provide an example of what we may do at tastytrade when a position moves up, down or sideways. People seem to be happy with it so that makes me happy!
I mostly trade my mom’s IRA, and I’ve had the most success with covered calls & naked puts in individual securities, and iron flies in ETF’s when IV is high. I sell naked puts in stocks I want to acquire in the account, and then I sell calls against the stock if I end up owning it. We call this the “wheel of fortune” here at dough! If the stock is expensive, I may purchase far OTM puts to define my risk and reduce the buying power reduction required for the trade, but I’ll still think of it as a naked put. As for iron flies in ETF’s, it’s pretty rare that an ETF has higher than 45 IV Rank, so when this happens, I look to take full advantage. I can’t sell a straddle in an IRA account, so I usually sell the iron fly. I look for an IV contraction and have found that ETFs generally don’t move too much, so I’ve had success with this trade.
I love that we have an open door policy here. No idea is turned away, and everyone has the ability to make an impact. I’m surrounded by a group of very smart, passionate people and the drive to build something great is intoxicating. Also, the fact that we have the ability to gain experience in so many different aspects of the business (production, marketing, sales, advertising, trading) is priceless to me.
Another great part about working here is the lunch that is catered daily! Tom, Tony & Jules have an extensive Chicago food history, so we have a lot of great places that cater every day. Now that they eat healthy, it’s even better!
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