How to trade Tesla on technicals: Pro

Trading shares of Tesla Motors requires a certain perspective, Stuart Frankel's Steve Grasso said Monday.

"I don't want to make money riding the roller coaster," he said, adding that he had taken profits in the the electric-car company founded by Elon Musk and that the "stock should come in another $15."

On CNBC's "Fast Money," Grasso explained how investors should view Tesla stock.

"The big mistake that people make is they trade it off of fundamentals. This is a premise. This is an idea," he said.

(Read more: Elon Musk unveils plans for $10 billion Hyperloop transportation system)

Tesla could be a "buy," but at the right moment, Grasso added.

"You have to trade this on momentum," he said. "You have to wait now for where it broke out, which is $133. And then you wait. And then you ride it to the high was $158 and change.

"It either breaks through momentum through $160 and then you buy it on momentum again."

Grasso said that for all the criticism of the stock, it was tradable.

"The stock is up 47 percent in a matter of weeks, and people missed out," he added.

Tim Seymour of wasn't a buyer.

(Read more: What could hurt Apple's stock price: Colin Gillis)

"First of all, this is a stock that I wouldn't touch," he said. "When I said I would look at it around $80, $85, I meant until this thing comes way off its pedestal. And that was a level where the stock went into its last crescendo."

Seymour also noted the 25 percent short interest in Tesla.

"I would not short this stock," he added.

"This company trades at 40 percent premium over Chrysler Fiat, one of the largest companies in the world," Seymour said. "You tell me."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long CCL; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Tim Seymour is long BAC; Tim Seymour is long CAT; Tim Seymour is long SBUX; Tim Seymour is long FCX; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long C; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DAL; Pete Najarian is long BMY; Pete Najarian is long MU; Pete Najarian is long COP; Pete Najarian is long NSC; Pete Najarian is long KRE; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long LLY; Pete Najarian is long BMY; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long JCP; Karen Finerman is long CXW; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS.