The ThinkorSwim platform has so many gadgets and add-ons for you to use that you will instantly get hooked on it. For example, instead of having to pay for news services to complete your setup as a professional trader, you can use the news gadget on think or swim to have immediate access to breaking news as they hit the wires.
In fact, you can even filter them so you only receive news from the instruments on your watchlist.
The capabilities of this platform are unimaginable and unless you take this tutorial you will never understand how thinkorswim can make you more profitable by easy access to news, calendars, trader TV, squawks and chatrooms.
What will you learn?
- How to set up and run ThinkorSwim
- How to trade Forex, stocks, options and futures
- How to set up your charts and add indicators/templates
- How to use chatrooms, news squarks and market watchlists
About the thinorswim platform
The thinkorswim platform was developed by Tom Sosnoff specializing in options. When this platform was launched it didn´t have any charting capabilities because they only traded off level 2. Charting and drawing tools were added later. thinkorswim was later sold to TD Ameritrade for more than $600 million making it one of the most complete trading platform in the world.
On thinkorswim you can trade options, stocks, forex, futures and almost any derivative out there and because of its excellent integration you can easily jump from one product to the next with just a click
Are there any prerequisites for this tutorial?
Since this is a trading platform tutorial there are no prerequisites for it. You can be a complete beginner and by going through this tutorial you will learn step by step how to operate it and how to send your orders through it.
You don´t have to be a seasoned pro to take this tutorial. In fact, you can start your trading career by understanding how powerful thinkorswim is and choosing it as you trading platform for your daily trading activities.
This sounds expensive, how much does the platform cost?
thinkorswim is free for TD Ameritrade clients. This means that if you choose to open a live account with thinkorswim you will have direct access to everything this platform offers. You can also request a demo trial to test drive the platform which is the step we recommend you follow after taking this tutorial.
Trials last for 90 days and you will trade on delay data on them, but this really doesn´t matter much because what you are trying to do is to test the platforms features not trying to learn how to trade on it.
Can I get proprietary indicators developed for thinkorswim?
The short answer is yes you can. You can find programmers that know the thinkorswim script (thinkscript) and ask them to create an indicator based on your preferences.
To be honest, the thinkorswim platform, is so complete that the amount of indicators on it will be more than enough for you. Here´s a snapshot of the list of indicators categories you can find. In them you can see that you have a list of licensed indicator, which are proprietary to this platform.
Does thinkorswim has a mobile app?
Yes thinkorswim has a mobile application that looks like this:
thinkorswim´s mobile app gives you the freedom to trade from anywhere. This app is so complete that you can manage open position and view your account balances on all your accounts, analyze technically on charts, access the latest news to hit the wires, access and track events through an interactive market calendar, track and modify orders and alerts, stream live CNBC, scroll through your watchlists and even deposit checks into your account.
The thinkorswim mobile app is just another example of how complete this platform is.