In this video tutorial of the TD Ameritrade thinkorswim platform, you’ll learn all about the important features and tools that the platform offers. The video covers everything from the account info and watchlist to live news and trader TV. It also provides tips on using the analyze tab for options trading and explains how to adjust position sizes and customize columns. Additionally, the video walks you through simulating trades, setting up default quantities and expiration dates, and placing orders in a simulated account. It even covers how to adjust order prices and close positions, as well as customizing the display of charts and using the income grid. So if you’re new to the TD Ameritrade thinkorswim platform, or just want to enhance your trading skills, this tutorial is a must-watch!
In this video tutorial of the TD Ameritrade thinkorswim platform, you’ll get a comprehensive overview of the platform’s key features and tools. From the account info and watchlist, to live news and trader TV, you’ll learn how to navigate and utilize these features effectively. The video also offers valuable insights on options trading, explaining the importance of the option chain and risk profile in analyzing trades. It teaches you how to adjust position sizes, customize columns, simulate trades, and lock in trade orders. Additionally, you’ll discover useful tips on setting up default quantities, expiration dates, and using the confirm and send feature. So, whether you’re a beginner or looking to enhance your trading skills, this tutorial is a valuable resource for mastering the TD Ameritrade thinkorswim platform.
Account Info
Overview
In the TD Ameritrade thinkorswim platform, the account info section provides a quick snapshot of your account’s status. It displays important information such as option buying power, which represents the amount of money you have available to trade options. The Forex buying power is not relevant if you’re not trading Forex. The net lck and day trades show your net leak, which is the worth of your account if you were to close out all your positions at that moment. It takes into account any open and close trades. Additionally, the cash and sweep vehicle indicates how much cash you have left in your account.
Balances
In the account info section, you can also find information about your account balances. This includes details about your cash balance, margin buying power, and cash on hold. It’s important to keep track of these balances to ensure you have sufficient funds for trading.
Positions
The positions tab in the account info section displays all your open positions. Here, you can monitor the status of your trades, including any pending or filled orders. It’s crucial to regularly check this tab to stay updated on the progress of your trades.
Activity
The activity tab in the account info section provides a record of all your transaction history. It includes information about executed trades, cancelled orders, and any other activity in your account. Reviewing your activity regularly can help you keep track of your trading activity and identify any patterns or trends.
Watchlist
Creating a Watchlist
To create a watchlist in the thinkorswim platform, you can start by clicking on the watchlist tab. Initially, your watchlist will be empty, but there are several options to populate it with relevant securities. You can choose from pre-defined watchlists, such as popular stocks or ETFs, or you can create a customized watchlist based on your preferences.
Adding Securities
Once you have created a watchlist, you can add securities to it. Simply type in the symbol of the security you want to add and click enter. You can add multiple symbols to your watchlist, allowing you to monitor the performance and movements of different securities simultaneously.
Customizing Watchlist Columns
The thinkorswim platform offers the option to customize the columns displayed in your watchlist. By clicking on the gear icon, you can access the customization options. You can choose which columns to display and adjust their order. Customizing the columns allows you to tailor your watchlist to your specific trading strategy and preferences.
Live News
Accessing Live News
The thinkorswim platform provides access to real-time news updates. By clicking on the live news tab, you can stay informed about the latest news related to specific stocks or markets. This feature can be particularly useful when you want to gather information before making trading decisions.
Customizing News Feeds
You can also customize your news feeds in the thinkorswim platform. By clicking on the gear icon, you can select the news sources you prefer. You can choose from various financial news providers, ensuring that you receive the most relevant and timely news updates for your trading needs.
Trader TV
Watching Trader TV
The thinkorswim platform includes a feature called Trader TV, which allows you to watch live market commentary. If you want to stay updated on market trends and expert analysis, you can access Trader TV directly from the trading platform. It’s a convenient way to gain valuable insights and make informed trading decisions.
Accessing Market Commentary
By clicking on the Trader TV tab, you can access different channels that provide market commentary. This feature allows you to listen to experienced traders and market experts who share their views and analysis. Utilizing market commentary can help you deepen your understanding of market dynamics and potentially enhance your trading strategies.
Monitor Tab
Adding Widgets
The monitor tab in the thinkorswim platform provides a customizable layout for monitoring your positions and other important information. It allows you to add various widgets to create a personalized trading workspace. Widgets can display real-time data, charts, news, and other relevant information to help you stay informed.
Customizing Layout
In the monitor tab, you have the flexibility to customize the layout according to your preferences. You can resize and rearrange the widgets to create a layout that suits your trading style. This allows you to optimize your trading workspace and access the information you need quickly and efficiently.
Monitoring Positions
The monitor tab is an essential tool for monitoring your positions. It provides a comprehensive overview of your open positions, including details such as quantity, cost basis, and unrealized gains or losses. By regularly reviewing your positions through the monitor tab, you can stay on top of your trades and make well-informed decisions.
Analyze Tab
Using the Analyze Tab
The analyze tab in the thinkorswim platform is a powerful tool for technical analysis and options trading. It allows you to analyze the potential outcomes of specific trades and evaluate their risk/reward profile. By inputting various parameters, such as the underlying symbol, strike price, and expiration date, you can visualize the potential performance of your trades.
Option Chain
The option chain is a key component of the analyze tab. It displays a comprehensive list of available options contracts for a specific underlying security. By exploring the option chain, you can evaluate different strike prices and expiration dates to identify potential trading opportunities. The option chain provides vital information such as bid/ask prices, volume, open interest, and Greeks.
Risk Profile
The risk profile feature in the analyze tab helps you understand the potential risks and rewards of your trades. It visualizes the potential profit or loss at different price levels, allowing you to assess the risk/reward ratio. By analyzing the risk profile, you can make informed decisions and adjust your trading strategies accordingly.
Adjusting Position Sizes
Scaling Positions
The thinkorswim platform allows you to adjust your position sizes. Scaling positions refers to increasing or decreasing the quantity of your trades. This feature can be useful when you want to manage risk or capitalize on market opportunities. By scaling positions effectively, you can align your trades with your risk tolerance and profit targets.
Setting Default Position Sizes
To streamline your trading process, you can set default position sizes in the thinkorswim platform. This feature allows you to predefine the quantity of shares or contracts you want to trade for specific securities. By setting default position sizes, you can save time and ensure consistency in your trading activities.
Customizing Columns
Adding and Removing Columns
The thinkorswim platform offers the flexibility to customize the columns displayed in various sections, such as the watchlist, positions, and option chains. By clicking on the gear icon, you can add or remove columns based on your preferences. This customization feature allows you to focus on the specific information that is relevant to your trading strategy.
Adjusting Column Widths
In addition to adding and removing columns, you can also adjust the widths of the columns in the thinkorswim platform. By clicking and dragging the column separator lines, you can resize the columns to your desired width. This feature allows you to optimize the layout of your trading workspace and ensure that important information is easily visible.
Simulating Trades
Using the Paper Money Account
The thinkorswim platform provides a paper money account feature, which allows you to simulate trades without using real money. This feature is valuable for practicing and testing trading strategies in a risk-free environment. The paper money account functions similarly to a real trading account but uses simulated funds.
Placing Simulated Trades
When using the paper money account, you can place simulated trades in the thinkorswim platform. This allows you to test different trading strategies and evaluate their performance without the risk of losing real money. Placing simulated trades can help you gain confidence and refine your trading skills before transitioning to live trading.
Conclusion
The TD Ameritrade thinkorswim platform offers a comprehensive set of features to support your trading activities. From account information to watchlists, live news, and market commentary, the platform provides valuable tools to help you make informed trading decisions. The customizable layout, option chain, risk profile, and other features in the analyze tab empower you to analyze trades effectively. Adjusting position sizes, customizing columns, and simulating trades with paper money accounts further enhance your trading experience. With the thinkorswim platform, you have access to a powerful trading tool that can help you navigate the financial markets with confidence.