Is Thinkorswim Good for Investing and Trading

Thinkorswim is a powerful trading platform that offers a wide range of tools and features for investors and traders. It's owned by TD Ameritrade, a reputable online broker with a long history of providing excellent service.

One of the key benefits of thinkorswim is its advanced charting capabilities, which allow users to customize their charts with over 400 technical indicators. This is particularly useful for traders who rely on technical analysis to make their investment decisions.

Thinkorswim also offers a paperMoney feature, which allows users to practice trading with virtual money before risking real capital. This can be a huge confidence booster for new traders, and can help them develop their skills in a low-risk environment.

With thinkorswim, users can trade a wide range of assets, including stocks, options, futures, and forex.

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thinkorswim offers a wide range of advanced trading tools and features that make it a popular choice among traders.

You can expect to find technical analysis and charting indicators, including moving averages, Bollinger bands, and the RSI and MACD, which can be used to review candlestick charts and inform your trading strategy.

Broaden your view: Trading Options on Thinkorswim

The platform also offers dozens of order types, including limit orders, trailing stop-losses, and stop-limit orders, which can be used to automate your buying and selling.

Thinkorswim's watchlist and news feed allow you to stay up-to-date on market conditions and receive live video from TD Ameritrade's "TD Ameritrade Network" and CNBC.

The platform's "Scans" tab offers dozens of filters that can be used to find new stock opportunities based on metrics such as P/E ratios, dividend yield, and average beta.

You can also use thinkorswim's "paperMoney" portal to place trades without using real money, which can be a great way to test new strategies and get familiar with the platform.

Thinkorswim's mobile app allows you to access the platform on-the-go, and its "thinkScript" function allows you to create customized watchlists and trading strategies using your programming chops.

Here are some key features of thinkorswim's platform:

Thinkorswim's customizable layouts allow users to create a personalized workspace, making it easier to navigate and use all its features. This is particularly helpful for users who find the initial layout overwhelming.

Thinkorswim's Active Trader window enables users to place and edit orders quickly, using a point-and-click interface that's faster than traditional order forms.

The platform's stock screener is a powerful tool for finding investment opportunities, with over 60 different filters, including fundamental factors like earnings per share, return on equity, and operating profit margin.

Thinkorswim's charts offer extensive customization options, including the ability to change the chart type, adjust the time frame, and add indicators or studies. The platform has more than 400 different charting patterns to choose from.

The platform's indicators and studies are robust, with hundreds of options to choose from, including lesser-known studies that are harder to find in other trading platforms.

Thinkorswim's scanning tool allows users to filter and search for stocks based on specific criteria or studies, saving time and effort in finding investment opportunities.

Here are some of the key features of Thinkorswim:

Thinkorswim's mobile app offers a competent mobile experience, although it may be overwhelming for beginners due to its range of features.

Thinkorswim offers a range of account types to suit different investment strategies.

You can set up a personal trading account, which is the standard option for most users.

Thinkorswim also allows for retirement accounts, such as IRAs, and educational accounts, like 529 Plans.

TD Ameritrade offers margin trading services via thinkorswim, which can be useful for traders who want to borrow funds.

To access thinkorswim, you need to meet TD Ameritrade’s Terms & Conditions.

These requirements may change in the future, especially with Charles Schwab taking over.

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Thinkorswim has a fee structure with commissions for certain trades, while Webull offers commission-free trading.

The thinkorswim platform is free to access if you already have a TD Ameritrade account.

TD Ameritrade is known for offering commission-free trades for US stocks, options, and ETFs.

Options trades on thinkorswim carry a $0.65 fee per contract.

Futures trades on thinkorswim have a $2.25 fee per contract.

Forex and fixed-income products have varying fees depending on what you're trading.

A 2000 study found that households that traded most averaged an 11.4% annual return, while the overall market gained 17.9%.

Curious to learn more? Check out: Thinkorswim Options Chart

Trading cryptocurrency can be a complex and challenging endeavor, and it's essential to be aware of the risks involved. Most active traders lose money, with a 2019 research study finding that 97% of traders with more than 300 days actively trading lost money.

Trading cryptocurrency can be done through Webull, which offers trading in popular options like Bitcoin and Ethereum. Thinkorswim, on the other hand, does not offer direct cryptocurrency trading but does provide options for futures contracts on cryptocurrencies.

The available research on day trading suggests that frequent trading activity decreases the chance of profitability. This is evident in the same 2019 research study, which found that only 1.1% of traders earned more than the Brazilian minimum wage ($16 USD per day).

It's worth noting that trading isn't rocket science, but rather a skill that can be built and worked on over time.

Check this out: What Is Thinkorswim

Buying options on thinkorswim is a straightforward process. To start, navigate to the Trade tab on your desktop.

You'll find the Option Chain section where you can type in a ticker symbol. Calls are listed on the left, while puts are on the right.

Select an expiration date and click on the ask price to proceed. This will bring up the order form.

Here, you can fill out the necessary details, including your desired quantity and order type. Be sure to lock in the price and time in force.

If you want to get more specific with your order, thinkorswim lets you tailor it to your needs. You can make adjustments as much as you want.

After confirming your order, press send and it should appear on your Monitor page.

thinkorswim offers robust research tools that go beyond what Webull provides. This includes in-depth analysis and a wide range of data.

The platform's demo platform is particularly strong, featuring an advanced stock screener with over 60 different filters. This makes it a handy tool for finding your next investment opportunity.

thinkorswim's training resources for beginners are also worth noting, including tutorials, guides, and paper trading options to practice without risking real money. Both platforms offer these resources, making it easier for new traders to get started.

OCO Orders can be a game-changer for active traders.

Thinkorswim's OCO orders allow you to set both profit targets and stop loss orders simultaneously, which is a huge time-saver.

This feature automates the whole process, eliminating the need to manually track and manage multiple orders.

Many trading platforms don't offer OCO orders, which can create more work for users.

Thinkorswim's OCO orders have saved users a lot of time and effort.

You can place OCO orders by selecting both a profit target and stop loss order at the same time.

This feature is particularly useful for traders who need to manage multiple positions and orders.

To place an OCO order, you can use the deal ticket, which can be accessed from either the Chart or Trade tab.

The deal ticket allows you to adjust the type of order, direction of the trade, and order type.

Recommended read: Can You Trade Futures on Thinkorswim

Thinkorswim takes its research tools to the next level with in-depth analysis and a wide range of data.

Thinkorswim's stock screener is a standout feature, with over 60 different filters to help you find your next investment opportunity. It screens fundamental factors like earnings per shares, return on equity, and operating profit margin.

Webull, on the other hand, focuses on providing quick and easily digestible information, making it more suitable for traders who prefer a fast-paced environment.

Thinkorswim's demo platform has a robust set of tools to help you monitor and analyze your trades. Its stock screener is particularly advanced, with more features than other paper trading simulators.

Thinkorswim's customer support is top-notch, especially when it comes to email support. They have a responsive team that gets back to you quickly.

Their 24/7 support via phone, email, and live chat is a game-changer for traders who need help outside regular business hours. This level of support is hard to find in the industry.

As someone who's used the Thinkorswim platform, I can attest to the fact that their support team is responsive to emails about the platform. This is a big deal, especially for complex trading issues.

Webull's customer service, on the other hand, isn't as comprehensive as Thinkorswim's, especially for traders who need help with complex issues.

Thinkorswim is a top choice for active traders, with a long list of features that make it stand out. The platform has been praised for its wealth of features, which can be overwhelming, but also allows for a high level of customization.

Many users rave about thinkorswim's features, but some complain about its clunky UI/UX, especially on the mobile interface. The app has been known to freeze up or take a long time to confirm trades.

TD Ameritrade, the company behind thinkorswim, responds to most reviews on the App Store and Google Play, showing that they value customer feedback and are working to improve the platform.

Webull is a streamlined platform that focuses on stock trades and offers a simplified user experience, making it perfect for those new to the trading business. It's easy to use and has garnered positive reviews for its ease of use.

Webull's mobile app has robust charting tools, but it differs from thinkorswim in additional features like loans and credit cards. Thinkorswim provides a more detailed page of research and analysis, while Webull offers quick insights that are easily digestible.

Webull is a great choice for those who want to trade stocks without getting overwhelmed by a plethora of features. Its user-friendly interface makes it perfect for beginners.

Here are some key differences between Webull and thinkorswim:

Overall, Webull is a solid choice for those who want a hassle-free trading experience, while thinkorswim is better suited for traders who want a more comprehensive suite of tools.

Thinkorswim has received top ratings from financial institutions, with StockBrokers.com naming it the top choice in its "Platforms & Tools, Desktop Platform" category for over a decade.

TD Ameritrade, the platform's parent company, has also won awards for its dependability from publications like NerdWallet and Investopedia.

The thinkorswim app has thousands of ratings on Google Play and the App Store, averaging between 3.7 and 4.7 stars.

Many reviewers praise the platform's wealth of features, although some find it overwhelming to use.

Complaints about thinkorswim often mention its clunky UI/UX, particularly on the mobile interface.

Some users have reported issues with the app freezing or taking a long time to confirm trades.

To its credit, TD Ameritrade responds to most reviews on the App Store and Google Play.

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Thinkorswim has its fair share of pros and cons. Here are some of the key advantages and disadvantages of using the platform.

One of the biggest advantages of thinkorswim is its extensive range of charting tools, screening filters, and technical analysis features. This allows users to analyze and compare assets with ease. Hundreds of charting tools, screening filters, and technical analysis features are available.

Another benefit of thinkorswim is that it's free to join, all you need to do is sign up for a TD Ameritrade account. This makes it an attractive option for traders who want to try out the platform without committing to a paid subscription.

However, thinkorswim's user interface can be overwhelming, especially for beginners. It's not uncommon for users to take a few weeks to get used to the platform. Overwhelming user interface and amount of features are common complaints.

Despite these drawbacks, thinkorswim offers some significant advantages, including no commission fees on stocks, ETFs, or options. This can save traders a significant amount of money over time.

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Here are some of the key pros and cons of thinkorswim in a table format:

thinkorswim is a trading platform offered by TD Ameritrade, designed for active traders.

It's renowned for its advanced trading tools, comprehensive research features, and user-friendly interface. The platform is available for trading stocks, ETFs, options, mutual funds, futures, foreign currencies, bonds, and CDs.

The history of thinkorswim dates back to 1999 when it was first released for options traders. It was later acquired by TD Ameritrade in 2009.

The platform is expected to integrate with Charles Schwab's offerings after the merger is completed in late 2023. This could potentially bring more features and a seamless transition for users.

Here's a list of the assets you can trade with thinkorswim:

Thinkorswim has a lot to offer, but let's get straight to the pros and cons.

Thinkorswim has hundreds of charting tools, screening filters, and technical analysis features to analyze and compare assets. This is a trader's dream come true.

The platform is free to join, all you need to do is sign up for a TD Ameritrade account. No commission fees on stocks, ETFs, or options, which is a huge plus for traders.

Thinkorswim also offers a paper trading feature that lets users practice trading without putting real money at risk. This is a great way for new traders to get familiar with the platform.

Another advantage of thinkorswim is that it's available on desktop and mobile settings for maximum convenience.

However, thinkorswim has some downsides. The user interface can be overwhelming and takes a few weeks to get used to. The mobile app is also unintuitive, which can be frustrating for traders.

Traders interested in cryptocurrencies won't find access to digital assets like Bitcoin (BTC) or Ethereum (ETH) on thinkorswim. This is a major drawback for some traders.

Additionally, TD Ameritrade doesn't offer fractional shares like many competing brokerage firms. This can be a problem for traders who want to invest in smaller amounts.

Finally, there have been customer complaints about thinkorswim taking long to confirm transactions. This can be a major issue for traders who need to act quickly.

Here's a summary of the pros and cons of thinkorswim: