If you’re a trading enthusiast or considering getting into stock trading, one thing is for sure. There’s a huge chance you’ve done some research and learned the importance of using various tools to help you trade better. Most importantly, you probably know that your profits and success will be impacted by the trading broker or platform you choose. If the name TD Ameritrade rings a bell, then ThinkorSwim is one of the tools you ought to learn about!
In this article, we shall take a look at ThinkorSwim, what it is, and the four useful benefits you probably never knew about. Let’s get started, shall we?
What is ThinkorSwim?
As earlier mentioned, ThinkorSwim is basically a trading service offered to customers or investors trading with TD Ameritrade, as well as those who want to start trading with the renowned broker electronically. In other words, ThinkorSwim is simply an online platform that offers an intuitive interface to traders and investors on TD Ameritrade who want the convenience of having to trade from anywhere they are, anytime they wish to.
Users of ThinkorSwim get access to a pool of financial assets to trade as available on TD Ameritrade, which include:
- Stocks
- Options
- Forex
- Cryptocurrency
- ETFs
- Mutual funds
- Futures
- And much more
The Untold Benefits of ThinkorSwim
Apart from having lots of trading options and numerous account types to choose from, ThinkorSwim users get to enjoy the following benefits.
1. Commendable User Experience
This is by far among the biggest benefits ThinkorSwim users get to enjoy. There are three trading platforms to opt from, these being the desktop, web-based, and mobile trading versions. This means you can trade from wherever you are whenever you want regardless of your device type. Here’s an overview of the classic (desktop), web, and next-get (mobile) versions.
- ThinkorSwim Desktop: You can access a robust set of pro-level trading tools from the desktop app. You have a dedicated trade desk alongside educational resources, insights, and a customizable trading experience. You just need to download the desktop software to get started.
- ThinkorSwim Web: As you can tell from the name, the web-based version gives you access to the trading version via the web browser. It is among the latest ThinkorSwim additions, giving TD Ameritrade customers access to trading without having to download the software. This version offers an intuitive interface with tools that help you monitor unusual option activity (UOA) while building a robust strategy using a diverse range of charts. The UOA scanner helps you achieve this by looking at several indicators, including option volume. OI, delta 0, and DTA 14.
- ThinkorSwim Mobile: This one allows traders access from a smartphone or tablet. It is often used in conjunction with the classic web platform and comes with a set of convenient features as well.
2. It Is Free To Use
The other major benefit of ThinkorSwim is that it is also free to use. As long as you have an account with TD Ameritrade, you don’t need to pay a dime to become a ThinkorSwim user. New customers can also initiate the process and create an account through the service as well.
3. Security
If you’re like most traders, it is not unusual to wonder if your funds and trading transactions are safe from fraudsters and prying eyes. This is understandable, considering the many cybersecurity threats in this age of technology. The good thing is that apart from being a SIPC and FINRA member, TD Ameritrade is also said to implement strict security measures like firewalls and encryption technology. Users are also promised reimbursement for any unauthorized activity.
4. Investor Education and Support
When using ThinkorSwim, investors also get a range of other perks to help improve their trading experience overall. Some good examples include the following:
- Technical analysis – Thinkorswim provides several tools to help customers understand data and make the best investment decisions possible. The platform provides a collection of over 400 research and tactics, as well as charting, pattern tracking, and other features.
- Investor education – When it comes to investor education, ThinkorSwim seems to go above the bar. It provides real-time market insights and strategy advice from industry specialists, as well as free access to other real-time financial information, via live and on-demand videos. Free instructional online trading courses, tutorials, webcasts, and in-person events are also available. Users can also purchase additional premium research subscriptions at a considerable fee.
- Customer support – Customers may obtain help for the Thinkorswim platforms or any of TD Ameritrade’s other services at any time of day or night. Customers may contact the firm by calling 800-454-9272, sending a message on Facebook or Twitter, texting, or faxing. You can also visit one of their 175+ physical sites around the country.
Strategy Tools
Trading has never been profitable without a proven working strategy, insights, and informed decision-making. The final and equally essential benefit of ThinkorSwim is that it offers several tools to assist with this, including the following:
- PaperMoney – This tool allows users to practice investing without risking their money. Investors can opt to use “paper money” rather than real money to trade up to $100,000 digitally while learning.
- Strategy Roller – Users can utilize Strategy Roller to automate their strategies. This application can help users stay on track with their investments by using predetermined criteria. Alerts provide you the ability to turn as needed.
- Market Maker Move – Market Maker Move is a tool that allows users to keep track of large price fluctuations and market volatility to make better trading decisions. When volatility is identified, an indicator will appear in the platform once it has been engaged.
- Stock Hacker – Users may input criteria for what they’re searching for in stocks and Stock Hacker will assist them to identify stocks that match those criteria.
- ThinkScript – Users that desire complete customization may utilize ThinkScript, a built-in programming language, to create their own order execution and strategy testing algorithms. This can be used to see how different scenarios play out, and ultimately assist with decision-making.
To sum it up, ThinkorSwim can be a great platform for new and existing traders. It offers several perks that investors can find helpful in enhancing their profits as they build their trading portfolios. In case you felt jitters about giving it a try before, the above few points should help you make an informed decision on whether to go ahead or back out. All the best in your trading journey!
