Frankly, my dear, you'd better give a damn, ‘cause you NEED to read the latest ThinkorSwim Review. Yes, we are biased. We have a bit of a romance going with the Thinkorswim platform. Many traders do. Undoubtedly because Thinkorswim offers a free, state-of-the-art, paper trading account to TD Ameritrade account holders so that traders can practice risk-free with no worries that their capital will end up “Gone with the Wind.” They are one of our favorite trading companies.
If you are a US-resident trader, when you think TD Ameritrade, you think... Thinkorswim or, as we like to call it, TOS. That's because TD acquired TOS in 2009. And the platform has been a favorite of many professional traders for many years, including us at the Bullish Bears. Is Thinkorswim free? No, but you can fund an account and not get charged inactivity fees, and you can get free comission trades...so that's pretty amazing in our book!
It's ideal for active and advanced traders, but also has features that make it great for newbies as well. Let’s take a closer look at what this trading tool can do for you.
Thinkorswim is available in both mobile and desktop versions and can be used for stock trading, ETFs, futures, forex, and options, including multi-leg options.
On your desktop, Thinkorswim is an advanced platform with all the bells and whistles a serious trader could desire. The charts are highly customizable with ample types available. Traders can choose time charts, tick charts, range charts or even seasonal charts with an assortment of tools to draw on them.
In fact, when it comes to charting, Thinkorswim's good reputation precedes them. So much so that many traders will open an account with TD Ameritrade with minimal funding just so that they can use Thinkorswim for planning their trades and charting while actually trading with another broker. News W/E 8/16.
Do you like to write your own script? We’re not talking about a movie script here. I am referring to the Thinkorswim coding language called "thinkScript" that helps traders create their individual indicators. It already has 300 built-in studies and strategies; which users can add to their favorite plays.
Indeed, many steps can be automated with Thinkorswim. The Strategy Roller, for example, enables options traders to set up a custom rolling strategy in an automated fashion for any covered call position from one expiration date to the next according to the user's preset rules.
Customizable scanning and screening tools filter stocks and options. The Stock Hacker tool will scan for stocks that meet your criteria and update you with alerts.
The Option Hacker tool works similarly for options. Spread Hacker helps traders search for spreads, and Spread Book shows all the orders of traders using Thinkorswim, though they are kept anonymous.
Thinkorswim has a mobile app for both Apple and Android users. Unlike most trading apps that only offer core functions, Thinkorswim Mobile has much of the functionality and features of its desktop platform. You can even sync it with your desktop. Take a look at a list of the top trading companies. Also, here's a list of the top free trading brokers.
Traders can test their strategies by using Thinkorswim's Paper Money trading account without risking any real money. It's available for both the desktop and mobile versions, and it's an excellent tool to use in combination with backtesting to perfect one’s trading strategies. Take our TOS Course for more help getting your platform set up.
If you open a TD Ameritrade account, you'll be automatically registered for the paper money account. Otherwise, you can register to try it for free for 60 days.
Thinkorswim has many more features and tools. It has social media communities and forums, like myTrade, for traders to connect and share strategies.
ThinkOnDemand is a backtesting tool that enables users to test trading strategies on historical data. You can use their fundamental data tab to get company stats or their Fast Beta tool to analyze securities that break out of historical trends. We show how to use TOS live each in our trading rooms. Check out our trading service.
A Thinkorswim review without including some info on TD Ameritrade would not be complete since the two are integrated.
The brokerage service has a wide array of account types to suit virtually everyone and every need. I could write an entire article on the various accounts alone. To view the account types available, go to TD Ameritrade and explore all the options.
Traders can fund their accounts via wire transfer, check, ACH (electronic bank deposit), external securities transfer, or physical stock certificates. (Note that with ACH funding, there's a limit of a $50-$250,000 transfer, which is not the case with the other funding options.)
There is no minimum amount required to open an account, though margins and options will need a $2,000 deposit. Check out our list of best brokerage firms.
Currently, the rate for stocks and ETFs is $6.95 per trade. For options, it's $6.95 + $0.75 per contract. And for Futures & Options on Futures, it's $2.25 per contract + exchange & regulatory fees. See TD Ameritrade for detailed information about pricing, fees, and margin & interest rates (find out how to open an investment account).
Though their fees are not the cheapest in town, TD Ameritrade offers a lot to make it attractive to traders on a budget:
It's no secret by now that we have a strong penchant for the Thinkorswim platform. That's because we use it every day. As experienced traders, it is not the only platform we use, but for a beginner trader, we wouldn't hesitate to recommend starting with TOS. And we don't say that lightly.
After all, the Bullish Bears community was created with the vision of becoming the most trusted stock market trading community in the world, and our mission is to give our community members an honest, realistic, and affordable education in the stock market. Take our TOS course.
The Thinkorswim platform is so feature-rich that it can be a bit mind-boggling for the beginning trader. At Bullish Bears, we are experts at using this platform. Since it's what we use to plan much of our own trading, we know all the ins and outs of it.
We can show you very clearly how Thinkorswim works, how to get yourself set up, and how you can make the most of its tools and features. You're not Scarlett O'Hara, and "Frankly my dear, we DO give a damn". Take our ThinkorSwim course to help you get started, which is found under our stock investing courses. Thanks for reading our Thinkorswim review and be sure to check out the rest of our free courses when you are ready to get started using it! Enjoy!
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