How to Scan for Stocks You Want to Trade In ThinkorSwim

Are you looking to build a scanner to find the stocks you want to trade? This article will guide you through creating a scanner using TD Ameritrade's ThinkorSwim platform. By understanding your risk profile, capital, and trading strategy, you can customize the scanner to filter out stocks that match your preferences. Let's dive into the process step by step on how to set up a scanner that suits your trading style on ThinkorSwim.

To begin, click on the scan option in the top bar of the ThinkorSwim platform, which takes you to the section where you can search for stocks. The key factors to consider are your risk profile, capital, and strategy. By defining these aspects, you can set parameters in the scanner to tailor it to your trading preferences. This customization enables you to focus on stocks that align with your risk tolerance, account size, and trading approach.

Step 1: Configuring the Scanner

Risk Profile: Determine your risk aversion by looking at the total number of shares available on the stock. For example, if you prefer less risk, search for stocks with lower share counts.
Capital: Set filters based on the price of the stock to match your account size. For instance, if you have a small account, filter out stocks that are too expensive or too cheap.
Strategy: Define your trading strategy preferences, such as trading bullish stocks that are up on the day. Customize the scanner to filter stocks based on your preferred criteria.

Step 2: Using the Scanner

After setting up the scanner with your customized parameters, run the scan to generate a list of stocks that meet your criteria. You can sort the results by volume or other factors to identify potential trading opportunities. Review the list to find stocks that align with your risk profile, capital, and strategy preferences.

Step 3: Saving and Monitoring the Scanner Results

Save the scan query for future use and create a watchlist to track the stocks that fit your trading criteria. You can monitor the watchlist throughout the trading day to identify new opportunities as they arise. Keep in mind that the scanner results may not update in real-time, so it's essential to conduct further analysis before making trading decisions.

By following these steps, you can create a customized stock scanner on ThinkorSwim that helps you find stocks that match your trading preferences. Remember to combine the scanner results with your trading strategy and analysis for successful trading outcomes.

Keyword

Scanner, Stocks, Trading, ThinkorSwim, Risk Profile, Capital, Strategy, Customize, Parameters, Watchlist

FAQ

Can I use this scanner to find stocks for any trading platform?
- This article focuses on setting up a scanner on the ThinkorSwim platform, but you can apply similar principles to other trading platforms that offer scanning capabilities.
Is it necessary to customize the scanner parameters for my trading preferences?
- Yes, customizing the scanner parameters based on your risk profile, capital, and trading strategy is crucial to filter out stocks that align with your preferences and trading style.
How often should I monitor the scanner results throughout the trading day?
- It's recommended to monitor the scanner results periodically to spot potential trading opportunities, but remember to conduct further analysis before executing trades based on the scanner data.