ThinkorSwim Tutorial For Beginners 2023
Entertainment
Introduction
Welcome to the best ThinkorSwim tutorial on YouTube! In this tutorial, we will cover all the essential aspects of ThinkorSwim, from setting up your charts and indicators to taking orders, using scans and watchlists. We will try to cover everything in a concise and time-efficient manner. If you find this tutorial helpful, please hit the like and subscribe buttons below. Now, let's dive into the video!
Prerequisites Before Getting Started
Before using ThinkorSwim, there are a few prerequisites you need to take care of. First, adjust the memory usage settings by clicking on the cog in the bottom left of the login screen. Increase the memory usage settings based on the amount of RAM you have. This will ensure smoother performance of the application. Second, go to the application settings and set the quote speed to real-time. This is especially important for day trading, as you need real-time data. Now, let's move on to setting up your charts.
Setting Up Chart Appearance
To make your charts visually appealing, we will make a few adjustments. Open the chart settings by clicking on the cog icon on the chart. First, go to the "Appearance" section and change the color of the green bars to be filled. This will make it easier to read the charts. Then, do the same for volume by clicking on "Color As Symbol Ticks." These changes will make the chart more visually appealing.
Next, go to the "General" section. Check the "Show Trades" box if you want to see the trades you take on the chart. In the "Time Axes" section, adjust the number of bars to the right of the screen to create some space. This will make the chart look better. These settings are subjective, so feel free to adjust them according to your preferences.
Adding Indicators
ThinkorSwim provides a wide range of built-in indicators that you can easily add to your charts. To add indicators, go to the "Studies" tab on the top of the chart and click on "Edit Studies." In the modal window, search for the indicators you want to add, such as RSI, moving averages, or stochastic. Add them to your chart, adjust the settings, and customize the colors if needed. Remember that indicators are math equations, and you can tweak their inputs as per your requirements.
Drawing on Charts
If you prefer technical analysis and drawing on charts, ThinkorSwim offers a variety of drawing tools. Click on the "Drawings" tab on the left side of the screen to access these tools. You can draw trend lines, price levels, Fibonacci retracements, and more. Double-click to place price levels, and click and drag to draw trend lines. You can customize the properties of the drawings, such as color and thickness. Use the right-click option to remove or clear any drawings. You can also create alerts and easily move them around on the chart.
Taking Orders
Now that your charts are set up and indicators are added, let's learn how to take orders in ThinkorSwim. Open the Active Trader window by clicking on the icon on the right side of the screen. This window allows you to place orders and manage your positions. You can customize the order types, such as choosing to buy/sell at the bid or ask price. Drag and resize the columns as per your preference. Enable the Auto Send feature for seamless order placement.
To place an order, simply click on the bid or ask price in the Active Trader window. However, keep in mind that paper trading accounts may have delayed data, affecting order fills. Dragging and resizing orders on the chart is also possible. Right-clicking on orders allows you to cancel or remove them. Overall, the Active Trader window provides a convenient way to execute trades.
Using Watchlists and Scans
ThinkorSwim offers built-in watchlists that you can use or create your own. The watchlist sidebar on the left side of the screen allows you to track your desired stocks. Take advantage of the linking feature to quickly view charts corresponding to the selected stocks. You can also create custom scans to find stocks based on specific criteria. The scan functionality is similar to tools like FinViz or Yahoo Finance. Explore the various options and customize your watchlists and scans as needed.
Keywords
ThinkorSwim, tutorial, charts, indicators, orders, watchlists, scans, Active Trader, paper trading, bid, ask price, watchlist sidebar, linking, drawing tools.
FAQ
- How do I customize the appearance of my charts in ThinkorSwim?
- Can I add my own indicators to ThinkorSwim?
- How can I place orders and manage my positions using the Active Trader window?
- Can I trade pre-market or after-hours in ThinkorSwim?
- How do I create and customize watchlists and scans in ThinkorSwim?