Thinkorswim Sharing
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Reprinted from Technical Analysis of STOCK S & COMMODITIE S magazine. © 2014 Technical Analysis Inc., (800) 832-4642, http://www.traders.com PRODUCT REVIEW thinkorswim Sharing TD AMERITRADE, INC. SHORTENING THE found both within the thinkorswim AND AFFILIATES LEARNING CURVE platform and the thinkorswim web-based Website: www.thinkorswim.com, Traders who use thinkorswim as their trading platform: www.mytrade.com broker and trading, charting, and n thinkorswim is the actual trading Email: [email protected] analysis platform might just find that and analysis platform; a web and Product: Social media sharing all of those pertinent questions — and mobile version are also available tools and online community for more — can be answered within the thinkorswim users thinkorswim/MyTrade section of this n thinkorswim/Sharing is the broad, Price: Free for TD Ameritrade comprehensive analysis and trading descriptive name that encom- account holders platform. The platform already offers a passes all of the sharing features myriad of unique technical, analytical, linked to thinkorswim by Donald W. Pendergast Jr. and forecasting tools for serious trad- n thinkorswim/MyTrade is a web- ers and investors. Experienced traders site and section within the thinkor- nce an individual makes the using the thinkorswim/MyTrade tools swim platform where user-posted important decision to pursue the will have an eager audience of newer trades, ideas, and charts are dis- O goal of becoming a successful and maturing traders with whom they tributed to other MyTrade users trader, chooses a stock/option/forex/ can freely share their trade ideas, charts, commodity broker, and funds his ac- scans, watchlists, and chart layouts. The n thinkorswim/MyTrade is subdi- count, he may then find himself faced exposure that up-and-coming market vided into four sections: Think with some vital questions that, for many participants get to the nonstop stream Share, Dashboard, My Page, and newer or struggling traders, could take of meaningful market-related content People. The Dashboard allows years to get answered — if at all. In has the potential to dramatically shorten complete customization so you can the meantime, new traders may lose so their learning curve. Here, newer traders organize all of your charts, watch- much trading capital that they could end may be able to: lists, quotes, company links, stock up quitting in disgust and frustration. headlines, and RSS/blog feeds. 1. Learn the operation of the charting, Some of these vital questions could be The People section lists those you scanning, and analysis tools within along the lines of: follow on a single web page. I’ll the platform discuss the Think Share and My n “How can I shorten the learning 2. More effectively analyze simple Page features a little later. curve so I can eventually trade to complex option trades successfully?” BASICS 3. Gain access to prewritten trading n For this review, I used thinkorswim in “Who can help teach me the key strategy code for backtesting charting, systems, scanning, anal- its paperMoney demo version (a live, ysis and trading workflow routines 4. Learn more about order entry simulated trading account offering all that can help me toward consistent tactics and position management the same features that thinkorswim live trading accounts have) and its MyTrade profitability — thus saving me lots 5. Analyze charts and other visual features on my Windows 8 64-bit of trial and error?” forecasting tools to identify prom- notebook computer equipped with an n ising trade opportunities “How/where can I find other trad- Intel Core I7 processor and 8 MB of ers to interact with; those who 6. Maintain a productive trading RAM; my Internet connection was a are willing to share the acquired mindset; the social interaction with standard DSL line. After downloading wisdom and trading procedures skilled traders can be vital for trad- the software, installation was fast and that have helped them become ers just starting on the sometimes trouble-free and the real-time datafeed successful?” arduous pathway to success in the operated flawlessly, as did every feature n “Are any/all of the above resources markets. I subsequently used within the platform. available to me in a convenient, Although thinkorswim is a desktop easy-to-access venue, and free of Before we continue, I’ll provide a computer application, users can also log charge?” quick primer for some of the terminology into a convenient web-based platform related to the thinkorswim/Sharing tools that allows all of their basic trading and Reprinted from Technical Analysis of STOCK S & COMMODITIE S magazine. © 2014 Technical Analysis Inc., (800) 832-4642, http://www.traders.com It’s a terrific, easy-access venue in which traders with a solid track record and top- order entry processes; mobile users are also afforded the same kind of access. The notch trading skills can get noticed. desktop version obviously has many more features, one of which is the thinkorswim chat room; however, anyone with web or cells containing content related to AAPL your chart with your studies and/or trading mobile access who is following others in will populate your screen within a few strategy, just hit the share button and your MyTrade can still receive all of the same seconds. Once you locate a trade setup chart will be ready to share with others via trades ideas and charts as those using the you like — all of them provide detailed your MyTrade page, Twitter, Facebook, desktop version. buy/sell information, and some even and email accounts. Your followers will Since MyTrade makes use of Twitter, come with a descriptive video clip — get the chart and will be able to use it Facebook, and email, web and mobile simply click the copy trade icon to the as-is or tweak and adjust it to suit their users can always stay abreast of what’s right of the trade and then hit the paste own trading biases or needs. Meanwhile, going on with the financial instruments icon at the top right corner of the page. if you’re a follower, you can do the same and markets they choose to analyze The same exact trade will appear in your with the charts that your MyTrade feed and trade. MyTrade is integrated within order entry screen within thinkorswim. sends your way. Your followers can also thinkorswim; users can also log in at the You can modify it in any way you like save your exact workspace study and website at http://www.mytrade.com/ (quantity, buy/sell, option strike price, trading strategy parameters for future thinkshare/. and so on) if needed, and then you can use, thus saving time and “trial-and-error” send the order in to be executed by misadventures that can eat up valuable SHARE AND SHARE ALIKE thinkorswim. You can elect to have your trading capital. The MyTrade section of the platform trade shared on your MyTrade page, and provides thinkorswim users with a any thinkorswim users who are following MY TRADE B ECO M ES continuous stream of fresh trading you via Twitter will instantly be alerted to YOUR TRADE ideas, complete descriptions of trade your latest (and hopefully greatest) trade. I decided to visually scan through daily setups, charts, market commentaries, If you choose not to share trading setups, charts of key S&P 500 index (SPX, SPY) and other useful information that keeps advice, charts, scans, and watchlists but stocks and I located a very promising thinkorswim/MyTrade users abreast of simply prefer to follow those who do, buy opportunity in shares of Autodesk what’s moving in the markets, along the process works the same way, only Inc. (ADSK); the stock staged a sharp, with practical ways to trade the related in reverse. wide-range, big-volume rally on Friday setups. Users can also link their Twitter Let’s say you’re a very talented chartist July 18, 2014 after having tested several accounts to their MyTrade page, along and technical analyst; you’ve visually significant support levels. It only took with the RSS feed from their personal identified an attractive chart pattern, a moment to draw the linear regression blogs. Users also have access to the trading signal, or breakout move on your channels on the chart (Figure 1), and thinkorswim chat room, which opens favorite stock and you want to share it then I applied the thinkorswim Long- up yet another way for traders to share with your followers. Once you’ve detailed Haul filter by clicking on thecharts tab and discuss trade setups, charts, scans, watchlists, and code in greater depth. Users can opt to receive all content or only content from those they follow, and there’s tons of it in a never-ending flow. Posts from users appear under the Think Share tab, with data organized into two main categories: n Trades n Ideas and charts A filtering feature enables you to opt to receive all posts in both categories or to only receive content from those sharers you choose to follow. Alternatively, you can search for specific content on a particular keyword or ticker. For example, let’s say you are interested in trading Apple Inc. (AAPL); just type FIGURE 1: A PROMISING OPPORTUNITY. Once a thinkorswim MyTrade user has detailed his chart with buy/ “AAPL” into the search box on the sell signals, trading strategies, drawings, and other visuals, simply clicking the share icon will launch the next step Think Share page, and a plethora of of the sharing process. Reprinted from Technical Analysis of STOCK S & COMMODITIE S magazine. © 2014 Technical Analysis Inc., (800) 832-4642, http://www.traders.com www.mytrade.com/thinkshare/. I clicked the Think Share tab and then the share a chart link on the top right side of the page.