Ameritrade is one of the most well-known online brokers in the investing world. It has a lot of offer investors, from quality trade execution to high level research and education tools. But, can it be the solution for highly energized day traders. You just have to understand just what the Thinkorswim platform can offer to day traders and how to take advantage of it.
The Thinkorswim platform is what Ameritrade puts out onto the market for investors and traders to access the markets. It can be an excellent way for new traders to break into day trading and it also serves a purpose for casual investors that need to manage their portfolios.
The cost of trades is not very appealing to Thinkorswim customers. Ameritrade is one of the highest costs platforms out there, when compared with Charles Schwab and Fidelity. But that cost helps to pay for a significant amount of research, on equites, ETS and mutual funds.
When that data is accessed through the desktop application, you can do a serious amount of tweaking and moving around of the data. That allows you to game out strategies and really get a historical look at the stocks you are possibly going to trade. The depth of the data and the malleability is unrivaled in the laypersons’ platform market. The only way to do better is to get a Bloomberg terminal.
Even beyond stocks, mutual funds and ETFs, users of Ameritrade’s platforms can dip into forex trading and bonds. Forex is short for foreign exchange, the largest market in the world. Currency trading is going on at all hours of the night, because it helps liquidate other markets. There is always a need to exchange one type of currency for another in order for business to get done.
As far as customer service, Ameritrade is up near the top of the rankings. It offers phone, email and live chat support 24 hours a day, 7 days a week. The quality is there and the quantity is there. And mobile trading apps are available on both Android and Apple devices.
It is hard to create a more intense side gig than day trading. It can be fun and furious to jump into the market each day and try to make sense of all the chaos. The key is you need to educate yourself thoroughly about how to strategize and approach the opportunities that the market provides each day. Day traders are always on a hunt for volatility, but those waves can crash at a moment’s notice, so you need to be prepared.
Thinkorswim can be a positive tool as you wade into the market and get your feet wet. The educational resources are vast and the ability to practice-test trades gives novice traders a chance to fail without losing cold, hard cash. That can be a boost to the newest traders out there. Paper trading is absolute essential if you want to get better at trading and graduate from a side gig to a full-time gig.