The day traders are always looking for an edge. Sometimes they are hard to find, but new info in an incredibly complicated industry is always a way to move forward. What day traders need is a trading platform that can give them an edge in making trading decisions and making money. That is where Ameritrade comes into play.
Ameritrade is a long time trading website with lots of experience in helping investors get as much as they can out of the market. The Thinkorswim platform is chock full of third party research that can help new and aspiring day traders make sense of the craziness of the market when they first jump in. The interface is customizable and intuitive, so even beginners can learn how to use it relatively quickly.
One of the most important parts of being a day trader is executing trades with speed and precision. Entering orders and then executing them are very fast on the Ameritrade platform. Beyond just execution, the plethora of other features are great as well. There is a scanning tool that will allow you to comb the market quickly, looking for stock ideas. Streaming CNBC news allows you to look at your screen and get any breaking news you need very quickly. Being able to take the temperature of the market like that is invaluable.
Then there is the analysis tab. With this innovative feature, you can see an active risk graph that can game out your trade for you. No more trading blind. You can figure out a very good scenario for how a trade might go and plan your actions around it. The analysis can also give you potential adjustments to make if the trade works out this way or that way.
For new traders, access to $!00,000 in “virtual” money is awesome for practice purposes. Paper trading is pretty much essential to getting enough reps and screen time to get good. Practicing at the speed of the market is very smart for aspiring traders.
Mobile trading is a hot new thing. Ameritrade offers mobile apps on all the major smartphone operating systems. You can access advanced ordering capabilities and other options that previous apps would not allow.
The main drawback to being on the Thinkorswim platform from Ameritrade are the commissions. With a set value for comissions on each trade, the money can really add up and eat into your profits. When you make multiple trades per day, having a set dollar amount of comission on each one is problematic.
That being said, Ameritrade and Thinkorswim can offer a great platform for traders looking to trade stocks and options or even for those wanting to delve into forex or futures trading. Research from respected places and great charts make Ameritrade a great choice for those that are just starting out. It is hard to get your foot in the door in day trading and investing, so having a great platform for this stuff is a good leg up.