How to increase the number of profitable trades by three times, by using Thinkorswim (TOS)
Trading on the stock market is a kind of a mind game, in which you’re going to win if you’re heavily motivated, goal-driven and have high confidence in yourself that follows a concrete algorithm, that was forged by years of experience. Sadly, unofficial statistic (official does not exist) says, that more than 90% of new traders are losing money and failing on this path. Why?
In reality, there is a lot of reasons that contribute to that, don’t give yourself a false sense of hope. Success never comes easy! By marching the path of trials and errors, by analyzing the cases of successful trades and diving deep into the success psychology I was able to create a clear algorithm of successful trading, which I’m going to share with you right now.
▪️ Methodically plans your actions. You need to select an instrument that interests you and learn everything you can about it, study it, analyze its charts, dive deep into its data and how it works; on the basis of that analysis, you can create a clear and understandable plan of action, to form it, later, into your trading strategy.
💡 Important! The clearer and more detailed your plan are, the less your risks to fall to your emotions are.
▪️ Analyze your environment and surroundings. The combination of these factors forms your way of thinking, the ability to set goals and achieve them. The destructive influence of the “toxic” environment entails a number of negative consequences, including self-doubt, and hence the result in the form of psychological barriers to financial success, to unlocking potential, etc. We achieve results that are consistent with the surroundings.
💡 I would attribute technical capabilities to the same factors: trading terminals, technical analysis platforms, number of monitors, etc.
“I believe that a person’s qualities are determined by his environment, not heredity.”
▪️ Be persistent, consistent, and disciplined in action. The order in the head is important, and your every step should be part of the strategy, for this, train willpower, self-control and do not give up on halfway to your goal.
💡 Important! Develop your strategy and strictly follow its rules, making transactions on clear market signals, not succumbing to unnecessary impulses.
And finally, focus on deals, not money, focusing on the process, not the result.
I agree that in theory, the algorithm sounds easy enough, which can not be said about practice. The algorithm really works — if you work.
Well, now let’s move on to the most important thing.
🔝 How to increase profits using the Thinkorswim trading platform?
No, this is not an advertising headline! I can confidently say that Thinkorswim is one of the best terminals for trading American stocks, believe my experience. I’ll tell you more about the functionality of the platform and why do I need TOS.
- Investing and finding entry points. You have a wide choice of investment instruments (over 3300).
- TOS as an analytical tool. All markets and tools are available. Analyze NASDAQ, NYSE, FOREX, ETFs, futures, options, currency pairs, etc. In your arsenal of more than 70 fundamental and technical filters with the ability to write your own scripts to fit your needs.
- A powerful functionality of trading tools and technical analysis tools. Everything that your heart desires: charts, scanners, an impressive number of already built-in indicators in the form of signals on the chart (with the ability to add your own), real-time quotes, a powerful stock screener (Stock Hacker), etc. Everything you need for intraday trading accurate to the second.
- Testing strategies using the OnDemand function. Using this function, you can study the market on the basis of historical data, repeating any day from the past, scrolling it in real-time (with news and events occurring over the selected past period of time). Live the day you are interested in again in the history of any instrument, view the glass (Level II) with time & sales, consider in detail how the auction went, how the levels were formed, price movements, etc.
TOS will be useful not only for experienced but also for novice traders in the learning process, as it is possible to test the platform for free in demo mode (virtual trading with Paper Money). Demo versions usually have limited potential, so you will encounter a delay of quotes of 20 minutes, but if you are an investor or swing trader, then a delay in quotes will definitely not be an obstacle.
The success of trading can directly depend not only on clear algorithms and thought out to the smallest detail strategies, but also on the chosen trading terminal. Thinkorswim provides an intuitive interface, ample opportunities and powerful functionality for highly accurate analysis, thanks to which you will definitely increase the number of successful transactions at times, do not even hesitate!
Finally, the disadvantages.
TD Ameritrade periodically blocks accounts created by non-residents of the United States, but there is always a way out of any situation, so we found a solution how to protect you from blocking and will gladly help with the installation. You can test the platform by downloading and installing ThinkOrSwim from the official website, and if you have any difficulties or want to use all the potential: realtime quotes (without delay), onDemand function, a powerful screener of stocks, options, etc., write, I will be happy to help!
We know how to remove the delay and other limitations of the Thinkorswim account. All details on this link. You can go now.