Lesson 2 of 8: Using the thinkorswim® Monitor Tab | Getting Started with thinkorswim®
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- Опубліковано 21 сер 2024
- Getting Started with thinkorswim® | 11-13-23
Characteristics and Risks of Standardized Options. bit.ly/2v9tH6D
"I'm new to thinkorswim. Where do I keep an eye on my current positions and orders?" Glad you asked! In this video, we explore the functions and tools found on the thinkorswim Monitor tab, which allow a trader to follow the progress of current and past orders and trades.
You just opened a new account and downloaded the award-winning thinkorswim® trading platform, and wow, where do you even start? We had the same feeling! Join your education coach for this weekly, basic overview of the thinkorswim® trading platform. When you feel like you understand the basics, then join one of our more in-depth reviews of this amazing software-Exploring thinkorswim® or Scripting with thinkorswim®.
0923-31BC
Options involve risks and are not suitable for all investors. Please read the Characteristics and Risks of Standardized Options carefully before trading.
#CameronMay #TraderTalks #CameronMayCS #CharlesSchwab #Schwab @CameronMayCS
I'm watching these to prepare for Schwab's elimination of Street Smart Edge. One thing I like about Edge is that you can place a trade and immediately see if it fills. It looks like you have to toggle back and forth between the trade tab and the monitor tab on Think or Swim to see if a trade fills. Also on Edge there is a running leader board at the top so you can continuously see how the three indices are performing. Perhaps I'm just not familiar enough with Think or Swim yet and these functions are available.
Happy to help! 1. When a trade fills, you will see a pop-up appear in the top left corner for a few moments. 2. A streaming ticker ribbon can be found on the Home Screen. You can customize which tickers are streamed with the menu on the left, and you can detach to keep it as a separate, active window with the button to the far right. Hope this helps! ^CM
@@tradertalkswebcasts Thank you for your response. It does help. I'm watching the entire 8 part series and am following you on X.
Cam - I always learn something new - Thank you!
My pleasure. Thanks for watching! ^CM
Thanks! Cameron May is a great coach!! Please cover Web Version of ThinkOrSwim too!!!
Very glad to hear you enjoy my style, and thanks for the suggestion! See you in the next one! ^CM
Not to be nitpicky, but I believe there is an error at about the 13:45 mark. Even in an IRA account you can be approved to trade simple options and selling a put will put a hold on funds that is reported in the BP Effect column. This is because the sold put, if exercised, requires you to purchase the shares from the buyer at the strike price.
For example, if you want to sell a put with a $50 strike and $2.50 premium, the trade will be blocked unless the account has $5000 cash. Once the trade is executed, the account will be credited with $250 (less fees) and a hold will be put on the $5000, which will be reported in BP Effect.
Nitpicky is great! And you've made a solid point: The BP Effect column will populate in an IRA account when options are traded. To clarify my comment, this does not imply that the account owner has borrowed funds as it might in a Margin account, as conventional Margin is not available within an IRA. Thanks for the comment, and thanks for watching! ^CM
Thanks, Cameron - great stuff
Glad you liked it, Faisel! Thanks for watching! ^CM
On Streetsmart Edge, it has a Realized Gain/Loss section that will show what your gain or loss was on a particular position that you closed on that day. Is this information going to be available on TOS in the future? It will show YTD, but I want to see what happened on each position I have. It also shows similar information in the Position tab-P&L unrealized. It also shows the total cost of a position, so what the total amount was that I paid for the contract(s). Not per contract but the total dollar amount. These things were great to have. Thanks.
Happy to help! These sorts of details can be found on the Account Statement page: Monitor > Account Statement. Just be sure to select the intended account from the drop-down menu at the top of the page to scan each account's statement/history. I hope this helps, and thanks for watching! ^CM
Nice job, Cameron. Learning a lot from you and other coaches. Just have some more questions for you: What is the best way to track options trading (yes, I know that TOS tracks many of the parameters, values that I am using)? But I mean more than what we can get from TOS. I am thinking of historical values to plot out Delta, Gamma, IV, Win Rate, or option prices for the last week or month. In addition, trade logs would be desirable since they also give insight into which strategies have greater return for the trader. Can some of that data be downloaded and used on a spreadsheet or some type of graphing tool (such as a MATLAB charting app). I am looking for additional data or graphs or charts on options trades -- which is not the function of TOS. Any add-ons (maybe using ThinkScript?). I use mostly Excel and MATLAB to graph and chart sets of data -- Excel for Trade Logs as well. Maybe there's a better way? I appreciate your thoughts and advice. Thanks. From a rookie options trader in training.
Happy to help! You can actually find a trade journal on the Coaching page for the "Short Verticals" webcast series at www.schwab.com/coaching, or try this more direct link: www.schwab.com/schwab-coaching?trumbaEmbed=view%3Devent%26eventid%3D173051389. I hope this helps, and thanks for watching! ^CM
Well, TOS is not really helpful. After in it for a month, it is SWIM & DROWN! I still prefer Street SmartEdge , simple to setup and navigate.
Changing platforms certainly always involves a learning curve, and some favorite existing tools may not be the same on the new platform. In any case, I'll continue to do my best to assist with the transition. In the meantime, you may want to check out our UA-cam series titled, "StreetSmart to thinkorswim": ua-cam.com/play/PL8a6s5nq1lPTeCMnqE9G3vSM0YjPbGgL5.html. Thanks for watching! ^CM
As a professional UX designer and researcher I have to agree. The design is overwhelming and actually looks like they didn’t do much testing with users.
@@dianem9655 Its pretty bad, and they act like the UI is "fully customizable" but you actually had more customization options in SSE that they have made no effort to replicate in TOS.
Yes! TOS has a nice wow factor but not nearly efficient as SSE for fast and easy trading
While it is clear that the developers of ToS have tried to put every possible available indicator and trade tools inside the platform, most users will appreciate that StreetSmart possesses more than enough tools for the day to day trader.
The problem is that it is clear to anyone that uses both platforms that StreetSmart is a much more user friendly platform in many aspects. ( e.g the very trivial option to minimise /maximise windows which allows great flexibility compared to ToS but there are many more advantages to StreetSmart in comparison).
Why does Schwab not allow the user / the customer to choose which platform is better for him ( and I think that the results will be very clear...) and is forcing a change which might not end well. @@tradertalkswebcasts
Question: May a PM account be transformed into a real account to save the layout regarding charting etc. and of course the PM trades and $ removed
Yes, the layout details can be saved and transferred via the "Save Workspace" feature: Log into paperMoney > Click gear icon in upper-right > "Save Workspace As" > Name > Click gear icon again > "Share Workspace" > Select workspace name > Click "Share" > Copy resulting hyperlink > Log into real account > Click gear icon > "Open shared item > Paste hyperlink > "Preview" > Import. That should do it! ^CM
When first funding, my Charles Schwab, is my think or swim automatically funded
Correct! Your thinkorswim account is another way to access and manage your Schwab holdings. ^CM
When are you going to add a long and short tool?
Would you mind clarifying? I'd be happy to help you find an appropriate tool, if currently available. Thanks! ^CM
I noticed my symbols (securities) in my watchlist getting less and less or removed. How could that happen? Does the alerts trigger and remove them from my watchlist?
I'm afraid I haven't heard of this issue. Alerts should not cause this. If it continues, it may be worth a call to Support @ 800-435-4000. ^CM
Could you please share how to add in thinkorswim a moving average to RSI indicator, (9day SMA of 14 day RSI)? Thank you!
Happy to help! On a daily thinkorswim chart: "Edit studies" (Flask icon) > Select "RSI" from left menu, then "Add selected" > Select "SimpleMovingAvg" from left menu, then "Add selected" (the default SMA on thinkorswim is a 9) > Next to the gear icon to the right of "SimpleMovingAvg (CLOSE, 9, 0, no)," click the down arrow until "SimpleMovingAvg" is in the same display field as "RSI" > Click "Apply" > Click "OK". That should do it! ^CM
@@tradertalkswebcasts Thank you!
How does ThinkorSwim work with a Schwab Global Account?
This is a great questions to discuss with an investing specialist. We have professionals available 24/7 at 80-435-4000, or through a secure chat at Schwab.com ^BC
when I do right click on my positions, these options do not show up . "Reset all positions,Adjust Positions, Move to Groups"
Happy to clarify! These functions are not accessible when one is viewing their combined accounts. To activate these, first select a specific account from the drop-down menu at the very top of the thinkorswim window, then proceed as demonstrated. I hope this helps, and thanks for watching! ^CM
l don’t see the monitor area
To clarify, these demonstrations are done on the thinkorswim desktop software. Please make sure you're using this platform to see the same layout I'm displaying. The software can be downloaded for no cost on the Trade page of your Schwab online account. I hope this helps, and thanks for watching! ^CM
Full Heartily concur.
While it is clear that the developers of ToS have tried to put every possible available indicator and trade tools inside the platform, most users will appreciate that StreetSmart possesses more than enough tools for the day to day trader.
The problem is that it is clear to anyone that uses both platforms that StreetSmart is a much more user friendly platform in many aspects. ( e.g the very trivial option to minimise /maximise windows which allows great flexibility compared to ToS but there are many more advantages to StreetSmart in comparison).
Why does Schwab not allow the user / the customer to choose which platform is better for him ( and I think that the results will be very clear...) and is forcing a change which might not end well.
The presenter overlaying himself on the subject page and using the smallest available Windows mouse pointer in white made the tutorial difficult to get through and unprofessional.
Thanks for the comments. Noted for next time. And thanks for watching! ^CM