In our last lesson we finished up the first module of our logistics of stock trading course, with a look at what an ECN is. In today's lesson we are going to start a new module on how to place stock trades, by setting up our stock trading platform.
Setting Up a Free Think Or Swim Account
For the purposes of this course, I have chosen to work with the ThinkorSwim platform
, whose award-winning platform I really enjoy -- as it clearly was designed by traders.
So lets start by going to www.thinkorswim.com
and registering for a free demo account. I have included a link below this video which will take you to the registration page where you can register for your free demo. Please note that you have will need to complete an account opening application in order to gain access to practice demo account. However, you should be able to practice demo trading after completing the application but prior to funding an account if you would like.
To download the software, click on the ThinkorSwim logo in the upper right hand corner of the page which will take you to the homepage of the site. Once there goto the software tab and then select think desktop from the dropdown menu. This will take you to a page where you can click to download the software, and then click install to install the software. Once you have done this you want to save the file to your desktop, and then follow the instructions for downloading the software.
Once you have installed the software go to start, programs, and locate the thinkorswim group in your program files to launch the platform. Enter your username and password so you can login to the trading station. Once you have done this the platform will appear and you are ready to start placing some trades on 20 minute delayed quotes with 100,000 in virtual cash.
That's our lesson for today. In our next lesson we will look at how to pull up quotes for the stocks you want to trade so I hope to see you in that lesson. As always if there are any questions or comments please feel free to leave them in the comments section below, and good luck with your trading!