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Old 10-02-2008, 02:41 PM   #1 (permalink)
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ThinkOrSwim - Download Paper Money Trading Platform



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!

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Disclaimer: Trading is risky and can result in substantial financial loss. As always my posts are simply one traders opinion and should not be taken as trading advice. I am not a financial adviser so everyone please do their own analysis and take responsibility for their own trades.
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Old 10-29-2008, 09:20 AM   #2 (permalink)
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thinkorswim


Hi David,

first of all I want to tell that I love your Webpage. For Newbies in trading it is a gem, packed with all the well structured information that you provide.

My question is: How many trades am I allowed to make on the thinkorswim platform in papermoney mode ???

in regards

ZickZack
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Old 10-29-2008, 09:47 AM   #3 (permalink)
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Hi Zickzack,

Glad to hear from you and thanks for the compliment I am glad you like the site.

As far as I know there is no trading limit on the ThinkorSwim papertrading platform. I have probably placed about 100 trades on mine which I have had for at least a couple of months and no problems so far.

Best Regards,
Dave
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Old 10-29-2008, 10:03 AM   #4 (permalink)
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thinkorswim papermoney


Hi David,

thank you for your quick answer...I just talked to the support and my mistake was that I set my account under 25k...so now everything is back to normal...!

I wish you and nice day and keep up your great work...in my opinion your page is by far the best on the net...

ZickZack
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Old 10-29-2008, 11:41 AM   #5 (permalink)
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Hey ZickZack,

Glad to hear everything worked out and welcome to the community.

Best Regards,
Dave
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Old 01-15-2009, 09:14 PM   #6 (permalink)
 
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Paper trading with Think or Swim... Delayed Quotes?


Hey Dave,

I'm interested in paper trading with the Think or swim platform... Are the quotes delayed? Does that mean it does not give you the same execution a live account would give? Are there paper accounts out there that do?

I'm not sure if I understand what a delayed quote is? Sorry for all the basic queries?

Thanks again for the site,


Russ
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Old 01-15-2009, 10:07 PM   #7 (permalink)
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Hi Russ

A delayed quote means it is delayedf 20 min. In other words, you are looking at what the price was 20 minutes earlier.
I am pretty sure Think or Swim has live quotes, but if not, you can look at live quotes on yahoo while you paper trade Think & Swim (your virtual trade will get filled with real time quotes even if the quotes you look at are delayed).

Cheers
Tek
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Old 01-15-2009, 11:40 PM   #8 (permalink)
 
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live quotes on TOS paper money


Hi,

You can get access to live quotes at TOS using their Paper Money platform, and then the paper trades are made using real time prices.

However, to get it, you have to deposit $3,500 in your real trading account. They don't have any maintenance requirements after the initial deposit, so you could take the money out later.

I think the system is a great way to learn to trade stocks. The one thing mechanically that can be unrealistic are stocks with wide spreads that tend to have low volume. Paper Money executes trades between the ask and bid price. So lets say the stock has a bid and ask that's currently between $10 and $10.50 for whatever reason, and the last sale was at at $10.50 though. You could put an order in at $10.25 and have it go through. Then a second later, the bid gets tighter and the stock sells at $10.60 with a bid at $10.50. The stock jumped .30 cents in price for you which is unrealistic and just a bug in the platform. If you trade high volume stocks, its not a problem.
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Old 01-16-2009, 12:24 PM   #9 (permalink)
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Hey Charlie,

Thanks for sharing that I was not aware of it.

Best Regards,
Dave
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Old 06-13-2009, 04:15 AM   #10 (permalink)
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Awesome site


Dude I tell you.. Your site is the best.....

Hats off to you guys.... just awesome
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