Product Review: ThinkorSwim.com by Dennis D. Peterson
Thinkorswim (TOS) by TD Ameritrade is software you can use with a number of different devices such as an iPhone, BlackBerry, Android, PC, touch iPod, or Apple Macintosh to trade stocks, stock options, futures, currency, spread orders, or future options. It has a number of order types, such as trailing stops, OCO (one cancels other), and one triggers all. It covers a broad spectrum of trading activities. It is free if you can live with delayed quotes; you can go to thinkorswim.com, fill out a brief registration form, and download the software for a trial, which is good for 60 days, or you can open a TD Ameritrade brokerage account (with no funds) with delayed quotes, and you can paper trade indefinitely. Such a deal!
I reviewed this product using a paper trading account, so some features were not available such as Level II quotes, although if you put up a price chart, it will show the current inside bid and ask. Thinkorswim is loaded with features, and some of the navigation techniques are unique to TOS such as the colored dots to the left of the titles, or entry windows respond to a left-click, resulting in a dropdown list. To set the background color, there are three choices: metal, white, black. You need to select “Configure” at the bottom of the log-in screen. At the log-in, you might get a warning message that a 1024x768 resolution is recommended, but you can get by with 800x600. For the tutorials, however, I recommend a 24-inch screen.