📖 The world of trading and investing is often shrouded in mystery, with complex strategies and advanced software leaving many beginners feeling overwhelmed and lost. However, one tool that has garnered a lot of attention in recent years is the "thinkorswim stock screener". This powerful tool, offered by TD Ameritrade, has become a favorite among traders and investors alike. But what exactly is the thinkorswim stock screener and how does it work? Join us as we delve into the mysteries surrounding this popular trading tool.
The Origins of thinkorswim (âž•)
📖 To understand the thinkorswim stock screener, we must first go back to its origins. The platform was founded in 1999 by two college students, Tom Sosnoff and Scott Sheridan, who were looking for a way to trade options online. Their revolutionary platform quickly gained popularity, attracting the attention of TD Ameritrade. In 2009, TD Ameritrade acquired thinkorswim for a staggering $606 million, solidifying its place as one of the most powerful trading platforms in the market.
Legends and Myths (âž•)
📖 As with any successful tool, the thinkorswim stock screener has its fair share of legends and myths surrounding it. One of the most common misconceptions is that the platform is only for advanced traders. While it is true that the platform offers a wide range of advanced features, it also caters to beginners with its user-friendly interface and educational resources. Another myth is that the platform is only for options trading. While it is true that thinkorswim was originally created for options trading, it has since expanded to include stocks, futures, forex, and other trading instruments.
Unraveling the Secrets (âž•)
📖 So, what exactly is the thinkorswim stock screener and how does it work? At its core, the stock screener is a powerful scanning tool that allows traders to filter through thousands of stocks based on their preferred criteria. This means that traders can quickly identify potential trade opportunities without having to manually search through endless lists of stocks. The platform offers a wide range of pre-set filters, as well as the ability to create custom filters, making it a versatile tool for traders of all levels.
Smart Tips and Tricks (âž•)
📖 Now that we have a basic understanding of what the thinkorswim stock screener is, let's explore some smart tips and tricks to make the most out of this powerful tool.
📖 1. Familiarize yourself with the available filters: As mentioned earlier, the platform offers a wide range of pre-set filters. Take some time to familiarize yourself with these filters and how they can be used to identify potential trade opportunities.
📖 2. Use custom filters: While the pre-set filters are great for beginners, more experienced traders may want to create custom filters to fit their specific trading strategies. This can be done by selecting the "Add Study Filter" option and inputting the desired criteria.
📖 3. Utilize the "Add Column" feature: The "Add Column" feature allows traders to add additional information to their scan results. This can be helpful in identifying key data points, such as volume, volatility, and price changes.
📖 4. Save your scans: Once you have created a scan that meets your criteria, be sure to save it for future use. This will save you time and effort in the long run.
Pros and Cons (âž•)
📖 As with any trading tool, there are pros and cons to using the thinkorswim stock screener.
Pros: (âž•)
📖 - User-friendly interface: Despite its advanced features, the platform is designed to be user-friendly, making it accessible to traders of all levels.
📖 - Customizable filters: The ability to create custom filters allows traders to tailor their scans to fit their specific trading strategies.
📖 - Educational resources: The platform offers a wide range of educational resources, including webinars and tutorials, making it a great tool for beginners looking to learn more about trading.
Cons: (âž•)
📖 - Steep learning curve: While the platform is user-friendly, it does have a steep learning curve. It may take some time to fully understand all of its features and how to use them effectively.
📖 - Limited to TD Ameritrade clients: To use the thinkorswim stock screener, one must have a TD Ameritrade account. This limits its accessibility to traders who do not use this particular broker.
📖 In conclusion, the thinkorswim stock screener has become a popular tool among traders and investors for its powerful scanning capabilities. While it may have its fair share of myths and legends surrounding it, understanding its origins and how it works can demystify this powerful trading tool. With the right knowledge and strategies, the thinkorswim stock screener can be a valuable asset in any trader's arsenal.
