If you are looking for a robust trading platform with a range of tools that help you analyze any stock in which you want to trade, then Thinkorswim is a great solution.
If you are looking for a robust trading platform with a range of tools that help you analyze any stock in which you want to trade, then Thinkorswim is a great solution.
With the help of this highly secure platform, you can trade in different financial instruments like options, stocks, and futures trades.
If you like this platform then you have the option of either using the desktop app or the web app of Thinkorswim.
Both of these have their advantages and disadvantages, which are explained below for your ready reference.
Comparison between the Thinkorswim Web App and Desktop App
Here is a list of differences between the Thinkorswim web app and the desktop app.
Thinkorswim Desktop
The Thinkorswim desktop provides you with a range of highly sophisticated trading tools for an extremely productive trading experience.
The Thinkorswim desktop offers an amazing customizable trading experience that gives you the power to execute the most complicated techniques and strategies.
Some of the advanced features of the Thinkorswim desktop app are as follows.
1). Advanced Trading: It allows you to trade in numerous products that include options on futures, equities, options, forex, futures, and ETFs.
This platform allows you to use futures and options in an IRA or get more trading leverage through margin or portfolio margin.
It has an analysis section that gives you an environment wherein you can test your concepts to become more effective as a trader.
As this platform allows you to gain access to economic data from the Fed’s 400,000 data points from around the world, you can find new key indicators that would help you take the right action.
You can also deeply analyze any individual stock by studying the revenue drivers related to that company to figure out the projected company revenue in the future.
2). Technical Analysis: You can use the latest charts and get more than 400 technical studies to forecast the price of any stock with greater confidence.
Some of these technical studies include resistance, candlestick, basic support, and profile charts.
Additionally, you can also use some highly sophisticated charts that include the Renko and monkey bars along with 20 drawings that come with eight Fibonacci tools.
3). ThinkScript: You can create your private analytics by using the inbuilt condition wizard jumpstart tool for making your personalized strategy and order execution testing algorithm.
4). Stock Hacker: You can scan multiple stocks which meet any of those attributes that you think are important.
This will help you to easily find those stocks that are highly promising without using technical, fundamental, or option-related data.
Thinkorswim Web App
This is a new addition to the Thinkorswim trading platform suite which includes all the important tools of the Thinkorswim desktop app.
The Thinkorswim web app does not require any download and the users can easily use this platform if they have an active internet connection.
Some of the important features of the Thinkorswim web app include the following.
1). Optimized for Swift Action: The Thinkorswim web app comes with an attractive and highly intuitive interface.
Here you will find that the tools that you use the most and those that are essential for your trade are placed right at the center of the interface.
As this is a web-based app, you can access it from anywhere. You can also make use of your pre-configured strategies to set new orders with a single click.
2). Trade More: The Thinkorswim web app not only gives you the option to trade in stocks, ETFs, and options like the Thinkorswim desktop app but also allows you to trade forex and futures.
3). A Large Number of Charts: You can make an informed prediction about the price of any stock by using the website’s sophisticated forecasting tools, which include numerous charts and technical studies.
4). Test Your Strategy with Paper Money: You can test your strategy by using paper money.
After you validate your strategy, then you can put in your real money with more confidence.
The paper trading platform allows you to trade with $100,000 of virtual money.
Conclusion
The information shared in this article will help you make up your mind whether you want to trade through the Thinkorswim desktop or web app.
Whichever app you choose, you will be able to leverage several features of both these apps to ensure highly profitable trading.
