When it comes to trading platforms for aspiring day traders, there are a wide range of options to choose from. Where and how they differ is an important task for day traders to figure out. Where are they going to do their research? How are they going to execute their trades? The answer could be TD Ameritrade, because the company has loads of experience in the digital space. But you need to make sure that you make a profit on the thinkorswim platform. TD Ameritrade offers a great option for beginning investors, but more frequent traders might have a problem on the commissions structure.
The thinkorswim platform on TD Ameritrade has robust research tools. The third party offerings and historical research databases are great for beginning and even veteran traders. To be able to learn as much as possible about a stock or company is ideal as an investor. As a day trader, you might only be interested in technical indicators and short term research. That is available too. The tools are there. It is all about how you use them.
Mobile trading is a growing way of interacting with the stock market these days. TD Ameritrade has two mobile trading apps that allow traders to access their accounts from nearly anywhere there is internet access. The interface is intuitive and accessible. It is customizable, just like the desktop interface, and will provide instant access to trades and tools. That is an important feature for millennial traders and those always glued to their phones. It is also a bonus for high frequency traders that need to be on top of their accounts no matter where they are.
The Paper Money system, which allows traders to work with virtual currency and game out traders before they actually pull the trigger is a great way for novice traders to get practice in. There is no substitute for screen time, so being in front of a virtual market is just as valuable and can yield lessons that will affect your regular trading. Trying out strategies before putting real money on the line can save traders from an early flameout and eventual exit from the business.
There is a robust library of technical studies that allow traders to see historical performance, candlestick charts and all sorts of advanced metrics that can give insight into a potential stock or trader. If you have programming chops, you can even build your own algorithm that lets you search for the hot stocks without using quite as much time as regular research. The possibilities are endless.
As stated above, the only drawback would the potential high commision per trade. That is a problem for high volume traders that work on margin, because the commissions could affect the margin quite seriously. It all depends on the individual trader and the levels they are working at. It takes time to determine what broker is right for you and TD Ameritrade has lots of respect throughout the industry.