ThinkOrSwim profitable?

Ault

New member
I'm so far behind in my trading account. I think I will never see daylight. I used to invest/trade

You asked me to say a bit about myself and my trading history. I was born in 1934. I went to law school, then traveled abroad for a year, and became a mutual fund salesperson. I realized that the commission's 8 up half of a client's first year's deposits and the client would probably spend half a lifetime trying to make them back. I quit doing this early on but became interested in the stock market and business. I hated practicing law so went to business school. I made my first stock purchase of Control Data at 50, rode it up to 75, and back to 55 before getting out. I was waiting for a short-term gain to turn into a long-term gain. It almost became a short-term loss. Hanging on too long and selling too soon have been the twin banes of my investment career.

I went to business school, majored in finance, and became a bureaucrat living overseas. I started investing seriously in the stock market. I did quite well, by combining fundamental and technical analysis. But that was long before computers and I did it overseas using old – month-old – data from a printed chart book. I seem to be lost in this computer age and haven't developed the skills I need to make money.

I came across a presentation by John Carter touting his "Squeeze Indicator" I thought I'd like to try the free indicator for ThinkorSwim. He made it sound as though it was readily available on Think or Swim, already installed, and one could bring it up with the click of a mouse. I can't do it, I can't even find it. I joined this group in hopes that someone might first tell me how to access the squeeze program then my greed took over and now I have the hopes that someone out there has some keys to helping me understand how to make some money in this market. For me, the market has changed, and so too must my approaches. To begin with. Commissions have gone down from an appreciable chunk of any investment to nothing. This makes day trading and swing trading much more profitable. I have yet to learn that in my bones, well all things in good time. Hanging on to a stock that has turned has been an error of mine since the very first stock I bought. Writing this to you created a major learning in that last sentence. Thank you already. I will be grateful for your help. Can anybody give me simple tips for morons, instructions on Widows what to look for, and how to find it?

Perhaps I'm lucky to have had trouble for it was in search of a solution to my problems with the squeeze indicator that led me to this website.

New free member, Ault
 
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Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Welcome,
https://usethinkscript.com/threads/welcome-message.12628/

Where to start::
If you are not at all familiar with ThinkOrSwim.
You can start with the tutorial:

Here is how to cut & paste ThinkScript code into your charts, watchlist, orders:
https://usethinkscript.com/threads/how-to-import-existing-thinkscript-code-on-thinkorswim.10/

Now that you have a fundamental understanding of the app,
you can add the squeeze indicator to your chart, you can cut & paste it from here:
https://usethinkscript.com/threads/john-carters-squeeze-pro-indicator-for-thinkorswim-free.4021/

To learn how to build a strategy:
https://usethinkscript.com/threads/basics-for-developing-a-good-strategy.8058/

Want to learn more about this forum?
https://usethinkscript.com/threads/usethinkscript-forum-organization.17270/

Here is how to search the forum, if you have scripting questions:
https://usethinkscript.com/threads/search-the-forum.12626/

Common ToS Questions are answered here:
https://usethinkscript.com/forums/tutorials.4/

Any future questions should be posted:
https://usethinkscript.com/forums/questions.6/post-thread


Hope this helps.
 
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In your opinion, what % of users who have been deep into Thinkscript for 2 years or more are actually profitable? And how profitable do you think the profitable traders are? Please give me your completely honest opinion. I've been trading a long time, but have rarely used scripts. I am considering devoting the next 2+ years deep diving into Thinkscript. I am not a programmer but I do have some programming experience and have taken college classes in C# and C++. The struggle I'm having is that I have read books like Hedge Fund Market Wizards, and I'm aware that even the very best traders are lucky to average +20% a year. I will be straight. This reality is depressing, and makes me wonder if this is a waste of time. I don't mean to insult anyone. I just have to be real with myself, so that I do not waste my life when I could devote time to a different endeavor where the odds of success are much better. I feel like everyone is trying to get lucky, and score big with a few options trades before running for the hills so they don't give it all back. Please give me your best take on this. I would really appreciate it. Please refrain from exaggerating or ignoring past losses. I will start. In over 2 decades of trading I am down overall. I would have been much, much better off putting my money into the S&P500 but I was always paranoid the market would crash. I did not realize the government was intentionally devaluing our currency to make paying off the debt easier, and that this would cause all assets to continually be repriced higher and higher.

Thanks for any info you can provide. And again, I don't wish to discourage anyone. It is true that a rare few have made many millions trading.
 
@Ault The John Carters original "squeeze" script is actually named TTM_Squeeze and comes standard in Thinkorswim... Some traders actually prefer the original to the Pro version which has additional colors based on added levels of squeeze/consolidation...

@somefool Given the fact that 90% of new traders fail miserably, some losing everything and giving up, only traders who study and learn about the markets, and trade rather than gamble, are successful after two years... I've traded on and off for 40+ years and I've had both great success and great losses... Yet I persevere and continue to learn as the markets have changed over the years...

All that being said, it's not the trading platform and indicators that determine profitability, it's the trader...
 
I would have been much, much better off putting my money into the S&P500 but I was always paranoid the market would crash.

Not Financial Advice

If you decide that you are better off investing instead of trading, there is NO SHAME in that. You can apply what you learned in trading (use of stop losses, profit targets, etc) to take profits and prevent major losses in the event of market downturn if you own SPY, an S&P500 index fund, etc.

In your post, you mentioned "scripts." Not exactly sure what you mean. I can tell you that I have done extensive writing of auto-trading programs for a different platform. These programs are great in some market conditions and horrid in others. Letting an auto-trading script run unattended is a recipe for disaster, at least in my experience. Because they must be monitored, they lose a lot of their advantage, in my opinion anyway.

As retail traders, we are up against hedge funds and banks. The odds are stacked against us, in my opinion. That is why I only trade with speculation capital I can afford to lose. Most of my assets are in long-term investments.

Best wishes and happy new year!
 
@Ault The John Carters original "squeeze" script is actually named TTM_Squeeze and comes standard in Thinkorswim... Some traders actually prefer the original to the Pro version which has additional colors based on added levels of squeeze/consolidation...

@somefool Given the fact that 90% of new traders fail miserably, some losing everything and giving up, only traders who study and learn about the markets, and trade rather than gamble, are successful after two years... I've traded on and off for 40+ years and I've had both great success and great losses... Yet I persevere and continue to learn as the markets have changed over the years...

All that being said, it's not the trading platform and indicators that determine profitability, it's the trader...
i have been Trading 57 years had some big loosers but on average i would say i am up bought a House and a few CARS , trips , paid for repairs for home and car. another word no way i could have made it without Trading .
 

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