Where To Start With ThinkOrSwim and DayTrading

[quattro777]

I'm relatively new to ToS, not to trading though. My firm uses Schwab for custodian, so I figured I may as well jump in and use ToS on the retail side. Where is a good place to start? Is there a beginner set up guide or a recommended way to learn? Or have any of you had better experience just playing with the basic indicators? Any help is appreciated! I'm just looking to learn right now. I'm not looking for an immediate profit or an indicator/alert that will magically make me money tomorrow.

 

[MerryDay]

If you’re new to retail daytrading, useThinkScript is a great place to start.
The forum is technical analysis centric. Focusing on price moves and the use of different indicators (like RSI or moving averages) on various timeframes to figure out where the market and instruments might be headed.

Technical Chartist's goal is to find which instruments are showing strength—meaning they have solid support below them, aren’t running into much resistance above, and have enough momentum to keep moving with the market trend.

To daytrade profitably, it is important to know how to read candlestick patterns and draw support and resistance lines on your charts. This helps you see where prices might bounce or get stuck.
read more about the importance of Price Action

Then you can add indicators to give you more context for when to get in or out of a trade. But don’t rely on indicators alone—they’re just tools to help you understand what the price is already telling you.

There’s a lot going on in trading, and anyone promising a “magic indicator” that gives perfect buy or sell signals is hawking a fallacy. That’s why most new daytraders fail—they skip the basics and chase shortcuts

First, you need to be able to navigate about the ToS app.
Schwab provides an infinite number of how-to videos.
https://www.youtube.com/playlist?list=PL5F91D714FC3CDE21
ThinkOrSwim does have a steep learning curve and having some basic computer knowledge is necessary.

Second, here is a thread that contains the links to posts that will explain the basics of daytrading with ThinkOrSwim
https://usethinkscript.com/threads/...-indicators-for-thinkorswim.2016/#post-152643

Here is how to search the forum to answer any question that you have:
https://usethinkscript.com/threads/search-the-forum.12626/

Happy trading!

 

[quattro777]

If you’re new to retail daytrading, useThinkScript is a great place to start.
The forum is technical analysis centric. Focusing on price moves and the use of different indicators (like RSI or moving averages) on various timeframes to figure out where the market and instruments might be headed.

Technical Chartist's goal is to find which instruments are showing strength—meaning they have solid support below them, aren’t running into much resistance above, and have enough momentum to keep moving with the market trend.

To daytrade profitably, it is important to know how to read candlestick patterns and draw support and resistance lines on your charts. This helps you see where prices might bounce or get stuck.
read more about the importance of Price Action

Then you can add indicators to give you more context for when to get in or out of a trade. But don’t rely on indicators alone—they’re just tools to help you understand what the price is already telling you.

There’s a lot going on in trading, and anyone promising a “magic indicator” that gives perfect buy or sell signals is hawking a fallacy. That’s why most new daytraders fail—they skip the basics and chase shortcuts

First, you need to be able to navigate about the ToS app.
Schwab provides an infinite number of how-to videos.
https://www.youtube.com/playlist?list=PL5F91D714FC3CDE21
ThinkOrSwim does have a steep learning curve and having some basic computer knowledge is necessary.

Second, here is a thread that contains the links to posts that will explain the basics of daytrading with ThinkOrSwim
https://usethinkscript.com/threads/...-indicators-for-thinkorswim.2016/#post-152643

Here is how to search the forum to answer any question that you have:
https://usethinkscript.com/threads/search-the-forum.12626/

Happy trading!

Couldn't have asked for a better response. Thank you - looking forward to utilizing these threads!