TD Ameritrade Platform

[dmsgirl 0]

Hi, I am very new to this. I read" How to Day Trade for a Living". I would like to learn more and eventually get started in a simulator. My question is...how does TD Ameritrade's Thinkorswim platform compare to DAS? Do I also need a scanner? Is it better to just go with DAS?

Thanks! I appreciate any input/insight anyone can give.

Lisa

[Abiel 475]

Hi Lisa... DAS it´s the way to go for day trading, you can read Andrew´s answers on DAS as best choice for day traders HERE

 

As for scanners, if you are in training and you´re part of BBT chatroom you can use Andrew´s scanners. Trade ideas Scanners are great and pricey, I´d buy it once trading my own account but depending on how deep are your pockets you could get it since you are on simulator.

[Dima 10]

As someone who spent the first 3 months of my day trading career using thinkorswim (mainly because I have a Mac and didn't want to buy a Windows PC), I firmly recommend avoiding TD Ameritrade's platform and just going the DAS route early on. TDA has awful fills that made many strategies impossible to do properly and the lack of hotkeys is really a non-starter for serious day trading.

[at602 0]

I've been using TOS for years for longer term option trading. The Active Trader mode offers a number of nice features for day trading. You can place stops and orders on the price ladder, orders with stop brackets using 'Target w/ Brackets' with 1 click, exit your position and cancel all stops with 1 click using Flatten, and on and on and on. It takes time to learn all the features but it's worthwhile. The Paper Trading Mode is a simulator that offers all the Active Trader features and you can practice relentlessly until you are ready to trade real money. Repetition is the mother of skill.

[SirPatrick 9]

Interactive Brokers with Trader Workstation is another option for you. I found it better than ToS, and if you are not ready to spend the money on DAS, it is a viable option. I also believe IB's commissions are significantly lower than TD Ameritrade.