How to Buy and Sell Stock in the ThinkorSwim Platform

hey guys welcome back to the market

investor i'm daniel snyder thanks for

joining me today i just wanted to jump

in real quick with the thinkorswim

platform I know most of you haven't used

it before I just want to show you kind

of the power and the easy user interface

that they have built for us to utilize

and just how to buy and sell a stock

symbol is that we're just gonna open the

paper money account as you'll see right

here just sign-in though this is the

interface that you'll be greeted with

typically you'll be greeted with the

home screen this is just paper trading

so it's something that you can use as

well to dive in and just play around

without losing any of your actual money

so they give you different amounts you

can set these to whatever you want them

to be these are the default they give

you $200,000 but I just want to get in

real quick we're not gonna go into

trader TV Live News and you can come in

and delete these gadgets if you want to

I like to keep everything super clean

even the quick chart on AMD I'll get rid

of that commodities is one of my list

this is digas and you guys there are

ETFs that are leveraged that follow

natural gas every day but I'm just gonna

come in here let's go to just buy again

so I can add spy and you want to make

sure these are linked red one we'll go

over to charts and make sure this is red

as well so that when you do click on

these it updates so we're in spy and

this is kind of the overall generic look

not really the look I like to use so a

couple of things I like to do is I'll

click on the gear icon and I like to

overlap my volume

and then I'll come into the time axis

I'll add about 250 on it apply that so I

can get a little bit of room in the

front and then appearance I like to fill

up my green bars and then I think that's

pretty much all I do with that studies I

like to have a few studies here so one

of that I like to use a lot is V watt

and what that is is the volume weighted

average price and then we want to have

our MACD indicator which is a momentum

indicator we have the RSI which is the

relative strength index so let's just

start with these that's good so you'll

start to see a few updates different

time charts these are pretty much

default standards day traders use the 1

day 1 minute which is this right here so

you see what is happening in real time

after trader is where you can see real

time buy and sell orders going on and so

for instance this is saying 8 people are

willing to sell a spy' share at 252

dollars and 14 cents but there's five

people willing to buy at 250 2.07 and

the difference between those prices are

referred to as the spread and the spread

is pretty much what equals the income

for my market makers so whenever they

can get a buyer to buy at the sellers

price the difference between the two

prices the spread that goes in their

pocket that's their income all right but

what we wanted to talk about was how to

buy and sell stock so what I'm going to

do them to clothe the close the active

trader I'm in the five day five-minute

time line now and I'm just gonna right

click I'm gonna click buy right so I'm

gonna buy

spy and the main thing you want to do is

you wanna click Edit because mainly most

of you won't be able to buy a hundred

shares of this right away

so you want to buy two shares you can

highlight that change that to two shares

you're gonna have it as a limit order I

always advise using limit orders if you

want to get filled right away you can

change it to market which we will for

this instance but for limit I like to

put limits so that way you can get your

price that you want to pay when you

click market it's good for the day GTC

is good till cancel

ext is extended trading hours which is

what the what we're in right now so

we're gonna have to click that one for

this and then there's a good till

cancelled extend extended trading hours

and then the exchange I always just

leave his best and go to the limit just

so we can confirm and send want to pay

this and then you click send and you'll

see this right here this is your buy

order and even though I'm not sure we're

gonna get filled just because the market

is closed but that's how you do that so

we're gonna go and cancel this the other

option is say you have a share of stock

you want to sell so obviously it's just

the inverse come in you sell you have

two shares make sure you get that

negative on there when you change this

keep that negative minus two shares this

is also referred to as shorting a stock

if you don't own the stock and you go to

sell a socket refer to as shorting the

stock and what you're doing is you're

borrowing the stock from somebody else

that owns the stock usually a bank or a

financial institution

you'll borrow the stock from them

typically sometimes that interest rate

other times not depends where you get it

from and same thing limit order day

extended trading hours and then you

would confirm and send so that's how you

buy and sell in the thinkorswim trading

platform by TD Ameritrade it is a free

platform you don't to pay anything for

it it does link directly to your TD

Ameritrade account which is why I use TD

Ameritrade but like I said before I've

also used Robinhood and we bolt and if

you want to get started today with

opening a brokerage account and not

putting a single dollar in and signing

up and getting your first free share of

stock go ahead and click on the link

below it's all down in the description

but that's all I've got and I hope you

like this video we'll definitely dive

into the platform more in the future

because there's so many things that this

platform can do and really give you

great data insight to become a better

trader a better investor but that's all

I've got I hope you guys are staying

safe staying healthy and I'll see you in

the next one