HOW TO SETUP THINKORSWIM PLATFORM FOR DAY TRADING (STEP BY STEP BEGINNER'S SETUP GUIDE)

welcome to framework fortune I'm your host bin  and in this video I'm gonna show you how to set   up your thinkorswim platform for day trading and  this will work for swing trading and long term   investing as well in 2020 so if you're new to the  channel and you want to learn more about the stock   market day trading building the framework for  your financial freedom start your journey now by   hitting that subscribe button and the notification  bell so this is an older account but I've reset   the entire thing to display in canvas when you  open up your thinkorswim for the first time it   may not look exactly like this but the process  will end with the same results so let's go ahead   and jump into it and get this going so the first  thing you want to do is go right up here under on   demand in the right top corner so you can see on  demand they're lighting up and then right below   that there's the square we're gonna click that  square and when we click this bottom corner one   right here where it lights up white so all four of  these will be lit up so we're going to click that   and now you've got these four charts or whatever  you want to call them now when I start this I like   to start with a stock in this so I can kind of see  what's going on because if not you're gonna have   blank charts and blank other widgets that we're  going to be using so we're going to put in apple   as an example so there's Apple you can see it's  on the chart the next step is we're going to link   all of these together and what I mean by link is  this button right here so right beside the ticker   symbol input box right under flexible grid you're  going to click this one right here you have all   these different colors that are coordinated to  numbers this is how you link it so you want all   these boxes to match that same link so we'll  go over there click red right here same thing   red and then red so we've got all those in there  also in case your thinkers swim doesn't open up   where I'm at at the very top right here you can  see monitor trade analyze scan market watch you   want click on charts and then right below monitor  click on charts because if you go to flexible grid   it's going to be different I just like to have it  on charts myself it's a little bit easier so do   that first then put in a stock and then switch it  to four squares and then link all the squares so   we've got all the squares linked now if we change  it to any stock show you the example is the all of   them will change so all of them change to that  same one so let's just go back to Apple so the   next thing we want to do is we want to change this  to a different widget so over here on the right   hand side right against the screen with the mouse  is right here you can see these different letters   you can see in l - DBP SC bt and sa TTS etc we're  going to click off the C the C stands for charts   ok the next thing we're going to put is we're  gonna put the time and sales which is TS stands   for time and sales and then the buttons I'm sorry  not the buttons I like the eighty ladder either   one you can use it depends on what you want to  do you can click buttons and set all this up but   personally I use the eighty ladder whoops there  we go so now this first chart is going to be a   certain time frame that we're going to be using a  lot and the time it sells doesn't have to be that   big because it's just little numbers that runs  through over here but we've got that set up now   so now we want our next chart this one right here  we're going to leave the same for now because all   we're going to do is change the timeframe on it  but we want that chart I like to use two charts   you can have as many charts up as you would like  thinkorswim will let you do as many as you want   to with the square right here you know I think  there's not much of a limit but me personally I   just use two charts so now this fourth one right  here we're going to click off of the C so I want   to turn the chart off and we're going to turn this  to level two now level two is extremely important   when it comes to day trading so you definitely  want your level two and then you could kind of   just adjust it to however you want but you don't  need it that big you just as long as you can see   this side at the bid and the bid sighs they ask  and ask sighs that's the important thing so the   next thing we're going to do is set our charts  up now that we've got those up we'll start with   this top chart and if you click the D if you're  looking right here on the blue bar right at the   top of it you can see share there's a square there  something that says that it studies looks like a   little potion a little setting button that pretty  much is universal and then this D this D is your   time frame so we're going to change this first one  to a different time frame if it's not already what   it's supposed to be so this one is one year one  day and it's already on it so we're just gonna   click it and make it that so we have that we got  the one year one day chart right you can see it   back here may all the way to April so this would  be last May and this is April so you read your   charts if you're new to trading you read your  charts from left to right when you're looking   at them so the back of the chart is the past the  top of the chart right here the front of the chart   is gonna be the few as the presence what's going  on right now so the next thing we're going to do   is go into settings so the gear button right here  the little universal Settings icon and we're going   to change the appearance of some of this stuff and  this is all personal preference but this is what I   use so I'm gonna fill up these candles yeah I want  the candles to look like that cuz right now you   can see there's spaces in them and I don't like  that I want to like that so I want the green fill   up red fill down for the red and then show the  wicks wicks are very important if you're a day   trader so the next thing we're going to do is go  to the background and I want I like my backgrounds   to be completely black like that and then you can  take the grid off if you want because you can see   there's always a little white dotted lines and you  can do that if you want and I'm actually going to   and then the next thing you want to do is you want  to change these volume bars to represent what type   of bar what type of volume it is because it can  be buying volume or it can be selling volume that   can be the majora the volume and it'll actually  show you by the color so all you do is just click   this little circle right here beside volume bars  to color as symbol ticks so you can see there we   have a green volume bar green candle red volume  bar red candle white volume bar white candle   and they match up and what this is showing you is  where was more volume at was it on the buying side   or the selling side so if you have more buyers  coming in and this one candle then that candle   will be green if you have more sellers coming  in on this one candle then that would be red   and then white as it balances out white rarely  happens unless it's a very low volume stock so   the next thing you want to do is click apply so  you can see it changed everything there on the   chart we got the green and red and white colors  there and then just hit OK so we want to go down   to this chart and do the exact same thing so this  chart will match so fill up we've got them filled   up colors ticks we got the ticks there and then  we like that all black background with no grid so   we take that out apply and there we go now we also  want to change the timeframe now your bottom one I   change to five minutes and if your swing trading  you know you can change this from different time   frames so and this is the reason why I don't have  a bunch of charts up is because I can easily just   change my time frames just like this and I can  put in my own time frames if you want to look at   a certain time frame that's not a default and  then you just go down to the bottom and click   customize list and it'll pop up and you can go  to add time frames and then you have all your   different options to create the time frames how  you want but the main one I use for day trading is   the 5-minute so I've got the 5-minute on there now  you're looking down at this and probably thinking   why is there white here but nothing up here well  this white is showing pre market and after hours   because this is a whole year this is a lot bigger  time frame so there's a lot more information that   has to be packed into this little space it doesn't  have the pre-market and after our white boxes on   there so because you're looking at a smaller time  frame on this bottom chart you're looking a lot   closer at that information you get to see the  pre-market and after hours so now the next thing   we want to do is we want to add in some studies so  you go right beside drawings right across from the   time the time frame button we clicked on you'll  click studies and go down to edit studies so we   have any studies there so then we're gonna put in  our moving averages and moving averages once again   another preference thing but to move your averages  that I use are exponential so we're going to put   in the MOV and then a B so we can get the moving  average that we want and we want Exponential's   so we're gonna click it just double click and  it will add it right in there if you're having   a hard times double clicking it to get it to go  in there you can just click Add selected and it   will add the highlighted one so either way I just  do it this way because I think it's faster and on   this top chart we're actually gonna put several  different time frames on it so for my first time   frame we'll leave it to nine I use the nine EMA  and I like to change the nine EMA to green so that   we have that one I'm gonna double click this one  and it'll open this up and then the next one is   the twenty so you have to highlight the numbers  sometimes it doesn't want to work so you got to   kind of keep clicking at it till it works and  then 20 I like to make pink so that we have the   20 so then the next one we're gonna use as the 50  and I like to make the 50 a dark blue and this is   all preference there's no right or wrong way to  do this it's just the way that I do it and the   way I like to keep it it doesn't really matter  about the colors and this is what I'm talking   about sometimes you just got to keep clicking at  it it's a weird little thing it doesn't last for   very long so we got the hundred day there we're  gonna change it to yellow so there's the yellow   and there's one more than I use on my daily chart  which each candle represents one day and the whole   entire chart is a year and this one is the 200 so  I'm about to do a little clicking again there we   go and the 200 I like to be as read now the reason  why I like red is because what it tells me is that   moving average is very important because the  200-day is a longer period of time it's the last   closing price of the stock over the past 200 days  so it tends to be one of the strongest support and   resistance lines so we've got all five of those  in there and just click apply and now you see   you've got those in there now there's all kinds of  other studies that you can add and mess with you   are interested in all that I don't really use any  other ones on this chart but think your swim has   quite a bit you can see that I'm scrolling down  there's all kinds of different types of studies   and moving averages and all kinds of things that  you can do so now on the bottom chart we're gonna   do the same thing we're going to go to studies  because I had a couple things on here and I used   two moving averages which I'm still back and  forth on the moving averages on the five-minute   or 1 minute charts but I think they can serve  some purpose the other one this one the Vwap I   am very very big on so we'll start with the Vwap  first because there's a few more things you have   to do with it then you do with the moving averages  now the Vwap I like to be white because it's not   technically a color I guess or however you want  to say it but it's not one of the bright lit up   colors like we have up here with these movement  averages so the white will tell me that it's not   a moving average this is the V walk and then after  you click white you're going to go to upper band   right beside V walk right here below plots and  you want to click that off and then go to lower   band and click that off because all I want on the  Vwap s just one middle line if you leave those on   you'll have three lines for the Vwap and I don't  like using all three lines I only use the one line   so we have the view up on there now we're going to  change these one of them I use is the 200 on the   five-minute because the 200 like I said before  is usually a very strong resistance and support   line so we want to make it we want to try to get  it similar to the color that we used up there   because we want to we want to know it's the same  red color up here like the 200-day moving average   we want to be able to look both charts and say  okay the 200 is up here and then it's right here   because it's not always the same on both charts  and then the other one is the 9 so the 9 we're   going to change to green just like it was on the  top chart you use the 9 you can use the 13 either   one of those they're very close to each other  so doesn't really matter that much as you see   we can zoom in if you need to zoom in or zoom out  there's little magnifying glasses with a plus and   a minus right here at the bottom under the volume  bars so you can see there the 90 amazes the green   one it's following right kind of near the price if  you ops the white one and the 200 is the red one   so now we want to go over here to our 80 ladder  and we want to click this little Settings button   and we're going to move some things around now  I don't use Reverse also don't use flatten Auto   stands we want to move up here with our buy market  sale market and then quantity with buttons okay   and then we're gonna press ok so now you can see  that you've got some quantities here you can click   300 other matically change the 300 click 100 and  go back to 100 click 500 and you can change those   if you want to your own certain buttons now the  auto sin is important because as a day trader   I to market in and out of orders and if you don't  have Auto send on then you'll have a confirmation   box when you click this button which will slow you  down with your trading so just click auto send on   and that way you can just hit by and hit sell  and you're done and I'm actually gonna change   us a little bit I like the I like to buy and the  sell to be gathered together it doesn't really   matter but I like it like that buy sell very easy  change my quantities bam bam bam however I want   to do it so that's it that's my whole setup for  my charting and my buy buttons and my level 2   and time and sales so the next thing we want to  show you is setting up your watchlist and some   other widgets over here in this big open thing we  have here so half of this bar is cut off because   it's behind me and to try to show you the really  important parts like the level 2 and all that I   have it cut off but there's not too much you have  to do on this side so just go with me right behind   my head at the bottom there's a little plus sign  and a little Settings button just hit that plus   sign it will pop this little thing up here and the  first thing we want to do and it's not you're not   going to be able to see it because there's another  column of white words in this box but you're gonna   click live news so then we have the live news  we're going to link this live news up with our   charts so that way when we're switching around  from different stocks it'll all switch together   so you can see press releases as well and I'll  show you an example so here's another one you   can see there you know everything changed our  level 2 all that stuff changed and the news did   too so we're all linked up all together on all  these and we'll switch back to Apple and you can   see Apple is in all these is all Apple's stuff  we're all linked together we're all good to go   so the next thing I want to add back down at the  bottom click the plus is a watch list so I click   watch list we have a default one there that's one  of mine but I'm gonna put it in the top 10% Nasdaq   gainers and you're just to get that you just go  to top 10 and then top 10% Nasdaq gainers so you   have that watch list there now if you want to make  your own watch list that doesn't show you stocks   and that certain scam idea we'll press the plus  go to watch list click the default button click   create watch list and then you can just type in  a name so we're gonna put in watch you're just   gonna call it watch and then click Save now some  of this is cut off and the symbol where you click   the actual ticker symbol in for your watch list  is actually gonna be where you can't see it's   gonna be the first one I've moved it over so you  can see what I'm doing but you just double click   in there and then you can put in Apple so there we  have Apple and you can adjust all this and we'll   put in Duke Realty its d-r-e and then we'll put  in Microsoft how about oops Microsoft so you got   all three of these in here now what I like to do  is click this little link here and link my watch   list up so when you click between your stocks on  your watch list it'll change everything for you   your charts and your time and sales level too and  buttons and your news now there's another little   tiny Settings button right here that you can click  and you can go to customize and now we can change   these different titles at the top of these columns  so like I don't use bit and ask unless I'm looking   in premarket or after-hours I like to add in  percent change and I'll take net change out and   I like to add in shares because the shares are the  float think your swim doesn't have a button for   float but it does have for shares so the shares  are gonna be all the shares in the company the   float is going to be the shares that are offered  to the public but you can still get a decent idea   of what the range of the float is just by using  the share button and another thing I like to add   in is volume so the day trader we're looking  for stocks with a vault with volumes so that   just press ok so we got the last percent change  shares and volume and then the ticker symbols   have moved back over where they will normally be  at but you can click on these and I'll actually   sort them so that's the lowest volume to highest  volume that highest volume the lowest volume you   can do the same thing with the shares with the  percent change and the price so it's really nifty   for your watchlist to kind of set it up like that  especially when we get into the next part so the   next part is going to be the scanners and to go  into your scanner you just click scan and I like   the stock hacker now I've already have a scan  in here so I'm gonna delete these all right and   I want to scan in all stocks so right here under  option hacker you can see scanning all stocks so   before you start adding things in go down and at  this button right here it says show and you're   gonna change this to 2000 starting out it'll be at  50 and it actually won't show you all the stocks   you'll get kind of a vague scan and I like to see  all the results so I put show 2000 stocks the next   thing you want to do is click Add filter right up  here in the right corner so on demands here and   you look straight down you'll see add filter and I  click stock and I want to scan for the price so I   normally scan for 50 cents to ten dollars okay and  then we're gonna add another filter for stock and   this one is going to be shares because when you're  day trading penny stocks specifically you're   looking for the low float stocks so like I said  before there's not really a thing for float so   we have to use shares so I like to do is I leave  the minimum at zero because the lower the float   the better I've turned a max 250 million so we've  got 50 cent minimum last maximum 10 zero minimum   shares 50 million max and we're gonna add one more  thing and that is going to be for in stock two and   we're going to add volume now I always like to  get stocks that have at least a minimum volume   of fifty thousand because when you're scanning in  pre market there may not be as much volume in the   stock yet because it's still early in the day  so I just go with 50 because usually if as more   than fifty thousand at that time it could be one  that is volatile enough to make a nice move so   I don't put a max on the volume because we want  the most volume as possible so then from that you   just hit scan and now you get this list and you  can switch this stuff the same way with the side   watch list columns you can click shares and sorted  by shares or the last price and you can change all   this to however you want to set it up with that  little setting Universal setting button and you   can just go to customize and you get another one  of these windows so you can change all this so I   don't care about that high-low well sometimes you  want to look at high-low depending on what you're   doing but you can change all this to however  you want but just for day trading we're just   gonna stick with that and then I like percent  change as well so we'll put percent change in   there but in the morning if you're looking for  the ones that are running you can sort this by   the highest net change to see what stocks have  been moving or you can go to volume and look at   which stocks have the most volume so then you can  build your watchlist that way so gene technology   is looking at it seven point eight million shares  that's not a lot of shares so the float is pretty   small and then there has thirty million in volume  that's a lot of volume on a small float stock so   that would be one I want to add to my watchlist  so you have that scanner here but you can also   put the scanner over here as a watchlist so we'll  go to create will add watchlist and then we got   to make a name for this scanner so right here  right under on demand not the first little menu   the second menu we're gonna go save scan query  and then I asked you you request a very large   number of symbols it may consume a lot of memory  blah blah blah it's not really doing anything it's   not that big a deal just press yes and then you  can change the name and we're gonna put YouTube   so we know which scanner will look for easily and  we'll hit scan again just so that comes back on   and then we go to default personal and then we'll  go to youtube so you can see you got your scanner   on the side and this can be very helpful during  the morning when you're looking for ribs because   if a stock all the sudden comes out with a press  release that a lot of buying volume could come   in and you might be able to catch it on that side  little scan instead of having to be over here in   the scanner so that way you can go back to your  charts and then have everything up here and then   we're also going to link to scan into this so  if we do click on once a PLU PU LM right here   is starting to run we just click it and we can  change over to it and go BAM by you know you're in   and out but that scanner helped you find a stock  that may have not been on your watchlist now you   can also use these scans to find other stocks  like if your long-term investing you might not   really care about volume and shares you might care  about the dividend yield or the EPS or something   like that and you can find those different things  in different filters that you have so there's the   EPS you can scan for EPS and change that you could  scan for market cap and change that you know you   have different options and you even have different  options on these different filters here so like   fundamental you can get book value per share ratio  dividend payout dividend yield you know you have   all these different options that you can look  up for long term and swing trading as well so   these scanners are really important I just use  this one day trading scanner for my day trading   have another experimental one that I'm using at  the moment but I don't want to put it out there   really until I know for sure that it's something I  like but point is you have plenty of options with   thinkorswim but this is your main basic scanner  that you'll be using for day trading it's building   your watchlist in the morning so one last thing  you want to do is go up here to the top the very   top of your screen and you can't see it on mine  but it's right above the on-demand there's a set   up button you'll click that click application  settings go in the system quote speed right here   change this no delay you do not want to delay when  you are day trading you want it to be as accurate   as possible so you're getting the best entries  and exits so that is very important so click   apply settings so that's it that's my day trading  setup and of course I have more watch list on mind   and this but you get the basis of how to put the  watch list in and all that you've got your moving   averages you got your chart setup everything's  set up and you're ready to start trading so   once you do that all you got to do is fund your  account learn how to day trade and start making   some money so this video helped you out I ask that  you please hit that like button give it a thumbs   up it helps with the YouTube algorithm I'm your  host Ben you've been watching framework fortune

Channel: Framework Fortune

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Keywords: how to set up thinkorswim for day trading, how to setup thinkorswim platform, how to set up thinkorswim charts for day trading, thinkorswim setup, how to use thinkorswim for day trading, thinkorswim chart setup for day trading, how to set up thinkorswim for beginners, thinkorswim setup tutorial, how to use thinkorswim platform, how to setup thinkorswim charts, think or swim, thinkorswim, thinkorswim chart setup, day trading, How to setup think or swim for day trading 2021

Id: 5LTSeK3voqQ

Length: 27min 30sec (1650 seconds)

Published: Sun Apr 19 2020