Can you trade Forex on Thinkorswim?
TradeZella discusses one of the top stock trading platforms, Thinkorswim a TradeZella-supported broker. Find out if you can trade forex on Thinkorswim here.
Author - TradeZella Team
Forex trading is becoming super popular, and it’s easy to see why.
Beneath the noise of Forex influencers shouting about the foreign exchange market on Instagram, you’ll find the world’s largest – and most actively traded – financial market.
Because Forex can be volatile, it’s highly lucrative if you know what you’re doing.
Traders are attracted by Forex’s easy accessibility, 24/6 trading hours and amazing potential for fast and high returns.
And, because currencies are influenced by external factors like politics and inflation, it can be easier to analyze compared to other securities like stocks.
There are lots of apps and platforms making it easy for aspiring Forex traders to buy and sell. Some banks even provide this service.
After all, Forex is just trading two currencies – a pair – against each other.
While banks, apps and currency exchanges can be useful for one-off trades, if you’re trading Forex on a regular basis, it’s better to do it through a centralized platform.
And that’s why many traders with a diverse portfolio will want to know – can you trade Forex on Thinkorswim?
First things first: what is Thinkorswim?
Thinkorswim is one of the top trading platforms from the Stockbroker TD Ameritrade. It’s known for its innovative interface and has won lots of accolades – including StockBrokers.com’s for 10 years running.
As well as offering the ability to trade Forex, the platform also lets its users trade other securities including stocks, options and futures.
If you like having a diverse portfolio and want to trade across a range of assets, Thinkorswim is a great option.
It’s also one of the brokers TradeZella supports for journaling. You can import or synchronize your trades directly into your journal, making it easy to track and improve performance.
You can find out all about which brokers we support on our broker integrations page.
Because the Thinkorswim trading platform suite is web-based, users can make trades directly from their browser.
There’s a desktop platform and a mobile app, too, but with the browser-based software, it’s possible to conduct trades without downloading anything.
Useful if you need to check your trades while you’re away from home, on a friend or family member’s laptop.
One downside is, because it’s a subsidiary of the US broker TD Ameritrade, not everyone in the world can trade Forex using thinkorswim. Only people based in the USA, Canada, China, Hong Kong, Thailand, Taiwan, Malaysia and Singapore can open an account.
This means traders in the UK and EU will need to look for alternative platforms if they want to trade Forex.
How to trade Forex on Thinkorswim
It’s easy to start trading Forex on Thinkorswim. If you already have an account, skip to step 4.
1. Open an account
This is fairly straightforward, as long as you’re based in one of the countries Thinkorswim is available in.
You’ll need to provide personal details like your social security number, trading experience and current financial situation.
Once you’re approved for an account, you can start trading.
2. Add funds
Thinkorswim lets you to add money to your account from your credit card, bank transfer or e-wallet. Check the minimum deposit amount, add your money, and you’re almost ready to go.
3. Do your research
We say almost because it’s important not to dive in head first. Take some time to learn about Forex trading.
Even better, take more time to dig deep into trading Forex with Thinkorswim specifically.
TD Ameritrade has a range of webinars, articles and a trading simulator that you can use while you find your feet.
4. Find a lucrative pair
Take time to analyze the market, and work out which pairs are likely to be the most lucrative.
To do this, look at things like volatility, liquidity (how easy it is to sell) and average spreads.
Again, Thinkorswim has useful charting tools, news feeds, economic calendars and other technical indicators to help you to make a decision.
5. Choose your first Forex pair
Now it’s time to find the pair you want on the Thinkorswim platforms.
You can use it to trade major Forex pairs – e.g. currencies like GBP, USD and EUR. It also supports minor pairs like AUD and CAD, and exotic pairs – e.g. currencies from emerging markets like Mexico and South Africa.
6. Place your trade
Once you’ve done your research and analysis, and are happy with your pair, it’s time to commit.
Choose the currencies you want to trade, the order type (e.g. ‘market order’, ‘limit order’ or ‘stop order’), and your trade size and type. And then you’re good to go!
7. Record your trade
Whether you’re using paper, a spreadsheet or in-depth software like TradeZella, it’s super important to keep a record of every trade.
Journaling will help you to analyze your performance, and will ultimately make you a better trader. Learn more about maximizing your performance with our journaling and replay features.
Track your Thinkorswim Forex trades the easy way with TradeZella
So the bottom line is, trading Forex with thinkorswim can be super profitable – so long as you know what you’re doing.
Like every other skill, practice makes perfect. Learning from experience will help to improve your abilities as you find it easier to spot patterns and avoid simple mistakes.
Learning happens faster when you take the time to journal, reflect on your day and log your trades. It’s even better when you use our trading journal platform to gain deeper insight.
As well as space to log the basics, we also have a range of cool features that make it easier than ever to analyze your performance.
See where you’re messing up, which of your strategies are winners and gain valuable insights into how to improve your performance as a trader.
Whether you’re trading stocks, futures or Forex, it’s easy to up your game with TradeZella.
Sign up today and start taking your trades to the next level.