Placing Buy and Sell Orders In The ThinkorSwim Trading Platform (Tutorial)

This tutorial explains how to buy and sell orders in the Think or Swim Trading Platform. By the end of this article you will be able to easily place Orders related to Stocks and Options on your own. This tutorial follows the trading guide: ThinkorSwim Tutorial - How to place buy and sell orders. Before reading I recommend visiting the Link above.

How to place the most rewarding options strategies from scratch? Visit my website at www.FromZeroToOptions.com to get tutorials, instructions, articles and much more stocks and options related.

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Let’s suppose you want to buy 100 shares of Bank of America. You can do it by clicking on the asking price. Down below on the “Order Entry Tools” it will appear your order highlighted in green just indicating that is a buy one. The order is made up of the following key pieces of information: side of the market, quantity, symbol, Limit or Market price, Time in Force (TIF). You can easily change any of the fields contained in the order. For example if you change the side from buy to sell, Think or Swim automatically changes the colour of your order from green to red to give you a visual reminder that it is now a sell order. You can also increase or decrease the number of shares. Think or Swim is counted by default with 100 shares each time, but you can change it by going into the setup menu on the right up corner of the platform and choose the “Default Stock order quantity” and also the “Stock order quantity increment”.

Free Tutorials - Stocks, Options and ThinkorSwim. Click Here.

The price field is set as a Limited order (LMT) by default and specifically it allows to this specific order to float and follow the market (asking price). When you submit your order make sure that the LMT price closely matches the current asking price that is a condition called a marketable limited order. If you have in mind a specific price you can fix it by clicking on the little padlock contained in the price field or directly taping it in from the keyboard. If the limited price is locked means that this order can only be filled for the price you’ve set or less. If it is not filled by the end of the day this order will be cancelled (The TIF is setup by default as a Day order). If I would like to change the TIF at the Good-til-Cancelled (GTC) you can easily select it by clicking on the TIF field. Now if the order is not filled at the set price today it will automatically renew itself for the following day trading session and it will continue to this until the order is filled or until you cancel it. If you want to ensure that the trade is filled you can go under the field “Order” and change it in a “Market Order”.

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Do not forget to visit my website at www.FromZeroToOptions.com to get tutorials, instructions, articles and much more stocks and options related.

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When you’ve set all the mentions fields and your order is ready to be placed you have to click on “Confirmation and send”. Here you get the order confirmation dialogue box where you can check the description of your order and its cost including commission. If you like your order you can confirm it by clicking on “Send”, while if you would like to change any part you can click on “Edit” and go back to the previous screen. Once clicked on send you will see how quickly a Market Order will be filled. Instead for a Limited Order you may wait some time depending on the price you’ve locked your order in. When any order is filled, there will open a new dialogue box “MessageCenter” on the top left side of the platform with the summary of the information related to your order.

Check out now the ThinkorSwim Tutorial - How to place buy and sell orders

Free Tutorials - Stocks, Options and ThinkorSwim. Click Here.

In the next GroWithYou Trading Tutorial:

• Understanding Advanced Orders
• OCO Orders
• SEQ Orders

Keep learning about how to place "Advanced" Orders by going to: Think or Swim Tutorial - How to place "Advanced" Buy and Sell Orders.

Moreover, this guide contains a mini “free video tutorial” prepared by the professional traders of the "Options A to Z" company that can help you in understanding all the concepts discussed in this article. For further information visit the website at www.optionsAtoZ.com.

Watch the following "Free Video Tutorial”

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