When it comes to online trading platforms, two of the most popular options are TradingView and ThinkorSwim. Both platforms offer advanced charting capabilities, a wide range of tools and features, and educational resources to help traders make informed decisions. However, each platform has its unique strengths and capabilities, and choosing between them can be a difficult decision. In this blog, we will take a closer look at TradingView vs ThinkorSwim, comparing their key features and capabilities to help you decide which platform is right for you. Whether you’re a beginner or an experienced trader, this comparison will provide you with the information you need to make an informed decision and take your trading to the next level.
What is TradingView?
Constructed and maintained by a proficient team of dealers, engineers, and developers, TradingView grants traders, investors, and stock market fans sophisticated charting abilities, social trading options, and various other utilities that can guide them in making intelligent trades. This platform is designed to provide for the needs of all types of pawnbrokers from the amateur to the professional investor.
Key Feature
TradingView is well-known for its sophisticated charting abilities. There is a multitude of chart types accessible on the platform, such as candlesticks, line charts, and Renko charts. Additionally, it includes a host of indicators, studies, and drawing tools to examine market data in various ways and identify any trends or patterns that could support trading conclusions. On top of that, traders can make and save personalized indicators and studies with TradingView. In this way, they can customize the platform based on their needs.
On TradingView, a distinguishable facet is its social trading prowess. With an extensive and involved community of traders, it is straightforward for users to share strategies, and ideas, and seek counsel while furthering their knowledge from other traders. Additionally, investors can track down other traders which can be extremely beneficial in learning from professionals and finding novel trading ideas. Moreover, various traders publish their trading musings on the platform providing a resource of great value to users.
To assist traders in honing their abilities and gaining knowledge, TradingView furnished an extensive range of academic resources. These comprise webinars, tutorials, and articles cherishing various facets such as charting, technical analysis, trading with options, etcetera. Besides that, access to news, financial figures, and real-time fiscal data are also provided by the platform to assist in formulating wise trading decisions.
TradingView can be accessed via the website or via their mobile app, which makes it easy to access the platform and use its features from anywhere.
What is ThinkingorSwim?
ThinkorSwim, sometimes referred to as thinkorswim or TOS, was created by TD Ameritrade, one of the biggest brokerage companies in America. Aimed at active traders, investors, and financial advisors, this trading platform comes with a variety of tools and features to help customers make educated trades.
Key Features
ThinkorSwim is renowned for its sophisticated charting technologies. Users can create bespoke analyses and surveys, in addition to seeing multiple diagrams simultaneously. This enables traders to evaluate various market information and recognize trends and designs quickly. Moreover, ThinkorSwim’s default studies and signals are consistently being updated to match the recent market state of affairs, granting investors access to up-to-date market updates.
To promote the improvement of traders’ skills and information, ThinkorSwim offers a plethora of educational resources. These involve webinars, guides, and instructional content about topics like charting, technical analysis, options trading plus more. Furthermore, this platform boasts an active trading circle enabling customers to network with other traders and to exchange strategies and ideas conveniently.
ThinkorSwim offers a paper money option, which is ideal for novice traders. It enables them to practice trading with virtual funds before risking real money. This is an excellent way to understand how the platform works and to assess new tactics without the fear of losing real cash.
Which Platform is Right for You?
Ultimately, the decision of whether to use TradingView or ThinkorSwim as your trading platform will depend on your specific needs and preferences as a trader or investor. Both platforms offer advanced charting capabilities and a wide range of tools and features to help traders make informed decisions.
TradingView is known for its sophisticated charting abilities, with a variety of chart types available such as candlesticks, line charts, and Renko charts. It also includes a host of indicators, studies, and drawing tools to analyze market data in various ways and identify trends and patterns. Additionally, traders can create and save custom indicators and studies to tailor the platform to their needs. TradingView also has a strong social trading component, with a large and active community of traders that allows users to share ideas and strategies and learn from other traders.
On the other hand, ThinkorSwim developed by TD Ameritrade, is a comprehensive trading platform that is designed for active traders, investors, and financial professionals. It also offers advanced charting capabilities and the ability to trade a wide range of financial instruments. Additionally, ThinkorSwim offers a range of educational resources to help traders develop their skills and knowledge, and has a paper money option for beginner traders to practice trading with virtual currency.
Final Thoughts
If you only plan to use TD Ameritrade, then ThinkorSwim is a good choice for analyzing the stock market. Unfortunately, this resource isn’t compatible with different brokerages and therefore isn’t an ideal option if you have investments in multiple trading platforms. Nonetheless, we highly recommend TradingView instead due to its many comparable (or better) features that you can use with various brokerages and its reasonable monthly fees. Click here to start using TradingView today!
