Think or Swim is a popular trading platform that has been developed by TD Ameritrade for traders. It is a comprehensive platform that offers a wide range of tools and features to help traders trade better. One of the key features of Think or Swim is its ability to trade Forex. Forex, also known as foreign exchange, is the largest financial market in the world, with an average daily trading volume of over $5 trillion. In this article, we will explain how to change Think or Swim time to Forex.
Step 1: Open Think or Swim
The first step is to open Think or Swim on your computer. If you don’t have it installed already, you can download it from the TD Ameritrade website. Once you have the platform installed, open it and log in to your account.
Step 2: Create a Forex Watchlist
The next step is to create a Forex watchlist. To do this, click on the “Watchlist” tab at the top of the platform. Then click on the “+” icon to create a new watchlist. Name the watchlist “Forex” and click on the “Create” button.
Step 3: Add Forex Pairs to Watchlist
Now that you have created a Forex watchlist, it’s time to add Forex pairs to it. To do this, click on the “Add Symbol” button on the right-hand side of the platform. Then type in the Forex pair you want to add. For example, if you want to add the EUR/USD pair, type in “EUR/USD” and click on the “Enter” button. Repeat this step for all the Forex pairs you want to add to your watchlist.
Step 4: Change Time Frame
By default, Think or Swim shows the time frame in minutes. However, in Forex trading, time frames are usually shown in hours, days, or weeks. To change the time frame, click on the “Charts” tab at the top of the platform. Then select the Forex pair you want to view from your watchlist. Once you have selected the pair, click on the “Style” button on the right-hand side of the platform. Then select “Time Frame” from the dropdown menu. Choose the time frame you want to view, such as one hour, one day, or one week.
Step 5: Add Indicators
One of the key features of Think or Swim is the ability to add indicators to your charts. Indicators can help you analyze the market and make better trading decisions. To add an indicator, click on the “Studies” tab at the top of the platform. Then select the Forex pair you want to view from your watchlist. Once you have selected the pair, click on the “Add Study” button on the right-hand side of the platform. Choose the indicator you want to add, such as Moving Average or Relative Strength Index.
Step 6: Place Trades
Once you have set up your Forex watchlist, changed the time frame, and added indicators, you are ready to place trades. To do this, click on the “Trade” tab at the top of the platform. Then select the Forex pair you want to trade from your watchlist. Once you have selected the pair, enter the amount you want to trade and click on the “Buy” or “Sell” button.
In conclusion, changing Think or Swim time to Forex is a simple process that can be done in a few easy steps. By creating a Forex watchlist, adding Forex pairs, changing the time frame, and adding indicators, you can trade Forex on Think or Swim with ease. With its comprehensive tools and features, Think or Swim is a great platform for Forex traders of all levels.
