What is Active Trader PRO?
Active Trader Pro is a powerful and comprehensive trading platform designed specifically for forex traders. Developed with the aim of providing advanced tools and features, Active Trader Pro empowers traders to make informed decisions and execute trades effectively in the dynamic foreign exchange market.
With Active Trader Pro, traders gain access to real-time market data, including live quotes, charts, and news updates, enabling them to stay on top of market trends and react swiftly to changing conditions. The platform offers a wide range of technical analysis tools, such as indicators and drawing tools, allowing traders to perform in-depth market analysis and identify potential entry and exit points.
One of the standout features of Active Trader Pro is its advanced order management system, which enables traders to place various types of orders, including market orders, limit orders, stop orders, and trailing stops. This flexibility empowers traders to implement their trading strategies with precision and control, while also managing risk effectively.
Active Trader Pro provides a customizable interface, allowing traders to arrange and personalize their trading workspace according to their preferences. This flexibility enhances productivity and streamlines the trading process by providing quick access to essential tools and information.
Additionally, Active Trader Pro offers integrated account management features, enabling traders to monitor their positions, account balances, and performance metrics in real-time. This holistic view of their trading activity facilitates effective risk management and helps traders stay organized.
Real-Time Market Data and Analysis
Active Trader Pro offers real-time market data and advanced analysis tools, providing traders with a competitive edge in the financial markets. The platform delivers live quotes, charts, and news updates, ensuring traders have access to the most up-to-date information.
With Active Trader Pro, traders can monitor market trends, track price movements, and identify potential trading opportunities in real-time. The platform’s comprehensive suite of technical analysis tools empowers traders to perform in-depth market analysis, apply indicators, and utilize drawing tools to analyze price patterns and trends.
Active Trader Pro’s customizable charting options enable traders to tailor their charts to their preferred timeframes, chart types, and technical indicators. This flexibility enhances the accuracy and efficiency of technical analysis, allowing traders to make well-informed decisions.
Moreover, Active Trader Pro integrates real-time news updates, ensuring traders are aware of any significant market events or economic data releases that may impact their trading positions. By staying informed about market news and developments, traders can make timely adjustments to their strategies and positions.
Advanced Order Management
Active Trader Pro offers advanced order management features, empowering traders to execute trades with precision and control. The platform provides a range of order types and functionalities that cater to diverse trading strategies and risk management needs.
Traders using Active Trader Pro can place various order types, including market orders, limit orders, stop orders, and trailing stops. This flexibility allows traders to enter and exit positions at their desired price levels, enabling precise trade execution. Additionally, advanced order types like OCO (One-Cancels-the-Other) and OTO (One-Triggers-the-Other) are supported, enabling traders to manage multiple positions and implement complex trading strategies effectively.
The platform’s advanced order management system also includes sophisticated order duration options. Traders can choose between day orders, good ’til canceled (GTC) orders, immediate or cancel (IOC) orders, and fill or kill (FOK) orders. These options allow traders to customize their order durations based on their specific trading goals and timeframes.
Active Trader Pro provides real-time order status and position updates, ensuring traders have accurate information on their open orders and positions. Traders can monitor and manage their orders conveniently within the platform, making timely adjustments or cancellations as needed.
Customizable Trading Workspace
Active Trader Pro offers a highly customizable trading workspace, allowing traders to personalize their interface according to their preferences and trading style. The platform’s customizable workspace empowers traders to optimize their trading environment and streamline their workflow.
With Active Trader Pro, traders can arrange and configure various components of their workspace, including charts, watchlists, news feeds, and order entry panels. Traders have the flexibility to position these components, resize them, and create multiple layouts based on their trading needs and preferences.
The platform allows traders to customize their charts by selecting different timeframes, chart types, and technical indicators. Traders can apply their preferred indicators and overlays, adjust their settings, and save them as default templates for future use. This customization enables traders to have quick access to their preferred charting setups, enhancing their analysis and decision-making process.
Active Trader Pro also allows traders to create and save multiple watchlists, enabling them to monitor specific instruments or market sectors efficiently. Traders can customize their watchlists by adding or removing symbols, organizing them in groups, and applying filters to focus on specific criteria. This customization helps traders stay organized and stay on top of their preferred markets or trading strategies.
Moreover, traders can personalize their order entry panels within Active Trader Pro. They can customize the display of order types, quantities, and order parameters, ensuring a seamless and intuitive trading experience. Traders can save their preferred order entry settings as presets, saving time and reducing the chances of order entry errors.
Integrated Account Management
Active Trader Pro offers integrated account management features, providing traders with a comprehensive view of their trading activity and portfolio performance. The platform’s integrated account management capabilities streamline the process of monitoring positions, account balances, and performance metrics.
With Active Trader Pro, traders can conveniently access real-time information about their open positions, including current prices, unrealized gains or losses, and average cost basis. This real-time position monitoring allows traders to make informed decisions and take timely actions, such as adjusting stop-loss levels or taking profits.
The platform provides traders with an overview of their account balances, including available buying power, cash balances, and margin requirements. Traders can track their account performance, monitor profit and loss, and review historical performance data within Active Trader Pro. This comprehensive view of account balances enables traders to effectively manage their capital and make informed decisions about position sizing and risk management.
Active Trader Pro also offers a range of reporting tools and statements, allowing traders to generate detailed trade confirmations, account statements, and tax-related documents. These reporting capabilities simplify record-keeping and facilitate compliance with regulatory requirements.
What is Thinkorswim?
Thinkorswim is a highly regarded and feature-rich trading platform known for its comprehensive capabilities in forex trading. Developed by TD Ameritrade, Thinkorswim offers advanced tools and functionalities tailored specifically to meet the needs of forex traders. With its robust charting options, real-time data, and powerful analysis tools, Thinkorswim empowers traders to make informed decisions and execute forex trades with confidence.
Thinkorswim provides traders with access to real-time market data, including live quotes, charts, and news updates, enabling them to stay up-to-date with the latest market trends. The platform offers an extensive suite of technical analysis tools, such as indicators, drawing tools, and pattern recognition, facilitating in-depth market analysis and the identification of potential trading opportunities.
One of the standout features of Thinkorswim is its advanced order management system. Traders can execute various order types, including market orders, limit orders, stop orders, and trailing stops. Additionally, the platform supports advanced order types like OCO (One-Cancels-the-Other) and OTO (One-Triggers-the-Other), allowing traders to manage multiple positions and implement complex trading strategies.
Thinkorswim offers a highly customizable interface, allowing traders to personalize their trading workspace according to their preferences. Traders can arrange and configure their charts, watchlists, and other trading tools, providing quick access to the information they need most. This flexibility enhances productivity and streamlines the trading process.
Real-Time Market Data and Analysis
thinkorswim, a robust trading platform, offers real-time market data and a comprehensive suite of analysis tools, providing traders with valuable insights and a competitive edge in the financial markets.
With thinkorswim, traders have access to real-time market data, including live quotes, charts, and news updates. This real-time data allows traders to stay informed about the latest price movements, market trends, and breaking news that may impact their trading decisions.
The platform’s analysis tools are highly regarded for their depth and versatility. Traders can utilize a wide range of technical indicators, drawing tools, and customizable charting options to conduct in-depth market analysis. These tools enable traders to identify patterns, trends, and potential trading opportunities within the market.
thinkorswim offers advanced charting capabilities, allowing traders to customize their charts based on their preferred timeframes, chart types, and technical indicators. Traders can apply multiple indicators simultaneously, perform complex studies, and save their customized charting templates for future use. This flexibility empowers traders to perform detailed technical analysis and make informed trading decisions.
Furthermore, thinkorswim provides access to historical data, enabling traders to analyze past price action and study the performance of various trading strategies. Historical data can be used to backtest trading ideas, validate hypotheses, and refine trading strategies for future market conditions.
The platform also integrates real-time news feeds, giving traders access to the latest market news, economic data releases, and company announcements. This real-time news helps traders stay updated on market events that may impact their trading positions and allows them to make timely and informed trading decisions.
Advanced Order Management
thinkorswim, a powerful trading platform, offers advanced order management features that provide traders with enhanced control and flexibility in executing their trading strategies.
With thinkorswim, traders have access to a wide range of order types to suit their trading preferences and objectives. Traders can execute market orders, limit orders, stop orders, and trailing stops, allowing them to enter and exit positions at desired price levels. The platform also supports advanced order types such as OCO (One-Cancels-the-Other) and OTO (One-Triggers-the-Other), enabling traders to manage multiple positions and implement complex trading strategies.
thinkorswim provides advanced order duration options, allowing traders to specify the duration for which their orders remain active. Traders can choose between day orders, good ’til canceled (GTC) orders, immediate or cancel (IOC) orders, and fill or kill (FOK) orders. These options provide traders with flexibility in managing their trades and adapting to different market conditions.
The platform’s order management system incorporates real-time order status updates, giving traders instant visibility into the status of their orders. Traders can monitor the progress of their orders, including executions, fills, or cancellations, allowing them to stay informed and make timely adjustments to their trading strategies.
thinkorswim also offers advanced order settings, enabling traders to customize their order parameters based on their specific requirements. Traders can set order quantity, order type, and additional parameters such as time-in-force and order instructions. These customizable order settings help traders execute trades precisely according to their desired specifications.
Customizable Trading Workspace
thinkorswim, a highly acclaimed trading platform, offers a customizable trading workspace that empowers traders to tailor their interface to suit their unique trading style and preferences.
With thinkorswim, traders have the flexibility to customize their trading workspace according to their specific needs. They can arrange and configure various components, including charts, watchlists, account information, and news feeds, to create a personalized layout that optimizes their workflow.
The platform allows traders to resize, move, and stack components within the workspace, providing a high degree of customization. Traders can prioritize the placement of critical information and tools, ensuring quick and easy access to the data they require for efficient decision-making.
thinkorswim offers a wide range of customization options for charts, enabling traders to personalize their charting experience. Traders can select from various chart types, timeframes, and technical indicators, and apply their preferred settings to create customized chart templates. This customization empowers traders to analyze price action and market trends using their preferred charting configurations.
Moreover, thinkorswim enables traders to create and save multiple watchlists, allowing them to monitor specific stocks, forex pairs, or other instruments of interest. Traders can customize their watchlists by adding or removing symbols, organizing them into groups, and applying filters based on specific criteria. This customization enhances efficiency by providing traders with a focused view of the instruments they actively trade or monitor.
The platform also supports the customization of hotkeys and shortcut keys, enabling traders to streamline their trading activities and execute trades with speed and ease. Traders can assign customized keyboard shortcuts to perform common actions, such as placing orders or switching between different components of the trading workspace.
Comprehensive Charting and Analysis
thinkorswim, a leading trading platform, offers comprehensive charting and analysis tools that empower traders to conduct in-depth market analysis and make informed trading decisions.
With thinkorswim, traders have access to a wide range of charting options, enabling them to analyze price movements and market trends effectively. The platform provides customizable chart types, including candlestick, line, bar, and more. Traders can choose the chart type that best suits their analysis preferences and trading strategies.
The platform’s charting capabilities go beyond basic price plotting. thinkorswim offers a vast library of technical indicators, drawing tools, and studies that traders can apply to their charts. These tools enable traders to perform advanced technical analysis, identify patterns, and generate trading signals.
thinkorswim allows traders to customize their charts by selecting their preferred timeframes, from tick charts to daily, weekly, or even custom timeframes. Traders can zoom in or out of the charts to analyze different levels of detail. This flexibility in chart customization ensures that traders have the necessary information at their fingertips to make accurate and timely trading decisions.
Moreover, thinkorswim incorporates advanced analysis features, including backtesting capabilities. Traders can utilize historical data to test and validate their trading strategies, evaluating their performance over different market conditions. The platform also provides access to a wide range of historical price data, allowing traders to analyze past price action and identify patterns and trends.
In addition to technical analysis tools, thinkorswim integrates real-time news feeds and economic data releases into its charting and analysis features. Traders can overlay news events on their charts to see how they impact price movements, facilitating a deeper understanding of market dynamics.
Risk Management Tools
thinkorswim, a powerful trading platform, offers robust risk management tools that assist traders in effectively managing their risk exposure and protecting their trading capital.
With thinkorswim, traders have access to a range of risk management features that enable them to define and implement their risk parameters. One of the key risk management tools provided is the ability to set stop-loss and take-profit levels. Traders can specify the price levels at which they want their positions automatically closed, limiting potential losses and securing profits. This feature helps traders adhere to their risk management strategies and protects them from adverse market movements.
thinkorswim also incorporates risk analysis tools that allow traders to evaluate the potential risk associated with their positions. Traders can assess factors such as position size, stop-loss levels, and market volatility to determine the risk/reward ratio of their trades. This analysis helps traders make informed decisions about position sizing and trade selection, ensuring they maintain an appropriate level of risk in line with their trading goals.
The platform provides real-time monitoring of open positions, account balances, and margin requirements. Traders can keep a close eye on their positions’ performance and account equity, enabling them to assess their risk exposure in real-time. This information empowers traders to take prompt action, such as adjusting position sizes or adding/removing stop-loss orders, to manage their risk effectively.
Additionally, thinkorswim offers margin monitoring tools that help traders stay informed about their margin requirements. Traders can monitor their margin utilization and receive alerts when their account approaches or exceeds margin limits. This feature helps traders stay within their risk tolerance and prevents margin-related issues.
Educational Resources and Community
thinkorswim, a comprehensive trading platform, offers a wealth of educational resources and a vibrant community that foster continuous learning and collaboration among traders.
With thinkorswim, traders have access to a wide range of educational resources designed to enhance their trading knowledge and skills. The platform provides educational materials such as webinars, tutorials, articles, and video lessons. These resources cover various topics, including technical analysis, fundamental analysis, trading strategies, risk management, and more. Traders can leverage these educational resources to deepen their understanding of the markets and refine their trading strategies.
Furthermore, thinkorswim encourages traders to engage with its active and supportive community. The platform provides opportunities for traders to interact, share insights, and learn from each other. Traders can participate in forums, chat rooms, and social networks within the thinkorswim community. This collaborative environment allows traders to exchange ideas, discuss market trends, and gain valuable insights from experienced traders.
The platform also hosts live webinars and educational events conducted by market experts and industry professionals. These events provide traders with the opportunity to learn from renowned traders, get market insights, and ask questions in real-time. Participating in these educational events can help traders stay up-to-date with market trends, explore new trading strategies, and gain valuable perspectives from experts in the field.
In addition to educational resources and community engagement, thinkorswim offers paper trading functionality. Traders can practice their strategies and test new ideas in a simulated trading environment without risking real capital. This feature allows traders to gain hands-on experience and refine their trading skills before executing trades with real money.
Active Trader PRO vs Thinkorswim?
Platform Provider
- Active Trader Pro: Active Trader Pro is provided by Fidelity Investments, a well-established financial services company.
- thinkorswim: thinkorswim is provided by TD Ameritrade, a brokerage firm that is now part of Charles Schwab.
Customizability
- Active Trader Pro: Active Trader Pro offers a customizable interface, allowing traders to arrange and personalize their trading workspace according to their preferences. Traders can create multiple workspaces and customize charting options.
- thinkorswim: thinkorswim provides a highly customizable trading workspace, allowing traders to arrange and configure various components such as charts, watchlists, and account information. Traders can also customize charting options and apply technical indicators.
Advanced Order Management
- Active Trader Pro: Active Trader Pro offers advanced order management features, allowing traders to execute various order types and implement complex trading strategies. The platform supports order types like market orders, limit orders, stop orders, and trailing stops.
- thinkorswim: thinkorswim also provides advanced order management capabilities, enabling traders to execute various order types, including market orders, limit orders, stop orders, and trailing stops. It supports advanced order types like OCO (One-Cancels-the-Other) and OTO (One-Triggers-the-Other).
Market Data and Analysis
- Active Trader Pro: Active Trader Pro provides real-time market data, including live quotes, charts, and news updates. The platform offers technical analysis tools and indicators for in-depth market analysis.
- thinkorswim: thinkorswim also provides real-time market data, including live quotes, charts, and news updates. The platform offers a comprehensive suite of technical analysis tools, customizable charting options, and access to historical data.
Final Thoughts
In conclusion, both Active Trader Pro and thinkorswim are feature-rich trading platforms that cater to forex traders. While they share some similarities, they also have distinct differences that may influence traders’ preferences.
Active Trader Pro, offered by Fidelity Investments, provides a customizable trading workspace, advanced order management features, and real-time market data and analysis tools. It empowers traders to personalize their trading environment, execute various order types, and stay updated with live market information.
On the other hand, thinkorswim, provided by TD Ameritrade, offers a highly customizable trading workspace, comprehensive charting and analysis tools, and integrated account management features. It equips traders with advanced technical analysis capabilities, customizable charting options, and real-time account monitoring.
Choosing between Active Trader Pro and thinkorswim ultimately depends on individual preferences, trading strategies, and the specific tools and functionalities that align with traders’ needs. Traders may prioritize different aspects such as interface customization, advanced order management, charting capabilities, or account monitoring.
It is recommended that traders explore and test both platforms to determine which one suits their trading style and requirements best. Ultimately, the platform that provides traders with the necessary tools, usability, and resources to execute their forex trading strategies effectively will be the preferred choice.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
