How to Create Thinkorswim Trailing Stop Orders - YouTube

So what is a trailing stop order in the thinkorswim platform in this video I'm

gonna walk you through the most effective way to set up and use the

trailing stop order in thing : hey how's it going

on this channel you will learn the steps I took to go from trading with a

full-time job you're trading as a full-time job so if you're new here

consider subscribing and at any point in the video feel free to check out the

notes and links in the description below I'll list out any valuable resources

down there now today we're talking about the filter swim platform and trailing

stops so the whole idea with the trailing stop order is so you don't have

to do that manually yourself now I'm just gonna come in here on the simulated

trading platform and buy a hundred shares of Apple for this demonstration

so I'm just gonna get long a hundred shares of Apple and then there are a few

ways to set up a trailing stop loss order now the first way you can do is

you can come in here to the monitor tab and look at your positions now you can

look at your positions in here and then create a closing order for Apple and

then coming here and say sell with stop and that'll be how you want to set that

up so then you can come in here and change this to a trailing stop there

isn't an easy tab for a trailing stop so you just have to come in here and change

the order type and then you can set up your trailing stop for however far you

want it so maybe with Apple you want you know 50 cent trailing stop or $1

depending on out you are trading so you can come in here and say we want $1

trailing stop and because it's a sell order we actually want to have this

number be a negative number so it's a dollar below the current price and then

we'll just click here confirm and send and send that order in and then we go

over here to the chart and we can see that trailing stop order down here

now another way to do this is actually just while you can look at the chart I

can come on here and click the price up here and then click sell because we want

to sell and then this will bring up a sell order down here and then I can just

come in here and click the trailing stop order and then shift that to a dollar as

well and that will allow you to watch the price action on the chart so you

don't have to be going back and forth trying to figure out how much of a

trailing stop you want to put so I'll put a dollar in here you can go with

mark for the link and the order type that generally the default settings are

really fine and then you just want to click confirm and send and then it'll

calculate and it'll put that trailing stop down where you want so this is

pretty good trailing stop right now because it looks like you know maybe

this is where some support might be and then as the market moves up the trailing

stop will move up with the market so just to kind of zoom in or zoom forwards

in time to kind of show you what that will look like as the stock moves up

like this the trailing stop here will start moving up as well so hopefully

once it gets high enough the market will move up here and then eventually come

down once it comes down it'll hit your trailing stop and that will protect your

profits and your potential gains that you had so you can see that the trailing

stop moved up a tiny bit with the market and so this is essentially just how you

set up a trailing stop to quickly do that again for you we can just come in

here and minus this we just go up here to the price click sell because we are

selling our position and then again the trailing stop also you can see there's a

trailing stop limit and so I can actually come in here and make a

trailing stop limit which is basically a trailing stop but you tell what price

you want to then sell it at so once eight your trailing stop and

just selling out and selling at the market you can sell at a certain price

so we can say that okay if it comes down $0.50 we want to sell at this level down

here so like 220 and a half so I can come in here and set that price for 220

point and a half and that is where that stop will then actually sell once it

hits that price so again you'll have that trailing stop there and it will

move with the market now a quick way to go in and edit this is I can just come

in here and right click on the actual order that you can see on your screen

and you can either cancel copy and then you can click replace order as well and

I can change that to a trailing stop again and then maybe put it back to that

$0.50 that we want or a dollar and then confirming and sending and that'll

hopefully update the trailing stop and it will as you can see it moves up with

the market so as is moving up with the market here as the market moves up

that'll allow us to protect our profits as this trailing stop moves up with the

market and then we can either close out our position if maybe the market gets to

a certain point or we can just let this Tran stop run indefinitely and the stock

will close out once it eventually hits that trailing stop one thing you want to

do if you do want the trailing stop to work overnight this trailer stop we have

right now will close at the end of the day so if you want to do that you're

going to want to come in here and click replace order and just tell over here

you want to change this a day till GTC and that just means good till cancelled

and so that will just run until it either gets filled or until these stock

it's your trailing stop and that order gets filled so again we'll that'll

replace and then I'll calculate and that is just another way for you to use

trailing stops over longer term timeframes hey thanks for checking this

video if you want to learn more the thinkorswim platform make sure to

check out my other thinkorswim tutorials if you wanted us to learn more about the

stock market and trading in general make sure it's subscribe to the channel and

if you have any questions on this video don't hesitate to ask them in the

comments below