When you’re looking for critical information about your trading account, holdings, and activity, you don’t want to have to go poking around for key figures and stats.
Anyone may be able to roast a chicken but it’s not something you just put in the oven and forget about until the timer goes off. You’ll need to watch it closely—you don’t want it to be dry, overdone, or undercooked.
Your financial assets also need some tender loving care. You can’t just forget about them, even the ones you plan to hold for a very long time. For this reason, it’s a good idea to monitor your open positions regularly just to see how they’re doing relative to each other and the overall market. It involves more than looking at profit & loss.
When you’re looking for critical information about your trading account, holdings, and activity, it’s nice to have all the important figures and stats within reach. That’s why the Monitor tab on the thinkorswim platform from TD Ameritrade puts important data about your trading activity in a single primary location, making it easy to find your orders, positions, statements, cash balances, and trading account status.
“The main purpose behind the Monitor tab is to give traders a big picture view of their account,” says Barbara Armstrong, education coach, TD Ameritrade. “It’s the one-stop shop for your account overview.”
The Monitor tab is an information hub of your trading history, position inventory, and financial activity; it’s designed to be your data touchstone before and after you enter a trade. It has sub-tabs that include Activity and Positions, Account Statement, FX Reports, and Strategy Roller.
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Let’s take a closer look at each of the sub-tabs under the Monitor tab.
Activity and Positions: When you select this sub-tab, you get a snapshot of the current day’s trade activity and statement of positions, including working, filled, and canceled orders. You can also track your order activity by time and symbol, and view the average price of each filled order on a symbol-by-symbol basis. You can also group your positions by categories. And if you want to customize the columns in the Position Statement, select the settings icon and choose the data you want displayed. Dive deeper and look at key measures such as options greeks, profit and loss, and buying power effect. And if you’re an option trader who trades multi-leg strategies, you could arrange your positions by order. This makes it simpler to see the strategy as a whole instead of individual legs of a spread.
Account Statement: The Account Statement sub-tab presents details in a historical time frame, displaying a breakdown of cash balances, order history, profit and losses, and segmented account summaries. You can use the Account Statement sub-tab to call up specific time-segment and symbol-related financial data.
FX Reports: The FX Reports sub-tab is like the Account Statement sub-tab, except that all information is dedicated solely to your forex accounts. You can use it to retrieve customized forex account summary reports, as well as reports about transactions, conversions, and user activity.
Strategy Roller. Considering rolling your options positions? Then the Strategy Roller can come in handy. Select your preferred strategy settings and the orders will be generated automatically.
As you can see, there are a lot of moving parts when it comes to managing your positions. There’s no one right way to go about it. The customization choices available in the Monitor tab opens the door to different perspectives to managing your account. And looking at the data points that you want could make it simpler to nurture your positions and keep an eye on your overall account.
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Content intended for educational/informational purposes only. Not investment advice, or a recommendation of any security, strategy, or account type.
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