Thinkorswim Order Default Not Working: Setting Order Defaults

Introduction

As a user of Thinkorswim, it can be frustrating when the order default does not function correctly. Many users will face problems where the Thinkorswim Order Default Not Working according to what they want. The purpose of this article, readers will learn about all these problems and how to resolve them so as to ensure that their trading becomes less chaotic and much more efficient.

Understanding Order Defaults in Thinkorswim

What Are Order Defaults?

Thinkorswim order defaults control the way in which your orders are set up automatically. This includes the default number of shares, contracts or stock you want to buy or sell when putting through a trade. Getting the right order settings is important because it saves you time and makes fewer errors when trading.

Why Default Quantity Matters

The correct configuration of default quantity also lets you place a trade quickly. If the defaults are wrong, you’ll end up buying or selling more than you wanted. This can really hurt you when the market is very fast-paced and lead you towards loss. For this reason, it’s a must that the Thinkorswim order defaults blend well with your strategy.

Accessing Thinkorswim Order Settings

Navigation to Order Defaults

To get this problem sorted in your Thinkorswim order default not working condition, you need first to open the application settings. Here is YouTube tutorial transcript on how to do it is as follows:

1. Launch your Thinkorswim (TOS) platform.
2. Navigate to the “Setup” menu found at the upper right corner.
3. From the menu list provided, select “Application Settings”.
4. Now, click on “Order Defaults” from the left pane.

Customizing Order Setting

Once you have accessed the Order Defaults tab, you can differ in the following settings:

• Default Quantity of Orders: It is here that you specify the number of shares or contracts you wish to buy or sell as default.
• Order Quantity Increment: Here, you can specify the increments you adjust your order quantities with, thereby making it easier for you to scale your trades.

 This way, every trade will be utilized based on your investment goals and trading strategy.

Watch video on how to set order defaults in Thinkorswim.

How to Change Order Quantity in Thinkorswim

Step by Step Guide

You can easily change the quantity of your order in Thinkorswim. Here’s how to do it:

1. Open the Order Defaults tab and find the field that is labeled Default Quantity of Orders.
2. Type in your number. For example, if you want it at 1 share, then just simply type “1”.
3. You may customize the Quantity Increment by your preference. For instance, when you put it at “1”, it would only mean that you can double or reduce your order quantity by only one share or contract.
4. Click on “OK” or “Apply” to save the adjustment.

Beginner’s Guide

If you are new to trading, keep your default quantity low until you get used to the system. You may start with one or five shares and gradually work on managing risk as you gain more experience.

Troubleshooting: Thinkorswim Order Default Not Working

Even after following the steps above, if you still find out that your Thinkorswim order default is not working, there are several troubleshooting steps that you can attempt.

Common Problems Identification

• Default Resets to 100 Shares: Most users complain that settings have reverted back to default 100 shares. This would be so when the application is not accepting changes made.
• Different defaults in various tab: The default quantity sometimes works well by using it in the trade tab, but when you right click on the chart, it fails.

Recommended Default Quantities by Trading Styles

Knowing the proper default quantities for a style of trade can further fine-tune your trading strategy. Here is a table that shows recommended default quantities by style of active trader, taking into consideration risk tolerance and specific goals.

Explanation of the Table

• Day Trader: A day trader will open and close a position on the same day. A default position size of 10-50 shares enables the trader to make rapid adjustments if market conditions change.
• Swing Trader: Swing traders take positions for a few days to weeks. A default of 5-20 shares is suggested in order to balance risk and possible payouts.
• Position Trader: Position traders are long-term investors. The amount should be kept very low (1-10 shares) so that it does not bring in too much risk, but which adds up with time.
• Options Trader: Options trading usually involves much complexity. A default of 1-5 contracts is advisable to begin simple strategies.
• Beginning Trader: Start with 1 share only, so you get used to the sight and feel of the platform and the process without much risk.

This table is a guide to making adjustments to your Thinkorswim order defaults according to your trading style so that you trade in a manner consistent with your goals and your tolerance for losing money.

Step-by-Step Troubleshooting

Check Account Settings

Your individual account settings may override your default preferences at times. Look out for account level overrides that can apply to your user settings from Thinkorswim.

Reset Default Settings

In case the problem still persists, you can also reset your application settings for Thinkorswim. This is how you can do it:

1. On displaytap the menu and head back to “Setup”.
2. Select “Application Settings.”
3. Try to find and edit option  “Restore Settings to Default.”
4. Now, you will be required to take action and action does mean affirm and confirm the choice.

Clear Cache or Reinstall Thinkorswim

If you continue to experience issues after resetting, try clearing out the app’s cache. In some cases, reinstalling Thinkorswim will resolve your issue.

Optimizing Thinkorswim Application Settings

Exploring Other Useful Settings

While optimizing order defaults is what you set out to do, you can also ignore other application settings for Thinkorswim that will help enhance your trading. Customize alerts, work on chart options, or modify market conditions to further enhance trade completion.

Enabling or Disabling Features

Of course, the enable button on interface even allows you to enable and disable features based on your preference. If, for instance, you often trade options you may want to set certain defaults for option trading.

When to Seek Help: TD Ameritrade Thinkorswim Support

Knowing When to Contact Support

Well, if all of the troubleshooting steps are done and still, your Thinkorswim order default is not functioning, maybe it’s time to contact the Thinkorswim support at TD Ameritrade. This support can also be used if you encounter special account issues and even provides technical assistance, too.

Conclusion

To sum up, in case you experience the problem of Thinkorswim order default not working, you are able to apply quite a few solutions to rectify it. Starting with the topic of order defaults, understanding them, and down to the personalization of your settings, along with troubleshooting, you now have at your fingertips a complete guide that will give you further information.

Remember, the key here is in the right order defaults and the constant refinement of your strategy. Have any personal experiences to share? Let us know in the comments below, as sometimes community insights may help many traders overcome similar challenges.

Disclaimer:

The information provided in this tutorial is only for educational purposes.  It is to help future traders to understand order defaults and use thinkorswim® effectively. The recommendations including setting default order quantities is on the basis or experience and our understanding so do not consider it as an investment advice. It is only for informational purposes.

Execution of trading always involve risk you should perform your due diligence by checking current positions, price levels, strike price and discuss trade size in stock market. For illustrative purposes search related topics like Charles Schwab premium course on YouTube channel

Read more about Trade at Stock Updates.