How to Reset Paper Money Amount in ThinkorSwim

Many traders, especially those just starting to explore the world of paper trading, might find themselves in a situation where they need to reset their paper money amount in ThinkorSwim. This functionality can be particularly useful for testing different trading strategies, starting from a clean slate, or simply managing their paper trading account settings more effectively. In this guide, we’ll walk you through the steps to reset the paper money amount in ThinkorSwim.

Understanding Paper Trading and ThinkorSwim

Paper trading is a simulation where traders can practice trading without risking real money. It allows traders to test their strategies, gather experience, and improve their skills in a risk-free environment. ThinkorSwim, a platform by TD Ameritrade, is one of the top platforms for paper trading due to its robust features and user-friendly interface.

Resetting the Paper Money Amount: A Step-by-Step Guide

Resetting the paper money amount in ThinkorSwim can be achieved through a simple step-by-step process. If you find yourself in need of resetting your paper money balance, follow these instructions:

Log in to your ThinkorSwim account. The process is straightforward, and you can access it from your preferred web browser. Ensure you are using the latest version of ThinkorSwim for the best experience.

Once logged in, navigate to the monitor tab at the bottom right corner of the screen. This tab is crucial as it displays your available funds and other critical information for your paper trading account.

Look for a button close to your “available dollars,” which typically is represented as a dollar sign with the current amount displayed next to it. This button likely says ‘Adjust Account.’ Click this button.

A pop-up window will appear, and you should see an option to ‘Reset All Balances and Positions.’ Click this option to proceed.

Confirm the reset by clicking ‘OK’ or ‘Yes’ in the pop-up window. This will reset your paper money amount to its initial setup, essentially erasing all your current balances and positions in the paper trading environment.

Tips for Effective Paper Trading with ThinkorSwim

After resetting your paper money amount, it’s essential to understand how to make the most out of your paper trading experience in ThinkorSwim. Here are a few tips:

1. Experiment with Different Strategies With a fresh start, you can try out various trading strategies without any financial risk. This helps in understanding what works and what doesn’t, leading to better decision-making in the future. 2. Use Backtesting and Forward Testing Features ThinkorSwim offers advanced features for backtesting and forward testing your strategies. Utilize these features to refine and optimize your strategies before moving to live trading. 3. Monitor Market Conditions Keep an eye on market conditions and news that might affect your trading strategy. ThinkorSwim provides real-time data and news updates to help you stay informed. 4. Practice Risk Management Even in a paper trading environment, risk management is crucial. Set stop-loss orders, use position sizing, and always keep a tab on your risk-reward ratio.

Troubleshooting and Additional Resources

If you face any issues while trying to reset your paper money amount or need further assistance, ThinkorSwim provides various resources:

Help Center: ThinkorSwim’s Help Center is a wealth of information, offering detailed guides, tutorials, and FAQs. It’s a great place to find answers to common questions.

Live Chat Support: If the Help Center doesn’t provide the answers you’re looking for, you can reach out to ThinkorSwim’s customer support team via live chat. They are available to help you 24/5.

Community Forum: Join the ThinkorSwim community forums to connect with other traders, ask questions, and get help from experienced traders.

Conclusion

Resetting your paper money amount in ThinkorSwim can be an effective way to restart your paper trading experience and experiment with new strategies. By following the step-by-step guide provided above and utilizing the additional resources available, you can make the most out of your paper trading sessions in ThinkorSwim. Remember, paper trading is a valuable tool for learning and improving your trading skills. Good luck!