How to Reset Paper Trading Thinkorswim Easily

If you are using Thinkorswim for paper trading and need to reset your account, it’s a simple process that can be done within the platform. This article will guide you through the steps to reset your paper trading account on Thinkorswim, ensuring you can start fresh with a new account balance and history.

To reset ThinkorSwim paper trading, access the desktop version, switch to paper trading mode, navigate to Monitor > Activity, and in the Position Statement, choose ‘Adjust Account.’ Opt for ‘Reset All Balances and Positions,’ click Apply, and confirm for a seamless reset.

Key Takeaways:

  • To reset your Thinkorswim paper trading account, launch the desktop version and switch to paper trading mode.
  • Go to Monitor > Activity and Positions, click on “Adjust Account” in the Position Statement section.
  • Select “Reset All Balances and Positions” and click “Apply” to confirm the reset.
  • Your Thinkorswim paper trading account will be reset to default values with a fresh account balance and history.

How to Reset Paper Trading Thinkorswim

Learn how to easily reset your ThinkorSwim paper trading account to its default values, allowing you to start afresh with a clean slate. This guide provides a step-by-step walkthrough for the ThinkorSwim desktop version, ensuring you can efficiently manage your virtual trading experience.

How to Reset ThinkorSwim Paper Trading Account: A Step-by-Step Guide

Access ThinkorSwim Desktop Version

Choose the Right Platform

To initiate the reset process, launch the ThinkorSwim desktop version. Note that this method is specifically for the desktop version and does not apply to the web or mobile app versions.

Switch to Paper Trading Mode

Before logging in, ensure you’ve switched to ThinkorSwim paper trading mode to access the features required for resetting your account.

Navigate to Monitor and Activity

Main Navigation

Upon entering the desktop version, locate the main navigation menu.

Click on Monitor

In the main menu, click on ‘Monitor’ to access the tools necessary for managing your ThinkorSwim account.

Resetting PaperMoney Account

Position Statement Section

Within the ‘Monitor’ section, find ‘Activity and Positions.’ Navigate further to locate the ‘Position Statement’ section.

Adjust Account

In the ‘Position Statement,’ look for the ‘Adjust Account’ button situated at the upper right corner.

Choose Reset Option

Reset All Balances and Positions

Within the ‘Adjust Account’ window, select the option to ‘Reset All Balances and Positions.’

Confirm and Apply

Click Apply

After selecting the reset option, click ‘Apply’ to initiate the process.

Confirm Reset

A confirmation prompt will appear, asking if you’re sure about resetting all positions to zero. Click ‘Yes’ to proceed.

Congratulations! Your ThinkorSwim paper trading account is now successfully reset, providing you with a fresh start for your virtual trading endeavours. The paperMoney balance is restored to its original value of $100,000, allowing you to refine your trading strategies with renewed confidence.

By following this comprehensive guide, you’ve learnt how to reset your ThinkorSwim paper trading account on the desktop version, ensuring a smooth and efficient virtual trading experience.

The Advantages of ThinkorSwim Desktop Client Over the Web Client

When it comes to navigating the dynamic world of trading, choosing the right platform is crucial. In this section, we explore the key reasons why downloading the ThinkorSwim desktop client trumps its web counterpart. Discover how the desktop version enhances your trading experience with advanced features and a user-friendly interface.

Robust Functionality and Features

Comprehensive Tools

The ThinkorSwim desktop client offers a myriad of tools essential for in-depth market analysis, such as advanced charting tools, customisable indicators, and sophisticated scanning capabilities. Traders benefit from a comprehensive suite of features that empower them to make informed decisions.

Enhanced Charting Capabilities

Unlike the web client, the desktop version provides enhanced charting capabilities, allowing users to perform technical analysis with greater precision. Features like drawing tools, pattern recognition, and multiple time frame analysis contribute to a more refined trading strategy.

Seamless Navigation and User Interface

Intuitive User Interface

The desktop client boasts an intuitive and user-friendly interface, enhancing the overall user experience. Traders can easily navigate through various tabs and windows, streamlining the process of executing trades and managing portfolios.

Customisable Layouts

Tailor your trading workspace to meet your specific needs with the desktop client’s customisable layouts. Whether you prefer a multi-monitor setup or a streamlined single-screen view, the flexibility offered by the desktop version ensures a personalised and efficient trading environment.

Speed and Reliability

Faster Execution

Speed is paramount in the world of trading, and the desktop client delivers with faster execution of trades compared to the web version. This ensures that you can capitalise on market opportunities swiftly and efficiently.

Reliability

The desktop client operates independently of web browsers, reducing the risk of performance issues associated with internet connectivity. This increased reliability is particularly crucial during high-stakes trading situations where every second counts.

Access to Advanced Trading Tools

ThinkScript Language

The desktop client introduces traders to ThinkScript, a powerful scripting language that enables the creation of custom studies and strategies. This advanced feature allows for a higher level of customisation, catering to the unique needs and preferences of individual traders.

Paper Trading Simulation

Enjoy an immersive learning experience with the desktop client’s paper trading simulation. Test your strategies in a risk-free environment, gaining valuable insights into potential outcomes without affecting your real trading account.

Conclusion:

Opting for the ThinkorSwim desktop client over the web client elevates your trading journey to new heights. With a wealth of features, enhanced functionality, and a user-friendly interface, the desktop version empowers traders to navigate the complexities of the financial markets with confidence and precision. Download the desktop client today to unlock a world of advanced tools and a seamless trading experience.

How to Customise Columns and Position Groups in Thinkorswim

To customise columns on your Position Statement, click on the gear icon above the far-right column and select the criteria you want as a column header. You can also rearrange the columns in the desired order.

To setup position groups, go to the Position Statement and right-click on any position. Select “Move to group” and add a new group name. You can continue adding positions to the group by right-clicking and selecting “Move to group”.

To view purchase price and date, expand your position on the Position Statement and click on the quantity. A box will appear showing the trade date and purchase price.

Example:

ColumnDescription
SymbolThe ticker symbol of the traded instrument.
LastThe last traded price of the instrument.
ChangeThe change in price since the previous trading session.
VolumeThe total number of shares traded for the instrument.

FAQs about Thinkorswim Paper Trading

Viewing Trade History:

To view previous trades, go to the Account Statement tab and change the dates to the desired time frame. Expand the “Trade History” or “Cash & Sweep Vehicle” section to see your previous transactions.

Selling Fractional Shares:

To sell fractional shares, enter an order to close all full shares and the fractional shares will liquidate on market close.

P/L Calculation:

P/L Open value is calculated as the difference between the net liquidation value and the execution price or cost basis, multiplied by the position size.

Hiding Account Information:

To hide account information, click on the “Option Buying Power” or “Net Liq & Day Trades” in the ACCOUNT INFO panel and activate the “PRIVACY” feature.

Watchlist Management:

To import, create, delete, and edit watchlists, go to the MarketWatch tab and click on Quotes. Select “Customise” to add or remove columns and right-click to add symbols manually or upload a file.

Exit Default Account Settings:

To change the default account, go to Setup > Application Settings > General > Account and select the desired account from the drop-down menu.

Funding Account:

To fund your account, log in to the TD Ameritrade website and go to Accounts > Deposit/Withdraw. Follow the instructions provided for the chosen funding method.

Linking Account to Website:

To link accounts, log in to the TD Ameritrade website and go to Client Services > My Profile > Link Accounts > Link my accounts > Grant access.

Changing Account Nickname:

To change the account nickname, go to the TD Ameritrade website and navigate to Client Services > My Profile > Link Accounts > Manage linked accounts. Select “Edit nickname” next to the account you want to change and save the new name.

Miscellaneous Account Setting Setup

  1. To download the Thinkorswim platform, log in to your TD Ameritrade account and click on Trade > Trading Platforms > Thinkorswim > Download Thinkorswim.
  2. As for adding or remove the Home Screen, go to Setup > Application Settings > General > Startup > Screen shown on startup and select the desired option.
  3. To change the nickname in chatrooms, go to Setup > Application Settings > My profile > Nickname.
  4. PDT stands for “pattern day trader” and refers to a trader who makes more than 3 day trades in a 5 business day period. PDT rules apply if the net liquidating value is below $25,000.

FAQ

How do I reset my paper trading account on Thinkorswim?

To reset your paper trading account on Thinkorswim, follow these steps: 1. Launch the Thinkorswim desktop version and switch to paper trading mode. 2. Go to Monitor > Activity and Positions. 3. Look for the Position Statement section and click on “Adjust Account”. 4. Select “Reset All Balances and Positions”. 5. Click “Apply” and confirm the reset. 6. Your Thinkorswim paper trading account will now be reset to its default values, with a fresh account balance and history.

How can I customise columns and position groups in Thinkorswim?

To customise columns on your Position Statement, click on the gear icon above the far-right column and select the criteria you want as a column header. You can also rearrange the columns in the desired order. To set up position groups, go to the Position Statement and right-click on any position. Select “Move to group” and add a new group name. You can continue adding positions to the group by right-clicking and selecting “Move to group”.

How can I view purchase price and date for my positions on Thinkorswim?

To view purchase price and date for your positions on Thinkorswim, expand your position on the Position Statement and click on the quantity. A box will appear showing the trade date and purchase price.

How can I view my previous trades on Thinkorswim?

To view previous trades, go to the Account Statement tab and change the dates to the desired time frame. Expand the “Trade History” or “Cash & Sweep Vehicle” section to see your previous transactions.

How do I sell fractional shares in Thinkorswim?

To sell fractional shares in Thinkorswim, enter an order to close all full shares and the fractional shares will liquidate on market close.

What is the calculation for P/L Open value in Thinkorswim?

P/L Open value in Thinkorswim is calculated as the difference between the net liquidation value and the execution price or cost basis, multiplied by the position size.

How can I hide my account information in Thinkorswim?

To hide account information in Thinkorswim, click on the “Option Buying Power” or “Net Liq & Day Trades” in the ACCOUNT INFO panel and activate the “PRIVACY” feature.

How can I import, create, delete, and edit watchlists in Thinkorswim?

To import, create, delete, and edit watchlists in Thinkorswim, go to the MarketWatch tab and click on Quotes. Select “Customise” to add or remove columns and right-click to add symbols manually or upload a file.

How do I change the default account in Thinkorswim?

To change the default account in Thinkorswim, go to Setup > Application Settings > General > Account and select the desired account from the drop-down menu.

How do I fund my Thinkorswim account?

To fund your Thinkorswim account, log in to the TD Ameritrade website and go to Accounts > Deposit/Withdraw. Follow the instructions provided for the chosen funding method.

How do I link accounts in Thinkorswim?

To link accounts in Thinkorswim, log in to the TD Ameritrade website and go to Client Services > My Profile > Link Accounts > Link my accounts > Grant access.

Can I change the nickname of my Thinkorswim account?

Yes, you can change the nickname of your Thinkorswim account. Go to the TD Ameritrade website and navigate to Client Services > My Profile > Link Accounts > Manage linked accounts. Select “Edit nickname” next to the account you want to change and save the new name.

Where can I download the Thinkorswim platform?

To download the Thinkorswim platform, log in to your TD Ameritrade account and click on Trade > Trading Platforms > Thinkorswim > Download Thinkorswim.

How can I add or remove the Home Screen in Thinkorswim?

To add or remove the Home Screen in Thinkorswim, go to Setup > Application Settings > General > Startup > Screen shown on startup and select the desired option.

How can I change the nickname in Thinkorswim chatrooms?

To change the nickname in Thinkorswim chatrooms, go to Setup > Application Settings > My Profile > Nickname.

What does PDT stand for in Thinkorswim?

PDT stands for “Pattern Day Trader” and refers to a trader who makes more than 3 day trades in a 5 business day period. PDT rules apply if the net liquidating value is below $25,000.

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