How to Reset Thinkorswim Paper Money: A Journey Through the Digital Trading Wilderness

blog 2025-01-25 0Browse 0
How to Reset Thinkorswim Paper Money: A Journey Through the Digital Trading Wilderness

Resetting your Thinkorswim paper money account can feel like navigating a dense jungle of financial tools and trading strategies. Whether you’re a seasoned trader or a curious beginner, the process of resetting your virtual trading account is a crucial skill to master. But why stop at just resetting? Let’s dive into the world of Thinkorswim paper trading, exploring not only how to reset your account but also how to use this powerful tool to refine your trading skills, experiment with new strategies, and even challenge your understanding of the market.


Why Reset Thinkorswim Paper Money?

Before we delve into the “how,” let’s address the “why.” Resetting your Thinkorswim paper money account is like hitting the refresh button on your trading journey. Here are a few reasons why you might want to reset:

  1. Starting Fresh: Maybe your current paper trading account is cluttered with old positions, or you’ve made too many mistakes. A reset allows you to start with a clean slate.
  2. Testing New Strategies: If you’ve developed a new trading strategy, resetting your account lets you test it without the baggage of previous trades.
  3. Simulating Real-Life Scenarios: Resetting your account can help you simulate real-life trading conditions, such as starting with a specific amount of capital or testing how you’d perform in a volatile market.

Step-by-Step Guide to Resetting Thinkorswim Paper Money

Resetting your Thinkorswim paper money account is straightforward, but it’s essential to follow the steps carefully to avoid any hiccups. Here’s how you can do it:

  1. Log into Your Thinkorswim Account: Open the Thinkorswim platform and log in using your credentials.
  2. Navigate to the Paper Money Section: Once logged in, locate the “Paper Money” section. This is where you’ll manage your virtual trading account.
  3. Reset Your Account: Look for the “Reset” or “Reset Account” option. Clicking this will reset your paper money account to its default settings, including your starting balance.
  4. Confirm the Reset: A confirmation prompt will appear. Make sure you understand that this action cannot be undone. Confirm to proceed.
  5. Customize Your Settings (Optional): After resetting, you can customize your starting balance, trading permissions, and other settings to suit your needs.

Beyond the Reset: Maximizing Your Paper Trading Experience

Resetting your account is just the beginning. To truly make the most of Thinkorswim’s paper trading feature, consider the following tips:

  1. Set Clear Goals: Before you start trading, define what you want to achieve. Are you testing a new strategy, learning how to use advanced tools, or simply practicing discipline?
  2. Track Your Progress: Use Thinkorswim’s analytics tools to monitor your performance. Pay attention to metrics like win rate, risk/reward ratio, and drawdowns.
  3. Experiment with Different Markets: Don’t limit yourself to just one asset class. Try trading stocks, options, futures, or forex to broaden your experience.
  4. Simulate Real Emotions: Treat your paper trading account as if it were real money. This mindset will help you understand how emotions like fear and greed can impact your decisions.

Common Pitfalls to Avoid

Even in a simulated environment, it’s easy to fall into bad habits. Here are some common mistakes to watch out for:

  1. Overtrading: Just because it’s paper money doesn’t mean you should trade excessively. Stick to your strategy and avoid impulsive decisions.
  2. Ignoring Risk Management: Always use stop-loss orders and position sizing to manage risk, even in a simulated account.
  3. Overconfidence: Success in paper trading doesn’t always translate to real trading. Stay humble and keep learning.

Q: Can I reset my Thinkorswim paper money account multiple times?
A: Yes, you can reset your account as many times as you like. This flexibility allows you to test different strategies and scenarios.

Q: Will resetting my paper money account affect my real trading account?
A: No, resetting your paper money account has no impact on your real trading account. They are completely separate.

Q: Can I customize my starting balance after resetting?
A: Absolutely! After resetting, you can set your starting balance to any amount that suits your needs.

Q: Is Thinkorswim paper trading free?
A: Yes, Thinkorswim’s paper trading feature is free to use for all users, making it an excellent tool for practice and experimentation.


Resetting your Thinkorswim paper money account is more than just a technical process—it’s an opportunity to reflect, learn, and grow as a trader. By following the steps outlined above and embracing the tips and strategies shared, you’ll be well on your way to mastering the art of trading, one virtual trade at a time.

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