How to reset Thinkorswim paper money?

Thinkorswim paper money is a powerful tool provided by TD Ameritrade that allows users to practice trading strategies without risking real money. However, at times you may want to reset your paper money account to start fresh with a new balance. This article will guide you through the process of resetting Thinkorswim paper money.

To reset your Thinkorswim paper money account, follow these simple steps:

1. Log in to your Thinkorswim account using your username and password.
2. Click on the “Monitor” tab at the top of the screen.
3. In the sub-menu that appears, click on “Activity and Positions.”
4. Under the “Account Info” section, you will see your paper money account listed. Click on the gear icon next to it.
5. In the dropdown menu that appears, select “Reset.”
6. A confirmation window will pop up asking if you are sure you want to reset your account. Click “OK” to proceed.
7. Your Thinkorswim paper money account will now be reset to its default starting balance.

Resetting your Thinkorswim paper money account can be useful if you want to start fresh with a new strategy or if you have made too many trades and want to clean up your account. Keep in mind that resetting your paper money account will clear all of your existing trade history and positions, so make sure you are okay with losing this data before proceeding.

FAQs:

1. Can I reset my Thinkorswim paper money account multiple times?

Yes, you can reset your Thinkorswim paper money account as many times as you like. Each reset will clear all existing trade history and positions.

2. Will resetting my Thinkorswim paper money account affect my real-money account?

No, resetting your Thinkorswim paper money account will not affect your real-money account in any way. They are separate accounts with no connection between them.

3. How often should I reset my Thinkorswim paper money account?

There is no set rule for how often you should reset your Thinkorswim paper money account. It is up to personal preference and trading strategy.

4. Can I reset my Thinkorswim paper money account from the mobile app?

Yes, you can reset your Thinkorswim paper money account from the mobile app by following similar steps as outlined above.

5. Will I lose any of my settings or customizations by resetting my Thinkorswim paper money account?

No, resetting your Thinkorswim paper money account will not affect any of your settings or customizations. It will only clear your trade history and positions.

6. Is there a limit to how much I can reset my Thinkorswim paper money account balance to?

No, there is no limit to how much you can reset your Thinkorswim paper money account balance to. You can reset it to any desired starting balance.

7. Can I undo a reset of my Thinkorswim paper money account?

No, once you have reset your Thinkorswim paper money account, the action cannot be undone. Make sure you are certain before proceeding.

8. Will resetting my Thinkorswim paper money account affect any open orders or pending trades?

Yes, resetting your Thinkorswim paper money account will clear all open orders and pending trades. Make sure to cancel any trades you do not want to be cleared before resetting.

9. How long does it take for the reset of my Thinkorswim paper money account to take effect?

The reset of your Thinkorswim paper money account should take effect instantly. Refresh your account to see the changes.

10. Can I automate the resetting of my Thinkorswim paper money account on a regular basis?

No, there is no automated feature to reset your Thinkorswim paper money account on a regular basis. You will need to manually reset it when desired.

11. Will I receive any notifications or alerts when I reset my Thinkorswim paper money account?

No, you will not receive any notifications or alerts when you reset your Thinkorswim paper money account. It is a simple and quick process.

12. Is there a fee associated with resetting my Thinkorswim paper money account?

No, there is no fee associated with resetting your Thinkorswim paper money account. It is a free feature provided by TD Ameritrade for practice trading purposes.

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