Introduction
Welcome to this guide on how to change the paper trading amount in Thinkorswim. Thinkorswim is a powerful trading platform developed by TD Ameritrade that allows users to simulate trading with real-time market data without risking any actual capital. This is particularly useful for beginner traders who want to practice their strategies before diving into the actual market.
In the paper trading account, users are provided with a virtual amount of money to trade with. However, the default trading amount might not always match the user’s preferences or trading goals. Fortunately, Thinkorswim allows users to customize and adjust the paper trading amount according to their needs.
In this guide, we will walk you through the step-by-step process of changing the paper trading amount in Thinkorswim. By the end of this tutorial, you will have the knowledge to adjust the trading amount to reflect your desired virtual capital. So, whether you are a beginner looking to start practicing with a smaller amount or an experienced trader wanting to simulate larger trades, let’s get started on customizing your paper trading experience in Thinkorswim.
Step 1: Login to Thinkorswim
The first step in changing the paper trading amount in Thinkorswim is to log in to your account. Open your web browser and navigate to the Thinkorswim login page. Enter your username and password in the appropriate fields and click on the “Log In” button to access your account.
If you are new to Thinkorswim and do not have an account yet, you will need to create one by clicking on the “Register” button and following the instructions provided. Make sure to complete the registration process and verify your account before proceeding.
Once you have successfully logged in to your Thinkorswim account, you will be directed to the platform’s main dashboard. This is where you can access various features and settings, including the paper trading account.
It is important to note that Thinkorswim is available both as a standalone desktop application and a web-based platform. The steps to log in remain the same regardless of the platform you are using. However, if you are using the desktop application, you will need to launch it from your computer before being able to log in.
Now that you have logged in to your Thinkorswim account, let’s move on to the next step and access the paper trading account where you can make changes to the trading amount.
Step 2: Access Paper Trading Account
After logging in to your Thinkorswim account, the next step to change the paper trading amount is to access the paper trading account itself. The paper trading account allows you to simulate trades without using real money and is where you can make adjustments to the trading amount.
To access the paper trading account, locate the “Monitor” tab on the top of the Thinkorswim platform. Click on the dropdown menu and select “Paper Money.” This will take you to the paper trading account where you can navigate through various features and settings specific to simulated trading.
On the paper trading account page, you will be able to view your simulated trading positions, account balance, and other relevant information. To make changes to the paper trading amount, proceed to the next step.
If you are already on the Thinkorswim platform main dashboard after logging in, you can directly access the paper trading account by clicking on the “Monitor” tab and selecting “Paper Money” from the dropdown menu.
Once you have successfully accessed the paper trading account, you are ready to proceed to the next step and edit the trading amount according to your preferences.
Step 3: Edit Trading Amount
Now that you have accessed the paper trading account in Thinkorswim, you can proceed to edit the trading amount to suit your preferences. By adjusting the trading amount, you can simulate trades with a virtual capital that aligns with your desired level of risk or investment strategy.
To edit the trading amount, you will first need to locate the “OnDemand” section on the paper trading account page. This section allows you to customize various settings related to paper trading, including the trading amount.
Click on the “Setup” button in the “OnDemand” section. A new window will pop up, providing you with different settings that you can modify. Look for the “Starting Cash” field and enter the desired trading amount you wish to simulate.
It is important to note that Thinkorswim uses the “Starting Cash” value to determine the buying power available in the paper trading account. This value represents the initial virtual capital you have to trade with.
Once you have entered the desired trading amount, click on the “Apply” or “Save” button to save the changes. The platform will update the account balance and buying power to reflect the new trading amount you have set.
Remember that the trading amount you set in the paper trading account is virtual and does not affect your real account or actual funds. It is strictly for simulation purposes. Adjusting the trading amount allows you to practice trading with different capital levels and see how it impacts your trading strategies and results.
Now that you have successfully edited the trading amount, let’s move on to the final step and confirm the changes you have made.
Step 4: Confirm Changes
After adjusting the trading amount in Thinkorswim’s paper trading account, it is essential to confirm that the changes have been applied successfully. This step ensures that the modified trading amount is accurately reflected in your simulated trading account before you start executing trades.
To confirm the changes, navigate back to the paper trading account page by clicking on the “Monitor” tab and selecting “Paper Money” from the dropdown menu. Once you are on the paper trading account page, take a moment to review the account balance and buying power displayed.
Ensure that the account balance matches the trading amount you previously set. If the balance does not match, double-check the “Starting Cash” value in the “OnDemand” section and verify if it corresponds to the desired trading amount. If needed, repeat the editing process outlined in step 3 to make any necessary adjustments.
Once you have confirmed that the trading amount is correct, you are ready to proceed with simulated trading using the modified capital. Take advantage of this opportunity to test your trading strategies, experiment with different investment approaches, and gain valuable experience in a risk-free environment.
It is worth mentioning that the trading amount can be adjusted multiple times in Thinkorswim’s paper trading account. This flexibility allows you to adapt the virtual capital to your changing trading goals or experiment with various trading scenarios.
Now that you have successfully confirmed the changes you made to the trading amount in Thinkorswim’s paper trading account, you are ready to start exploring the platform, executing trades, and refining your trading skills.
Conclusion
Changing the paper trading amount in Thinkorswim is a straightforward process that allows you to customize your simulated trading experience. By adjusting the trading amount, you can simulate trades with a virtual capital that aligns with your desired risk level, investment strategy, or trading goals.
In this guide, we have walked you through the step-by-step process of changing the paper trading amount in Thinkorswim. We started with logging in to your Thinkorswim account, accessing the paper trading account, editing the trading amount, and confirming the changes. These steps ensure that you have the flexibility to simulate trades with a virtual capital that reflects your preferences.
Thinkorswim’s paper trading account is a valuable tool for both beginner and experienced traders. It allows you to practice and refine your trading strategies, test new approaches, and gain confidence in your trading decisions, all without risking any real capital.
Remember that the trading amount you set in the paper trading account is virtual and does not affect your actual funds. It is solely for simulation purposes, allowing you to experiment with different capital levels and gauge the impact on your trading performance.
Whether you are a novice trader looking to gain experience or an experienced trader testing new strategies, Thinkorswim’s paper trading feature provides a risk-free environment to enhance your skills and improve your trading outcomes.
Now that you have learned how to change the paper trading amount in Thinkorswim, take advantage of this knowledge and start exploring the platform, practicing your trading strategies, and honing your skills. Remember, the more you practice in the simulated environment, the better prepared you will be when trading with real money.
