How to change paper trading amount in Thinkorswim: The direct answer
You cannot directly edit the cash balance in a Thinkorswim paperMoney account, but you can reset the entire account to restore the default $100,000 virtual balance. To change paper trading amount Thinkorswim users must reset the account, which wipes all simulated positions and history, giving you a fresh start with the standard starting capital.
Prerequisites for Thinkorswim paper trading
Before you can reset your paper trading balance, you need an active Charles Schwab brokerage account, as this is required to access the paperMoney feature on Thinkorswim. Every new paper trading account begins with $100,000 in virtual buying power, regardless of whether you choose a Margin or IRA simulation.
Reset your paperMoney account balance
To reset your paper trading balance to the default $100,000, you must use the account settings within the platform. First, select the specific paper trading account you intend to modify from the account selector, usually located at the top of the platform interface. This ensures you are resetting the correct simulation, especially if you have multiple paper accounts set up for different strategies.
- Log in to Thinkorswim and navigate to the account selector dropdown at the top of the platform.
- Choose the paper trading account you want to reset (e.g., "Paper Trading" or "Paper Trading IRA").
- Go to the "Monitor" tab and locate the account settings or setup menu.
- Confirm the reset when prompted; this will restore the account to $100,000 in virtual cash.
If you cannot find the reset option in the settings, you can contact Charles Schwab support directly to request a manual reset of your paperMoney balance. This is the only method to change the amount, as there is no field to enter a custom starting cash value. The reset clears all open simulated positions, order history, and performance metrics, so use it only when you want a completely clean slate.
Choose your paper trading account type
When you reset your paper trading account, you also have the option to select between a Margin or IRA paper account, which affects how your simulated trades are executed. A Margin paper account mimics the rules of a margin trading account, including leverage and short selling, while an IRA paper account follows retirement account restrictions, such as no day-trading minimums and different buying power calculations. Choosing the right account type matters because you want to practice under the same constraints you plan to use with real money. For example, if you intend to trade with leverage, select the Margin paper account; if you want to simulate long-term retirement investing, the IRA option is more realistic.
Start simulated trading with your new balance
Once you have reset your paperMoney account and selected your preferred account type, your virtual balance is back to $100,000 and ready for risk-free practice. You can immediately begin placing simulated trades, testing new strategies, or rebuilding your portfolio from scratch. The reset gives you the freedom to experiment without the pressure of a depleted balance, making it an ideal way to refine your approach before committing real capital. Remember that the reset is permanent, so take a moment to ensure you are satisfied with the account type and settings before you start trading again.
