Introduction
Forex paper trading can be an effective way for beginners to learn how to trade without risking real money. Thinkorswim, a popular trading platform, offers a paper trading account that allows users to practice trading in a simulated environment. However, there may be times when it becomes necessary to reset the paper trading account, such as when the user wants to start fresh or encounters technical issues. In this article, we will explain how to reset the forex paper trade thinkorswim account, step by step.
Step 1: Log in to your thinkorswim account
To begin the process of resetting your forex paper trade thinkorswim account, you first need to log in to your existing account. If you don’t have an account yet, you’ll need to create one before proceeding. Once you’re logged in, navigate to the “Monitor” tab on the thinkorswim platform.
Step 2: Locate the paper trading account
Within the “Monitor” tab, you’ll find a section called “Account Statement.” This section displays all the accounts associated with your thinkorswim account. Look for the paper trading account you wish to reset. It will be labeled as “PaperMoney” and will show a balance of $100,000 in virtual funds.
Step 3: Reset the paper trading account
To reset the paper trading account, you must close all open positions and cancel any pending orders. This ensures a clean slate with no lingering trades or orders that could impact future trading. To close a position, simply click on the position in the “Monitor” tab and select “Close Position.” To cancel a pending order, click on the order in the “Monitor” tab and choose “Cancel Order.”
Once you’ve closed all positions and canceled all orders, click on the gear icon next to the paper trading account in the “Account Statement” section. A menu of options will appear, including “Reset Paper Trading Account.” Click on this option to initiate the reset.
Step 4: Confirm the reset
After selecting “Reset Paper Trading Account,” a confirmation window will pop up, asking you to confirm your decision. Take a moment to read the message carefully and ensure that you understand that resetting the account will delete all trade history and open positions. If you’re certain you want to proceed, click “OK” to confirm the reset.
Step 5: Start trading again
Once you’ve reset the paper trading account, you can begin trading again with a clean slate. You’ll have $100,000 in virtual funds at your disposal. You can choose to employ the same strategies and techniques you used before or experiment with new ones. Remember, paper trading is a valuable learning tool, so take the time to develop your skills and strategies before transitioning to live trading with real money.
Frequently Asked Questions (FAQs)
1. Can I reset my forex paper trade thinkorswim account multiple times?
Yes, you can reset your forex paper trade thinkorswim account as many times as you like. Each reset will delete all trade history and open positions, allowing you to start fresh.
2. Will resetting my paper trading account affect my real trading account?
No, resetting your paper trading account will only impact the virtual funds and trade history associated with that account. Your real trading account will remain unaffected.
3. Can I reset my paper trading account without closing open positions?
No, it is necessary to close all open positions and cancel any pending.
