How To Reset The Thinkorswim Paper Trading Account?

The Thinkorswim online trading platform is a free tool provided to customers by TD Ameritrade. Customers can chart, analyze and trade securities to trade online in three different ways. Stocks, exchange-traded funds (ETFs), and options listed on U.S. exchanges can generally be traded for free, 24 hours a day, five days a week.

TD Ameritrade customers and those considering becoming TD Ameritrade customers will benefit most from Thinkorswim. Our Thinkorswim review covers some of the details about this platform below.

Steps To Reset The Thinkorswim Paper Trading Account

Here is how you can reset your paper money balance if you have a paper trading account with ThinkorSwim.

  1. Select your paper trading account in ThinkorSwim’s dropdown menu.
  2. Go to Monitor > Activity and Positions > Position Statement.
  3. Find and click the following button Adjust Account.
  4. A window for account adjustments will appear. Select one of two options: “Set Account Cash to:” or Reset All Balances and Positions.
  5. Click Apply once you have decided what to do.

The balance of your ThinkorSwim paper money account will be reset to $100,000 when you reset it.

Experience With Thinkorswim

You can choose from three platforms, desktop, different websites, and mobile. In addition, Thinkorswim provides web-based platforms (classic, next-generation, and Thinkorswim web) through which you can chat and trade from your web browser.

Mobile access is available from a phone or tablet to complement the web platform. The desktop version provides the most extensive array of tools and educational resources.

Various methods can contact Thinkorswim and any of TD Ameritrade’s other platforms and services, day or night, whether customers call, send a message on Facebook or Twitter, text or fax TD Ameritrade or visit any of its more than 175 business locations.

Education For Investors At Thinkorswim

The education offered by Thinkorswim is world-class, and consistently cites it as No. 1 among investor education. On its website, you can watch live and on-demand video content showcasing real-time market insights and strategy recommendations from industry professionals, as well as free access to other real-time financial information.

A fee-based research subscription is also available. Additional educational courses, tutorials, webcasts, and in-person events are available.

The Security For Thinkorswim

  • A Firewall and encryption system
  • Member of FINRA and SIPC
  • Reimbursement for unauthorized activity

As part of its security policy, TD Ameritrade uses firewalls, anomalous detection, intrusion detection, and encryption technology to keep the information and assets of its users safe.

The risk of losing money when you invest always exists, but TD Ameritrade guarantees that it will reimburse you if you lose funds from your account due to fraudulent activity. In addition, FINRA and the Securities Investor Protection Corporation (SIPC) insure the firm against insolvency as members of the Financial Industry Regulatory Authority (FINRA).

Consider Other Options To Thinkorswim.

TD Ameritrade customers will find Thinkorswim particularly appealing, particularly those who already use the brokerage. However, Thinkorswim offers options for people still learning the ropes of investing as well, even though it’s probably best suited to more experienced investors.

It may not be the best fit for investors looking beyond essential investments, as Thinkorswim does not currently offer cryptocurrency or other investment options. Instead, these investors might find a better fit with online brokers such as Robinhood or TradeStation.

Thinkorswim vs. TradeStation

Thinkorswim provides a limited assortment of investment options, whereas TradeStation offers the ability to invest in stocks, ETFs, opportunities, and futures, as well as crypto, IPOs, and bonds. In addition, stock options, futures, and futures options can be traded for no commission, while stock options, futures, and futures options are subject to per contract fees.

Trade station may be a better choice for experienced investors due to its deep research options, making it designed for financial professionals. In addition, TS Select does not require a minimum balance on its mobile platform, but users who want the more robust tools and options must invest a minimum of $2,000; otherwise, Thinkorswim does not require a minimum balance.

How Much Does Thinkorswim Cost?

According to TD Ameritrade’s pricing page, platform and data fees are not charged. Its pricing is as follows: It charges zero commissions on online stocks listed on U.S. exchanges, American and Canadian ETFs, and options (but option trades are subject to a $0.65 per-contract fee). Broker-assisted transactions typically cost $25. Over-the-counter stocks that aren’t listed on a U.S. exchange have a commission of $6.95.

Frequently Asked Questions ( Thinkorswim Paper Trading )

Where can I find a reset button for Thinkorswim charts?

In the bottom left corner of the window, you can find the button Restore to chart default that lets you restore the last applied chart appearance settings. If you prefer, you can also click Reset to chart default to return to the default settings. Under these circumstances, the user’s default settings will take precedence.

What is the best way to reset thinkorswim paper money on my phone?

You can adjust an account by clicking the button at the upper right of the Position Statement section once the account has been selected. By clicking it, you are presented with a window where you can either set the account to cash or check the box that says ‘Reset All Balances and Positions.’

What does level 2 look like on thinkorswim?

A Level II display of stock and option prices is a color-coded display of prices from several exchanges. You can switch between the predefined sets (books) in the upper right corner of the working area: Level II, NASDAQ Full Book, and BATS/EDGE Full Book.

How does flatten work in thinkorswim?

All open orders for the current symbol are canceled upon flattening, and all open positions are closed.

What is the procedure for deleting after hours on thinkorswim?

ThinkorSwim users can turn off extended hours and pre-market data by following these steps:
Click on the Chart settings button.
Click Equities
Uncheck “Show Extended Hours Trading Session.” 
Click OK.

What is the default setting for thinkorswim?

Selecting the account from the Account dropdown menu on the upper left side of the thinkorswim software (it cannot be under ALL ACCOUNTS) is the first step to restoring your PaperMoney account’s default values. Once you have selected an account, click Monitor>Activity and Positions>Position Statement.

What is the time limit for paper trading on thinkorswim?

We are just starting to use Trading Station. We are trying to get used to the software but love it so far. How long can we use Trading Station without funding an account? On the home page, click on trading, and at the bottom of the page says ‘paper money. It is a 60-day free trial.

How accurate is thinkorswim paper trading?

If you use Thinkorswim for paper trading, it pulls real-time market data just like live trading, and then you send in fake orders that don’t go to the market. Bottom line: Thinkorswim is a reasonably stable piece of software, whether you’re doing live trading or paper trading.

Is thinkorswim suitable for day trading?

Consequently, an account can make up to three Days in 5 business days without consequence. However, if the account executes a 4th (or more) Day Trade, then it is deemed as a Pattern Day Trader (“Flagged”).

What is the best way to check my day trade on thinkorswim?

Go to Account Info > Buying Power.
Toggle the Privacy setting, so it shows your account’s information.

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