Thinkorswim is an advanced trading platform designed for serious traders who want to trade a variety of financial instruments such as stocks, options, futures, and forex. The platform offers a paper trading account that allows traders to practice trading without risking real money. The paper trading account comes with a virtual cash balance that can be used to trade forex pairs. In this article, we will explain how to change the forex cash balance in the thinkorswim paper account.
Step 1: Log in to Thinkorswim
The first step to changing the forex cash balance in thinkorswim paper account is to log in to the platform. If you do not have an account, you can create one by visiting the thinkorswim website and following the instructions. Once you have created an account, you can log in by entering your username and password.
Step 2: Open the Paper Trading Account
After logging in to thinkorswim, you need to open the paper trading account. To do this, click on the “Monitor” tab at the top of the platform and select “Paper Trading” from the drop-down menu. This will open the paper trading account.
Step 3: Access the Forex Cash Balance
Once you have opened the paper trading account, you need to access the forex cash balance. To do this, click on the “Account Info” tab at the top of the platform and select “Forex” from the drop-down menu. This will display the forex cash balance.
Step 4: Change the Forex Cash Balance
To change the forex cash balance in thinkorswim paper account, you need to click on the “Cash & Sweep Vehicle” link located below the forex cash balance. This will open a new window where you can change the cash balance.
In the “Cash & Sweep Vehicle” window, you will see a list of available cash balances. You can choose to transfer funds from one account to another or add funds to the forex cash balance. To add funds to the forex cash balance, select “Deposit Funds” and enter the amount you want to add. Then, click “Continue” to confirm the transaction.
Alternatively, you can change the forex cash balance by making a trade. To do this, click on the “Trade” tab at the top of the platform and select “Forex Trader” from the drop-down menu. This will open the forex trading window. From here, you can enter a trade and use the cash balance to place the trade. If you win the trade, the cash balance will increase, and if you lose the trade, the cash balance will decrease.
Conclusion
Changing the forex cash balance in thinkorswim paper account is a straightforward process that can be done in a few simple steps. The steps outlined above will help you change the forex cash balance and start trading forex pairs in the paper trading account. It is important to note that the paper trading account is for practice purposes only and should not be used as a substitute for real trading. To trade forex with real money, you need to open a live trading account and fund it with real money.
