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, sometimes it may be necessary to reset the paper trading account, for example, if the user wants to start over with a clean slate or if there are technical issues with the platform. In this article, we will explain how to reset the forex paper trade thinkorswim.
Step 1: Log in to your thinkorswim account
The first step to resetting the forex paper trade thinkorswim is to log in to your account. If you do not already have an account, you will need to create one before proceeding. Once you are logged in, navigate to the “Monitor” tab on the thinkorswim platform.
Step 2: Locate the paper trading account
Within the “Monitor” tab, you should see a section labeled “Account Statement”. This section will display all the accounts associated with your thinkorswim account. Look for the paper trading account that you want to reset. The account will be labeled “PaperMoney” and will have a balance of $100,000 in virtual funds.
Step 3: Reset the paper trading account
To reset the paper trading account, you will need to close all open positions and cancel any pending orders. This will ensure that you start with a clean slate and no open trades or orders that could affect your 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 select “Cancel Order”.
Once you have closed all positions and canceled all orders, you can reset the paper trading account by clicking on the gear icon next to the paper trading account in the “Account Statement” section. This will bring up a menu of options, including “Reset Paper Trading Account”. Click on this option to reset the account.
Step 4: Confirm the reset
After clicking on “Reset Paper Trading Account”, a confirmation window will appear asking you to confirm that you want to reset the account. Read the message carefully and make sure you understand that resetting the account will delete all trade history and open positions. If you are sure you want to proceed, click “OK” to confirm the reset.
Step 5: Start trading again
After resetting the paper trading account, you can start trading again with a clean slate. You will have $100,000 in virtual funds to use for trading. You can use the same strategies and techniques you used before, or try out new ones. Remember that paper trading is a learning tool, and it is important to take the time to develop your skills and strategies before moving on to live trading with real money.
In conclusion, resetting the forex paper trade thinkorswim is a simple process that can be done in just a few clicks. It is important to remember that resetting the account will delete all trade history and open positions, so make sure you are sure you want to proceed before confirming the reset. Once the account is reset, you can start trading again with a clean slate and $100,000 in virtual funds. With practice and dedication, paper trading can be an effective way to learn how to trade forex without risking real money.
