How to Switch to Paper Trading Thinkorswim

How to Switch to Paper Trading Thinkorswim

Paper trading on thinkorswim is used to practice trading in the world of stocks. It allows you to test trading strategies as if you were trading in the real world without the risk of trying it out on an actual exchange.

Setting up a paper trading account can be a valuable practice before taking life-changing risks in the stock market.

With thinkorswim, it is easy to sign up and get started. In this guide, we will walk you through the steps to setting up your thinkorswim account and how to switch from actual trading to paper trading.

Paper Trading and Paper Money

Paper trading and paper money is essentially fake money to see the outcome of a fake investment if you were to use it in the real world.

When you are newer to trading, and you may not have a lot of money to trade in, using paper trading with paper money is invaluable to test it out before you take any risks.

When they get into stocks, people are usually eager to begin investing, and they begin without doing proper research.

This can lead to many losses and them eventually quitting. Paper trading allows people the opportunity to practice as much as they need.

How to Set Up and Switch to a Paper Trading Account

Setting up a paper account is much easier than you might think.

  • Visit thinkorswim on the TD Ameritrade website.
  • On the left toolbar, select thinkorswim trading platforms and then select thinkorswim desktop.
  • Once you’ve selected the desktop version, scroll down and select Register for paperMoney. If you have an existing account with TD Ameritrade, this is a step you can skip, and you can simply sign in to your thinkorswim account to access paper trading.
  • For a new account, fill in the information requested. Be aware you can only use TD Ameritrade in an approved country or region.
  • Start practicing your trades!

If you have an existing TD Ameritrade account:

  • Log in to your account
  • Select the trade tab and on the far right, select “Start swimming today.”
  • Download thinkorswim to your desktop
  • Before logging in, toggle the switch under your username and password to paperMoney before you log in.
  • You’ll now be able to practice with paper money!

Now that you are all set up in thinkorswim, you can make the most of your trading strategies. You can even optimize your layout to see what setup looks best for actual trades for how you work.

Using paper trades in thinkorswim records all your data so you can look back and analyze what works and what doesn’t.

You’ll be allowed to take risks, and if you make mistakes, you can choose to start from scratch at any time.

Practicing trading with paper money in a realistic market environment will give you peace of mind and confidence to prepare you for trading stocks in the real world.

Did you know?

We make courses that can help you learn how to trade and develop trading skills whether you are just starting out as a beginner or have been trading a long time.

Check out our Course Academy to see how you can learn how to develop into the trader you’ve always wanted to be.

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