Thinkorswim Paper Trading

Category: Trading Platforms | Author: Trading Brokers | Date: June 27, 2023

Paper trading is a powerful tool that allows traders to practice their strategies, test new techniques, and gain valuable experience without risking real money. In this article, we will delve into the world of paper trading, focusing specifically on the paper trading feature offered by Thinkorswim. As one of the leading trading platforms, Thinkorswim provides traders with a realistic and immersive paper trading environment, enabling them to simulate trades, analyze market dynamics, and refine their trading skills. We will guide you through the process of setting up and using Thinkorswim’s paper trading system, empowering you to harness the benefits of virtual trading and enhance your trading prowess before venturing into live trading with confidence.

Overview of Thinkorswim



Thinkorswim, a trading platform owned by TD Ameritrade, is specifically designed for self-directed stock, options, and futures traders who are seeking a robust and feature-rich trading experience. This platform stands out for its exceptional tools and functionalities that empower traders to make informed decisions and execute trades effectively. One notable feature of Thinkorswim is its comprehensive range of advanced trading tools. Traders can leverage powerful analytics, customizable charts, and technical indicators to conduct in-depth market analysis. Additionally, Thinkorswim offers a rich selection of trading strategies, allowing users to evaluate the cost versus risk-benefit of buying or trading stocks. This assists traders in developing well-informed trading strategies and optimizing their trading performance. Another key aspect of Thinkorswim is its desktop version, which provides access to an elite-level trading platform. Traders can take advantage of real-time market data, advanced order types, and sophisticated risk management tools. The platform’s customizable interface allows traders to tailor their trading environment to suit their individual preferences and trading strategies. For traders who prefer trading on the go, Thinkorswim also offers a powerful mobile app. This app delivers the full capabilities of the desktop platform. With its extensive range of features, advanced tools, and versatile access options, Thinkorswim provides traders with a comprehensive trading platform that empowers them to navigate the markets with confidence and execute their trading strategies effectively.

What is Thinkorswim Paper Trading?

ThinkorSwim paper trading

Thinkorswim Paper Trading is a feature of the Thinkorswim desktop platform, which is a trading platform offered by TD Ameritrade. Thinkorswim Paper Trading allows you to practice your trading strategies risk-free with virtual money and simulated market conditions. You can access Thinkorswim Paper Trading by registering for a free account on the Thinkorswim website.

Thinkorswim Paper Trading has many benefits for traders of all levels and styles. You can use Thinkorswim Paper Trading to:

  • Test your trading ideas and strategies without risking real money
  • Learn how to use the Thinkorswim platform and its advanced tools and features
  • Experiment with different trading instruments, such as stocks, options, futures, forex, and more
  • Monitor your performance and track your progress with detailed reports and analytics
  • Gain confidence and experience before trading with real money

Thinkorswim Paper Trading is not a guarantee of future success or profitability in real trading. It is a simulation that may not reflect the actual market conditions, liquidity, volatility, or execution quality. You should always do your own research and analysis before making any trading decisions.

How to Use the Thinkorswim Paper Trading System

You can use Thinkorswim Paper Trading to test your trading ideas, learn how to use the platform and its tools, experiment with different trading instruments and markets, monitor your performance and progress, and gain confidence and experience before trading with real money.

To use Thinkorswim Paper Trading, you need to follow these steps:

  1. Visit the Thinkorswim paperMoney website and register for a free account. You will need to provide some basic information, such as your name, email address, phone number, country, and password. You will also need to agree to the terms and conditions of the paperMoney service.
  2. Download and install the Thinkorswim desktop platform for your computer or device. You can find the download link on the paperMoney website or on the TD Ameritrade website. You will need to select the appropriate version for your operating system (Windows or Mac) and follow the installation instructions.
  3. Before signing in to the platform, click over to paperMoney on the login screen. You will see two options: Live Trading and paperMoney. Make sure you select paperMoney to access the simulation mode of the platform. You will need to enter your username and password that you created on the paperMoney website1.
  4. Make sure you are using paperMoney on the platform. You will see a green label on the top left corner of the platform that says “paperMoney”. If you don’t see this label, you are not in simulation mode and you may be risking real money. To switch to paperMoney mode, go to File > Switch to paperMoney on the menu bar.
  5. Trade like normal on the platform. You can use all the features and tools of the platform as if you were trading with real money, such as charts, watchlists, scanners, trade grids, order tickets, news feeds, alerts, reports, and more. You can trade various instruments and markets, such as stocks, options, futures, forex, cryptocurrencies, indices, commodities, ETFs, and more. You can also adjust your account settings and balances, such as adding or removing virtual cash or resetting your account.
  6. Monitor your orders and positions on the platform. You can see your open orders and positions on the Monitor tab of the platform. You can also see your account summary, activity history, profit and loss analysis, risk profile, statements, and tax documents. You can modify or cancel your orders or close your positions at any time.
  7. Learn from your paper trading experience. You can use Thinkorswim Paper Trading to evaluate your trading performance and progress over time. You can review your trades and strategies, identify your strengths and weaknesses, learn from your mistakes and successes, and improve your trading skills and knowledge.

Thinkorswim Paper Trading is a great way to practice your trading skills and strategies without risking any real money. However, it is not a guarantee of future success or profitability in real trading. It is a simulation that may not reflect the actual market conditions, liquidity, volatility, or execution quality that you may encounter in real trading. You should always do your own research and analysis before making any trading decisions.


In conclusion, setting up paper trading in Thinkorswim provides traders with a valuable opportunity to practice trading strategies, gain experience, and refine their skills in a risk-free environment. With the step-by-step process outlined above, you can easily register for a paper trading account, download the Thinkorswim trading platform, and activate your paper trade account. Once set up, you can enjoy the features and tools offered by Thinkorswim to simulate trades and explore different investment strategies. Paper trading in Thinkorswim is an excellent way to build confidence and familiarity with the platform, making it a valuable resource for traders of all levels.

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