Trader Workstation Paper Trading

Category: Trading Platforms | Author: Trading Brokers | Date: June 29, 2023

Paper trading is a valuable tool for investors to practice trading strategies and gain experience in the financial markets without risking real money. It allows individuals to simulate trades and track performance as if they were trading with actual funds. In this article, we will explore paper trading within Trader Workstation, a comprehensive trading platform offered by Interactive Brokers. With its advanced features and robust functionality, Trader Workstation provides traders with the opportunity to engage in realistic simulated trading, helping them refine their skills and make informed investment decisions. So let’s embark on this journey to understand the power and use of paper trading within the Trader Workstation platform.

Overview of Trader Workstation

Trader Workstation

Trader Workstation

Trader Workstation (TWS) is a powerful and versatile trading platform developed by Interactive Brokers, one of the leading brokerage firms in the industry. With its customizable Mosaic interface and extensive range of order types, TWS provides traders with a robust toolset to navigate and execute trades across various markets. Whether accessed through the desktop software, web browser, or mobile app, TWS offers a seamless trading experience across multiple devices. One notable feature of Trader Workstation is its emphasis on technical analysis. Traders can leverage a wide range of technical indicators, charting tools, and drawing capabilities to analyze market trends, identify potential entry and exit points, and make informed trading decisions.

The platform’s comprehensive suite of over 100 order types and algorithms allows traders to tailor their strategies and execute trades with precision, ensuring efficient risk management and potential price improvement. Trader Workstation excels in simplifying the trading process and providing advanced trading functions to enhance performance. Traders can take advantage of various order types and algorithms to limit risk, speed up execution, maintain privacy, time the market, and streamline their trading strategies. With access to a vast selection of markets and comprehensive trading tools, Trader Workstation empowers traders to stay ahead of the curve and make informed decisions in today’s dynamic financial landscape.

Overview of Trader Workstation Paper Trading

Trader Workstation Paper Trading is an invaluable feature offered by Interactive Brokers’ Trader Workstation (TWS) platform, designed to provide users with a simulated trading experience using real market conditions. This functionality enables traders to practice and refine their trading strategies without the risk of using actual funds. By utilizing the full suite of trading tools and capabilities available in TWS, users can gain valuable hands-on experience and learn how to navigate the platform effectively.

One of the significant advantages of Trader Workstation Paper Trading is that it allows users who are customers of Interactive Brokers to open a paper trading account. This means that existing IB customers can seamlessly transition between their live trading account and the paper trading environment. This integration ensures that users can fully leverage the capabilities of TWS, including access to real-time market data, advanced order types, comprehensive charting tools, and portfolio management features.

Engaging in paper trading through Trader Workstation provides traders with a risk-free environment to experiment with different trading strategies, test new ideas, and familiarize themselves with the various functionalities of the platform. By practicing in a simulated setting with accurate market conditions, users can gain confidence in their trading abilities, refine their decision-making processes, and evaluate the effectiveness of their strategies before applying them to live trading accounts.

How to Use The Trader Workstation Paper Trading System

Here are the steps to use paper trading in Trader Workstation:

Step 1: Open Trader Workstation

Launch the Trader Workstation platform on your computer by double-clicking on the application icon. If you haven’t downloaded it yet, visit the Interactive Brokers website and download the platform. Follow the installation instructions to set up Trader Workstation on your computer.

Step 2: Log in to your account

Enter your login credentials, including your username and password, to log in to your Interactive Brokers account within Trader Workstation. Ensure that you have an active account with Interactive Brokers to access paper trading. If you don’t have an account, you can sign up for one on the Interactive Brokers website.

Step 3: Navigate to the Paper Trading Mode

Once logged in, navigate to the top menu of Trader Workstation and click on the “File” tab. From the dropdown menu, select “Global Configuration.” This will open the Global Configuration window, which allows you to customize various settings within Trader Workstation.

Step 4: Enable Paper Trading

In the Global Configuration window, locate and click on the “Paper Trading” option on the left-hand side. This option allows you to set up and manage your paper trading account, which will enable you to practice trading without using real money. Once selected, click on the “Enable” button to activate the paper trading mode in Trader Workstation.

Step 5: Configure Paper Trading Settings

Under the Paper Trading section in the Global Configuration window, you can customize various settings for your paper trading account. This includes setting the initial equity, defining margin requirements, and selecting order types specific to your paper trading needs. You can adjust these settings according to your preferences or leave them at their default values.

Step 6: Save and Exit

After configuring the paper trading settings, click on the “Apply” button to save the changes you made. Then, click on the “OK” button to exit the Global Configuration window. This ensures that your paper trading settings are saved and ready to use for your simulated trading activities.

Step 7: Access the Paper Trading Account

To access your paper trading account, return to the top menu of Trader Workstation and click on the “File” tab once again. From the dropdown menu, select “Switch Account” and choose the paper trading account associated with your username. This will switch your active account to the paper trading mode, allowing you to execute trades using simulated funds.

Step 8: Place Trades

Now that you have set up and accessed your paper trading account, you can start placing trades. Utilize the various tools and features within Trader Workstation to analyze the market, identify trading opportunities, and execute simulated trades. Monitor your positions and track your progress within the paper trading environment.


In conclusion, setting up paper trading in Trader Workstation is a straightforward process that allows you to practice trading without risking real money. By following the steps outlined in this guide, you can enable the paper trading mode, configure your settings, and access your paper trading account within the platform. Utilizing paper trading in Trader Workstation is an excellent way to hone your trading skills, test new strategies, and gain experience in a simulated trading environment. Start your paper trading journey with Trader Workstation and take your trading skills to the next level.

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