Practice Trading Risk-Free with paperMoney®

August 28, 2023 Beginner
Fine-tune your trading skills by practicing with thinkorswim® paperMoney®. You can learn the nuances of the platform and try new strategies without risking real money.

Figuring out how to use a trading platform often comes with a learning curve. Additionally, many traders prefer to test different strategies before putting them into practice in a real-time market situation. With paperMoney®, a practice trading simulator that mirrors the thinkorswim trading platform, it's possible to try new trading strategies and understand the platform before risking any real money.

How paperMoney helps traders practice

With the help of paperMoney, traders can:

  • Test new strategies. Traders looking to try a new strategy can use paperMoney to see potential outcomes in a simulated trading environment. The results in the simulator might differ from true results in the market, but it can provide a test-and-learn environment that allows traders to practice different types of trades.
  • Review trades. paperMoney allows traders to easily retrieve key information for analysis. Traders can also check the exact second, minute, and day a trade was executed, canceled, or replaced. This data can help inform a trader's future strategies and decisions.
  • Track trading profits and losses. paperMoney details all your trades (including paper commissions) and offers data in the form of profit and loss analysis over multiple time periods. Some examples include today, year-to-date, and when the trade was opened. It's also possible to export paperMoney data into a spreadsheet format for review.

Traders can also reset their paperMoney account at any time to return to their original settings. From the Monitor tab, select Activity and Positions. Right-click the position and select Reset all positions.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.