thinkorswim® paperMoney®: Stock Trading Simulator Tutorial

thinkorswim® paperMoney® is a trading simulation platform that lets you practice trading in realistic market conditions without risking any real money. In this tutorial, we'll demonstrate how to download and use paperMoney and place simulated stock trades.
Schwab clients can log in and access the thinkorswim® platform here:  www.schwab.com...
Not a Schwab client? Learn more about the thinkorswim® platform: www.schwab.com...
0:00: Welcome
0:32: paperMoney overview
0:53: Account types and balances
1:11: Adding stock buying power
1:55: Adding a watchlist to the left sidebar
2:55: Stock symbol lookup
3:40: Linking your watchlist to the symbol lookup
4:25: Creating an order to buy or sell stock
5:15: Editing, reviewing, and sending a limit order to buy stock
6:20: Creating and sending a market order to buy stock
7:25: Monitoring orders and positions
8:35: Creating a closing order using a limit order
9:50: Creating a closing order using a stop market order
10:45: Adjusting a position
12:00: Changing the order price
13:00: Customizing the Trade Grid: Adding Live News, Dashboard, and Level II Quotes
14:43: Introduction to thinkorswim charts
16:00: Adding a study to your chart
17:00: Changing the time frame of your chart
17:45: Trading from your chart
19:18: Introduction to the Scan tab: Scanning for stocks
21:00: Adding virtual cash
22:08: Resetting your paperMoney account
For more thinkorswim tutorials, visit the thinkorswim Learning Center: toslc.thinkorswim.com
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[@BobClark-ph9pp]

Excellent presentation of TOS. Thanks.

[@PereraN]

Keep in mind, paper money only works during MARKET hours. At premarket, EXT orders will not execute, and will be held at Working status.

[@f1ah]

so nothing willl work for papertrading if its not within these hours???

[@paramountx]

That's crazy. I I can't practice paper trading pre-market???

[@JAJE3U8]

@CharlesSchwab maybe you could make it record the previous trading day to then run at any time today. or maybe record today's trading day, so you can simulate after trading hours? don't know if that's possible with your software. if not, i hope you guys could add it. it would make TOS awesome.

[@jayforrest420]

can this be fixed or changed?

[@AvidAnimator77]

TIME STAMPS: 0:35 -Basic intro/setting up account 1:52 -Creating a Watchlist of your stocks 2:50 -How to search stocks 4:22 -Buying limit orders 6:18 -Buying stocks with Market Order 7:25 -How to see what price you paid 8:35 -How to close out stocks 10:46 -How to correct mistakes on orders you make 12:50 - How to further customize the platform for yourself 14:41- Charts Tab explained, how to adjust tabs 19:16 -Scan Tab explained, looking for stocks based on specific criteria 20:56 -Adjust cash value in account

[@75rucci]

How do I log out the paper moey?

[@memz1381]

THANK YOUUU!!!

[@memz1381]

For "Adjusting Cash Value in Account" you must have placed and execution 1 trade in your paper account. Afterwards you can go to the "Monitor Tab" & click on "Account Statement" on the bar below Monitor, then go down to any of these (Order History, Trade History, Profits & Losses) and RIGHT-CLICK any trade/$TCKR and select "Add Cash". Then write how much you want to add or subtract (with a "-") to get the account value to a proper size for real practice. Much Love

[@sighfyn]

@@75rucciwhen you close thinkorswim and log back in it will have you select live trading or paper money

[@andydouglass1374]

How do I start a paper money account with less then the default $100k? I have read the tutorial and looked at numerous blogs and videos, and every one shows a completely different interface than what I get with my Schwab thinkorswim page. Mine looks nothing like the page in this video. There is no account selector in the top bar. I can select accounts from a "Account Summary" pane, but there is no menu icon in that pane where I can select gadget options. The only thing I can do in the Account Summary pane other than select accounts, is to reset the account, but I only have the option of resetting it to $1M. I also don't have any tabs (Monitor, Trade, Analyze, etc.) over the main pane like you do.

[@memz1381]

Here's the timestamp 20:56 -Adjust cash value in account. Here's the step by step: -> For "Adjusting Cash Value in Account" you must have placed and executed 1 trade in your paper account. -> Afterwards, go to the "Monitor Tab" & click on "Account Statement" on the bar below Monitor tab. -> Then go down to any of these (Order History, Trade History, Profits & Losses) and RIGHT-CLICK any trade/$TCKR and select "Add Cash". -> Write how much you want to add (+) or subtract (-) to get the account value to a proper size for real practice. Much Love

[@SDM3791]

I'm having the same problem, my UI looks "childish"- large fonts, minimal access to settings, it looks like trading for a kindergardener

[@PereraN]

Note - Paper trade accounts DO NOT have access to STUDY FILTERS for scan queries, you'll probably get a popup message saying: "you are not permissioned for study filters"

[@1000eyes55]

That what great! very informative the pace is perfect very clear and breaks down a lot of the feature's to begin trading in the platform. I just registered my Schwab account but still active in TD until next month in the meantime, I'll be practicing my skills Thank You.........

[@seattleareatom]

Nice video. Thanks. Paper Money is good to learn the tools etc. in TOS. It isn't worth anything when it comes to day trading because the fills are HORRIBLE even when Paper Money is set to real time.

[@amyf8322]

how frustrating.. thanks for this reply!

[@Playeriyo20]

True I watch youtubers getting filled instantly in every trade and my trades on the demo most of the times can take 5, 10 seconds or even don't fill me up at all for even minutes so yeah if u want to practice scalping it won't work

[@blackusmc6531]

I love your tutorials....

[@disciplechoi2685]

appreciate this video!

[@howardbateman1195]

daily data for futures is inaccurate or missing for some futures like /cl & /btc

[@churchmouse144]

Does this platform allow for stop loss when doing paper trading?

[@CharlesSchwab]

Yes, the paper money platform allows for stop losses on orders. ^BC

[@satisfydotcom3731]

can't open vwap indicator

[@jamesparry7089]

Thank You!

[@speaseski8282]

How do you remove the search results.Good demonstration by the way.

[@CharlesSchwab]

There really isn't a reason to "remove search results." Each time a scan is run, the results will adjust to those stocks meeting the criteria. ^CH

[@kirkpetra]

Is there a way to quickly copy all trades etc from my existing live margin account to my paper margin account without having to input each trade individually? Thanks

[@CharlesSchwab]

Your live account data is in one data base. Your paperMoney account is a separate database. It truly is tracking transaction with live market data and trades. So the answer is no. ^CH

[@violinmaster3687]

Is there a way to go back in time to practice trading after the market is closed? It would be nice to back test some strategies.

[@CharlesSchwab]

The OnDemand tool allows you to do exactly that. Here's a great webcast from Schwab Coaching that explains OnDemand. kzbin.inforpFWDTM4Cec?si=g-VCgDlo3JA_J_0H ^BW

[@violinmaster3687]

@@CharlesSchwab Awesome! Thank you!

[@spencerkanen5975]

Do you need to open a full Schwab account with them including initial deposits and signed documents in order to use TOS

[@CharlesSchwab]

An account is need with Schwab to use thinkorswim however you can test it out for 30 days with this link. ^BC www.schwab.com/trading/thinkorswim/guestpass

[@Joyyyyyyyyyyyyyyyyyy]

It say registration is not available

[@validityvercher8709]

Had to go to Charles Schwab to create a brokerage account to start

[@thewrongaccount608]

The interface is completely different now. None of the things you mention in the setup are there.

[@CharlesSchwab]

thinkorswim has a desktop platform where you download software to your computer. There is also a web version and a mobile version. They look a little bit different from each other. To compare, make sure to use the downloaded softer version. ^CH

[@AP_123_]

I'm not seeing the "Adjust Account" tab on my TOS. However, it is after hours the time of this message. Must it be market open for this to appear?

[@CharlesSchwab]

The market doesn't need to be live. In order to adjust account you need to have a least one position in your paperMoney. You can then right click on it to see a menu to adjust account. I hope this helps. ^CH

[@andytranbmh7227]

21:12 How do I adjust account even if I haven't place a trade?

[@CharlesSchwab]

In order to adjust the account value, you need to have a least one position. There is no way in paperMoney to adjust cash without a position. You could buy one share of stock and adjust your cash and then sell off the position. ^CH

[@coreymckain]

mine doesnt look like this??

[@CharlesSchwab]

We explain additional ways to set up the platform in several trader talks classes: here is a youtube link: www.youtube.com/@tradertalkswebcasts ^MF

[@coreymckain]

@@CharlesSchwab oh Thank you!. the application is very powerful. Its just.. the interface looks like MSdos. I feel like im back on windows xp. no offense

[@SDM3791]

I am having the same problem, my screen looks childish like it was a UI made for little kids to understand trading. absolutely nothing like the interface I see in the video

[@qihwang]

schwab api available for paper trading?

[@CharlesSchwab]

Hello and thank you for reaching out. While we can only offer limited support through social media, our specialists are happy to assist. To discuss your concern with a broker, please call 800-435-4000 or initiate a secure chat session on Schwab.com, available 24/7.

[@Joyyyyyyyyyyyyyyyyyy]

How to open paper money account?

[@CharlesSchwab]

After you have downloaded thinkorswim and open it up to log into your account there is a toggle where you can switch between live money and paper money. ^BC

[@lennyappoh6716]

pls would i bea able to get real time data on the time and sales and level2

[@CharlesSchwab]

Hello and thank you for reaching out. While we can only offer limited support through social media, our specialists are happy to assist. To discuss your concern with a broker, please call 800-435-4000 or initiate a secure chat session on Schwab.com, available 24/7!

[@SDM3791]

this isn't helpful, my papermoney screen looks childish and has nowhere near this much detail, charts or oversimplified and font design is oversized, soft and "easy to read". I must be in the wrong screen but isn't there only ONE Thinkorswim?

[@CharlesSchwab]

There is the thinkorswim Desktop platform, the thinkorswim Web-based platform, and thinkorswim Mobile. Check to see if you are stuck on the Home Screen, which is a less complex entry screen. ^BW

[@CharlesSchwab]

Hey SDM. There are 3 version of thinkorswim. One is the downloaded software to your machine and that's what you saw in this video. There is a web version which I suspect by your description, is what you are probably seeing at home. And just so you know there is a mobile version. Here's a link so you can download the software to your computer. Its off of Schwab.com. www.schwab.com/trading/thinkorswim You'll use the same user name and password. At the bottom of the login screen you'll select live account or paperMoney. Many like to experiment in paperMoney to get comfortable with the software before using it with their live funds. This is a playlist for Getting Started with thinkorswim: tinyurl.com/3eax2ftf Find Session labeled #1, and continue through to get the basics down. You are also welcome to join the webcast live. It's on Mondays at 3 ET. Check the coaching calendar at: www.schwab.com/coaching/webcasts ^CH

[@shark619ify]

All these videos about papermoney never show you how to open papermoney and for beginners How the Fuck are we supposed to know how to access it. Its frustrating spending hours trying to find out something that simple. BTW anyone else out there frustrated by this its at the login screen at the bottom. Not one video has this MOST IMPORTANT part and I guess since you are a beginner they assume you already know this...WTF..

[@CharlesSchwab]

Hey Shark. I'm sorry you are frustrated. Here's a video that will help you with that initial step of downloading the software. kzbin.info/www/bejne/jWbKe2hjpZJrhZosi=Tzz2iQmDEwGXHVuO&t=57 As you encounter other questions, please send us a private/direct message for additional direction. You can contact us at 1-800-435-4000, or log in to Schwab.com to initiate a secure chat for assistance. Representatives are available 24/7. Thank you! ^CH

[@ravingcyclist624]

Incredibly slow!! With a quickly moving market you don't want to hover and right click and send and send again, etc..! That would be maddening! Surely there is a quick and simple way to place a trade!! Must be in another video? Hopefully.

[@CharlesSchwab]

Thank you for reaching out! I am happy to direct you to our service teams for assistance. You can reach a specialist directly by phone using 800-435-4000.

[@Fjord_Driver]

I love that Schwab reply. When the crap hits the fan and you actually do NEED to get action on your account before you lose a ton, they give you the 800 number to call. Laughable really. You will be on hold for a long time, if the market is having a huge volume day overall and they are having platform response time issues....which they will. Then they have to ask you security questions to make sure it is you. Then you have to explain to the person on the phone what the issue is with the order system. That person will be either dumber than a box of rocks, or just irritated that this is the 500th call they have taken regarding the screwed up system. Maybe the platform is dead slow and you clicked too many times because of the lag and now it says you are short instead of flat. But there is so much volume, the system is lagging like molasses in Siberia and you can't get useful "real time" anything on your screen to correct your screwed up orders. I speak from experience with their StreetSmart Edge program and their delays. Then you have to file an dispute and they have to review it, which may take weeks. My advice is stay away from fast moving nonsense Gamestop type stocks. If you want to play the Vegas game, go there, and stay out of the stock markets. At least in Vegas you're not showing up with your entire cash balance from your account, so you will bust out fast and head back home a few hundred dollars poorer instead of a few hundred thousand dollars poorer. Stick with stocks that move much more predictably. Don't be one of those home run hero suckers who watch KZbin thinking they are going to retire rich in 3 years of day trading. Keep dreaming. Most, including the Warrior Trading fan boys, lose and lose big. Read all his disclaimers. They are there for a reason, as is the arbitration clause. Real stock trading is boring as hell, and not the exciting video game many think it is. Interview all the stock trading gurus fanboys 15 years from now and see how many are busted flat broke.