One of the most common questions asked is – “How do I set up a paper trade account?”
The answer is here!
Whether you are a new trader who is just getting started or an have trader, I am going to give you a step by tone tutorial of how to use the “ Think or Swim ” chopine inside of TD Ameritrade .
The first thing that you are going to do is go to www.TDAmeritrade.com
If you have an account, enroll your information in the upper right-hand corner and click the green button “ Sign In ” .
If you do not have an account so far, click the “ Tools & Platforms ” option in the menu. On the lefthand side, you will be able to select the “ thinkorswim ” chopine .
once you open an history with them, you want to download the “ thinkorswim ” application right onto your desktop .
If you are going to be using the paper trading translation ( this is for drill deal only ), be certain to open that translation. It will ask you to login or create your account .
once you have downloaded the chopine onto your computer, you can chose between a very report or your rehearse trade account with the “toggle button”. You can easily switch back and forth from your real and paper deal accounts .
To get started, let ’ s show you how to use the wallpaper trading score. Chose the “ wallpaper trade ” side on your chopine .
Remember, the real version will look the same, excessively. then hold certain you are in the paper trading account .
once you open your account, you will be taken to the splashboard shown below :
- On the top leave hand side – you can see in orange the buying power you have .
- right below that, you can research any stocks you may be matter to in to see news program. You can type in the heart symbol and it will give you the top news items for that store at this time. If you click the article, it will open in a new pop-up book box .
- right below that on the lefthand side – you can actually watch a news channel, including CNBC, live .
- Going down again you can see your own watch list .
- If you want to add something more to your splashboard, click the “+” in the lower lefthand corner to explore the different gadgets they have. You can besides delete the gadgets that are already on your dashboard by clicking the button in the top righthand corner of each appliance and selecting “ delete ”. To just minimize the appliance, click the down arrow in the lefthand corner of the specific appliance .
now let ’ s move over to to the tools on the top stripe
Click the “Trade” Button at the clear. hera is where you can enter your watch symbols of what you are considering deal, and is probably where you will spend most of your fourth dimension. You will be able to see the bid/ask price and the current price of the stock certificate .
If you click “underlying” – you will be able to see the specifics a fortune better. You besides will see all of the exchanges that trade is being traded on ( not equitable the NYSE ) .
It besides shows you the bids – or how much people are wanting to buy and at what prices .
In the middle, you will see all of the option trade possibilities, which is big for choice traders ( like me ). On the left hired hand side you get calls, and on the righthand slope you get put options .
right below, you can check out the unlike expiration dates you can get with the option chains .
Setup & Layout
If you click the top righthand corner clitoris called “ Setup ” – you can set up your splashboard. then snap “ Application Settings “.
A pop fly display will show .
This will enable you to edit all of your settings. If we drop down to “Look and Feel”, you can switch it to dark mode, change your baptismal font size, spacing, etc. then hit “ apply settings “ .
For my option chains, I like looking at the intrinsic and extrinsic value, a well as the last price .
I besides like having the delta, open interests, the bid, and the ask price .
To change all of these settings, click the “ layout ” clitoris right on the dashboard near the option chains .
You can click “ customize ” to select what you want in your option column. Keep in mind, the more things you add the more clutter it will be .
Buying an option
If you are ready to buy an choice from a certain passing date chain, just right click on it. The window will pop up which type you would like .
You would then select the option that you would like to BUY or SELL from the list .
Your club will then be plugged into “ order entry ” on your dashboard. You can then change it from buy to sell or vice versa if you need to, ampere well as confirm all of the information about your rate .
You can select the total of shares by moving the “ share ” arrows up and devour. If you need to adjust or change anything, you can do therefore good on the splashboard in your order entrance. When everything is correct, you can click the “ confirm and send ” release on the splashboard. After your final review, you can place the trade by clicking the “ send ” button .
Monitoring your trades
once you have placed your trades, you can monitor them. On your splashboard in the top lefthand corner, click the “ monitor ” tab key .
If the order is working but hasn ’ thyroxine so far been filled, it will be under the “ working ” tab key. If it has been executed, it will be under the “ filled ” check. obviously if you have cancelled a trade, it will roll down to the “ cancelled orders ” tab. If you have an open position that you are rolling out to a different month, it will be under the “ rolling ” tab key .
Looking at charts
You can besides take a front at different stock charts with their chart software. On your splashboard, click the “ charts ” tab. then type in the ticker symbol you are wanting to look at .
Inside the chart software, you can switch it back and forth from a telephone line graph to candlestick chart by clicking the “ style ” button .
You can besides add pre-built studies to your chart under the button “ studies “. then you can add things like bollinger bands and moving averages onto your graph .
On the bottom, you can view multiple charts at once. This is helpful to promptly compare .
If you hit the “ trade ” button on the side – it will give you a super quick manner to trade the chart you are on. I don ’ t inevitably recommend this option, you would have actually needed to have done all of your inquiry prior to making that move.
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If you click the settings wheel icon in the righthand corner of the graph, you can change the settings for how you view the charts and what you would like to have on your dashboard .
That is merely a quick overview of how to use a paper trade account OR real trade account right inside ThinkorSwim platform, part of TD Ameritrade. Feel free to comment below if you enjoyed this tutorial or besides use the chopine .
If you are a newer trader and would like to learn more about trade options, you can register for my free 1-hour options trading education by clicking here .