How to Setup a Thinkorswim Paper Trading Account (Updated ...

Newbie here and I need help

Hi, so I opened an account with TD Ameritrade to trade stocks with last year and ended up getting side tracked with other things (college). I decided this month to look back into trading and really try to educate myself and truly understand whats going on rather than just looking at a chart and guessing, and also try other things besides stocks. So for the past two weeks I've been attempting to trade forex with the paper money account TD provides.
So, today I was doing pretty okay. I went long on EUGBP and over the course of 2 hours made $217 with my fake money. I was pretty happy. Then I proceed to lose $500 when I went long on EUUSD and five minutes later it hit its daily high and plummeted after that. After that knife in the my gut, I decided to take a break and go do some things, come back in a more stable state of mind. For the last hour I've been trying to pull some money out of the market here and there. I made a few bucks back, but then I took a loss that really pissed me off. I'm using TD's ThinkOrSwim platform to trade with and I must be missing something or don't understand something. I analyzed my charts for about 5 minutes and drew my trend lines and marked important price points. I was looking for the EUUSD to go long after it took a quick dive and made a double bottom. I set a BUY LMT order at 1.1180 and set my stop loss for 10 pips less and 50% take profits for 20 pips and the rest take profit at 50 pips above my entry. I left it to do its thing and I come back around 20 minutes later to see that the price is now 5 pips past my BUY LMT order and for some reason I haven't entered yet even though I set the order up. I don't seem to have this problem when I set up an order to short though.
I do have an issue with shorting and I guess I just don't understand what I'm doing. I analyzed my charts and was going to short EUGBP. I entered at 0.7337 and watched it drop to almost 0.7330. I was expecting a nice little profit when I looked at the P/L Open to see that I was negative almost $70. I thought if you short it you make money when the pair goes down in price? I've also had the opposite happen when going long on quick trades (15 min or less) where the price is now well above my entry but I'm in the negative on my P/L open.
I'm just really confused now and need some help, both with what types of orders to use and when to use them, and also with ThinkOrSwim itself. I thought if I wanted to go Long I should use a BUY LMT order as opposed to MKT order to know I'm not paying more than what I want to but when I set those BUY LMT orders up they aren't being executed.
ANY help or advice is appreciated, thanks.
submitted by MotorMUT16 to Forex [link] [comments]

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TD Ameritrade thinkorswim virtual trading account. Free TOS stock broker paper trading. Rating: Minimum to open: $0 for a cash account, $0 for an IRA. Promotion: $0 stock/ETF trades and transfer fee refund. Overview of Simulated Trading on TD Ameritrade Does practice make perfect? Well, in the world of trading, we don’t aim to be perfect, but we do want to be profitable. And one way to pursue that goal is to practice, practice, practice on the paperMoney stock market simulator on the thinkorswim trading platform.. paperMoney offers a virtual trading experience that lets you test your trading strategies just as you would in a real, live ... Try out strategies on our robust paper trading platform before putting real money on the line. Sign up for a paperMoney practice account to trade $100,000 virtual money* risk-free. Download thinkorswim. Once you have an account, download thinkorswim to start trading. Full download instructions. $0 commissions on online stock, ETF, and options trades. U.S. exchange-listed stocks, ETFs, and ... With paperMoney, TD Ameritrade's trading simulator, you can trade without risking a dime, in a real-time environment TD Ameritrade Paper Trade Practice Account (2020) ... has a demo mode where a fake currency can be used to place mock trades. There is no charge to use the broker’s simulated trading tools. Account Setup The first thing you need to do to start paper trading at TD Ameritrade is to open an account. If you already have one, then you simply need to log in and download thinkorswim. Click on ... How to sign up for a $200,000 demo account from TD Ameritrade (thinkorswim) ... To effectively make use of paper trading practices, we’re going to make use of paper money or “fake” money, if you will. Paper trading is basically the notion of trading with fake or pretend money to see what outcome your investment decisions might lead to. Paper trading is very useful for a number of reasons ... Using Paper Trader, you’ll get $100,000 in fake money to trade both options and equities. The platform is completely customizable, so users can change the layout to suit their preferences.

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thinkorswim® paperMoney®: Stock Trading Simulator Tutorial ...

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