A thinkorswim paperMoney reset is completed through Monitor → Activity and Positions → Adjust Account. Select Reset All Balances and Positions, click Apply, and confirm. The reset removes simulated positions, cancels working paperMoney orders, and restores the account's default virtual balance. Schwab's paperMoney materials commonly show that balance as $100,000, although the account-adjustment instructions refer to the default balance.

How Do You Reset a thinkorswim paperMoney Account?

Use an individual paperMoney account, then open Monitor → Activity and Positions and select Adjust Account.

  1. Log in to thinkorswim and switch to paperMoney.
  2. Open the Account dropdown in the upper-left corner.
  3. Select an individual paperMoney account.
  4. Open the Monitor tab.
  5. Select Activity and Positions.
  6. Find the Position Statement section.
  7. Click Adjust Account.
  8. Select Reset All Balances and Positions.
  9. Click Apply, then confirm the reset.

After the reset, your simulated positions should return to zero, working paperMoney orders should be canceled, and the account should return to its default virtual cash balance. The change may not appear completely until the next overnight update.

What Does Each Reset Option Do?

Reset All Balances and Positions restarts the entire paperMoney account. The other options change only the part of the account you select.

What you want to do thinkorswim option Result
Restart the entire simulation Reset All Balances and Positions Removes positions, cancels working orders, and restores the default virtual balance
Change only virtual cash Set Account Cash to Sets a new simulated cash amount without resetting the entire account
Correct one simulated trade Right-click the position and select Adjust position Changes one position without resetting the account

Choose Reset All Balances and Positions when you want a clean paperMoney account. Use Set Account Cash to when you only need to change the simulated cash balance. To correct one mistaken trade, use the individual position adjustment option.

What If You Do Not See the Reset Option?

Select an individual paperMoney account instead of an aggregated account view. The documented reset path requires an individual account before you open Monitor → Activity and Positions → Adjust Account.

Schwab also shows an alternate method for resetting positions: open Monitor → Activity and Positions, right-click a position, and select Reset all positions. That option does not replace the full account reset when you also need to restore cash and cancel working orders.

Why May the Reset Take Overnight to Appear?

The reset may take until the next overnight update to display the restored balance and cleared positions. Schwab's paperMoney walkthrough notes that the account may show the changes fully the following day.

Reset path: PaperMoney → Monitor → Activity and Positions → Adjust Account → Reset All Balances and Positions → Apply → Confirm