How to Reset Paper Trading on TradingView: A Complete Guide

Imagine you're deep into a paper trading experiment on TradingView, and things aren't going the way you expected. Maybe you've made a string of poor decisions, or perhaps you just want to start fresh to test a new strategy. Whatever the reason, knowing how to reset your paper trading account is crucial to continue practicing with a clean slate. But how exactly do you reset your TradingView paper trading account? In this article, we'll walk you through everything you need to know about resetting paper trading, from why it's useful to how you can do it with just a few clicks.

Why Resetting Your Paper Trading Account Matters

For traders who are honing their skills without risking real money, TradingView’s paper trading feature is a game changer. Paper trading allows you to trade in real-time markets but without any financial risk, giving you an environment to test strategies, practice risk management, and fine-tune your decision-making process. However, after making dozens or even hundreds of trades, your portfolio can get cluttered, and it might be hard to assess whether a particular strategy works. This is where the reset option becomes invaluable.

Resetting your paper trading account can help in the following ways:

1. Start Fresh with a New Strategy: Maybe your initial trading strategy didn’t work as you hoped. Resetting allows you to start fresh with a completely new approach and observe its results from scratch.

2. Clear Portfolio and History: If your trade history is filled with old transactions, it can be tough to keep track of recent trades and performance. Resetting wipes the slate clean.

3. Improve Psychological Clarity: Let’s face it – paper trading can sometimes feel real enough that it influences your emotions. A portfolio filled with losing trades can impact your psychology, making you more cautious or reckless. Resetting your account gives you a mental reset as well.

4. Rebalance Your Virtual Funds: Over time, your paper trading account balance might become unrepresentative of what you want to practice with, especially if you've been on a hot streak or a cold streak. Resetting puts you back at your desired starting point.

How to Reset Paper Trading in TradingView

So, how exactly do you reset your TradingView paper trading account? Here’s a step-by-step guide:

Step 1: Log in to Your TradingView Account

Make sure you’re logged into your TradingView account where your paper trading portfolio is set up.

Step 2: Open the Paper Trading Panel

On the TradingView interface, look for the Trading Panel at the bottom of the screen. Click on this panel, and a list of available broker options will pop up. Among these options, you’ll find Paper Trading.

Step 3: Disconnect and Reconnect Paper Trading

To reset the account, the easiest method is to disconnect and then reconnect to the Paper Trading account. Here’s how you can do it:

• First, click on Disconnect in the Paper Trading section. This effectively halts your current session.
• Next, immediately Reconnect to the Paper Trading option. This will load a fresh session, resetting your account balance and trade history to the default values.

Step 4: Verify the Reset

After reconnecting, you should see that your portfolio and trading history have been wiped clean. You now have a fresh account to start paper trading again.

Step 5: Customize Your Starting Balance (Optional)

By default, TradingView resets your account to $100,000 in virtual funds. If you want to practice with a different balance (for instance, if you want to simulate trading with $50,000 or $1 million), you can adjust your starting balance. Here’s how:

1. Go to Settings in your Paper Trading account.
2. Select Reset Paper Trading Account.
3. A pop-up window will appear, giving you the option to enter your desired starting balance.
4. Enter your new starting balance and confirm.

Now, you’re all set to trade with your customized amount of virtual money.

The Benefits of Using Paper Trading on TradingView

TradingView’s paper trading feature has a wide array of benefits beyond just being a safe place to practice. It’s packed with features that make it almost identical to trading with a live account, giving you a real-world experience without the financial risk.

Some notable benefits include:

• Access to Real-Time Data: You can trade with real-time market data, helping you better understand the ebb and flow of the markets.
• Comprehensive Charting Tools: TradingView is renowned for its extensive charting tools, allowing you to perform technical analysis with precision.
• Risk-Free Environment: Since it’s a paper trading account, you can afford to make mistakes, learn from them, and adjust your strategies accordingly without losing any actual money.
• Backtesting Capabilities: You can also backtest your strategies using historical data to see how they would have performed over time, adding another layer to your learning process.

Common Mistakes to Avoid When Resetting Paper Trading

While resetting your paper trading account is straightforward, here are a few things to keep in mind to avoid potential frustration:

1. Not Saving Key Data: If you want to analyze your past trades before resetting, make sure to save that data. Once you reset, all history will be lost.
2. Assuming Reset Means Perfect Knowledge: Remember that resetting your paper trading account doesn’t mean you've mastered the market. It’s still a tool to help you learn. Don’t be too hard on yourself if things don’t go perfectly after a reset.
3. Over-Relying on Paper Trading: While paper trading is a fantastic learning tool, don’t rely solely on it forever. Real trading comes with emotional and financial pressures that paper trading can’t simulate.

FAQs About Resetting TradingView Paper Trading

Q: Can I reset my paper trading account without losing past trade data?
A: Unfortunately, when you reset your account, all historical data will be lost. You might want to save that data manually before resetting if you’d like to review it later.

Q: How often can I reset my paper trading account?
A: You can reset your paper trading account as often as you like. There are no limits on how many times you can do it.

Q: Can I reset only part of my portfolio?
A: No, the reset function affects the entire account, including all trades and the entire balance. If you want to "reset" part of your portfolio, you’ll need to close out those trades manually without using the full reset function.

Q: Is there a difference between resetting on the web versus the app?
A: The reset process is very similar on both the web and mobile versions of TradingView. However, the interface may look slightly different depending on the device you’re using.

Conclusion: The Power of Resetting

Resetting your paper trading account on TradingView is not just about wiping out a few bad trades. It’s about refreshing your mindset, re-strategizing, and preparing for a more focused approach to learning and honing your trading skills. Whether you’re a beginner or a seasoned trader trying out new strategies, the reset function is your best friend for maintaining clarity in your practice sessions.

Remember, success in trading doesn’t happen overnight, and using tools like TradingView’s paper trading feature will help you sharpen your skills in a risk-free environment. So, when things get messy, don’t hesitate to reset and start again with a clean slate. You might just surprise yourself with what you learn next.