ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Learn How To Invest: Getting Started With Paper Trading

Updated on December 4, 2014

Battle Station

Getting Started With Thinkorswim Paper Trading

Getting started.
-To trade with regular margin strategies you will need a minimum of 2500$

-To practice these strategies with a realistic paper trading account you do not need any money.

-None of the following steps will cost $, it's all free, your info will not be used to sell you anything, there is no spam or advertising. You can go from not knowing anything about trading to being a self-directed investor without spending a penny. You don't need some famous investing guru to charge you money to teach you a bunch of crap that will never give you any statistical advantage. And you don't need some adviser or fund manager to charge you fees for mediocre to dismal performance.


-go to www.dough.com and create an account.
-Go through the Doughjo video series on the website and take the quizzes as you go. There is no time limit to answering the questions. Take your time. If you are hung up on a question, google it, call a lifeline, whatever, but don't guess. You will need a score of 80% I think to get the permissioning certificate that will allow you tier 2-3 status for trading with these strategies. They pretty much walk you though the quizzes but some of the questions may be confusing so it's ok to make sure you're right before you answer.
-On the Dough website click on one of their TD Ameritrade links to create an account with TDA. Creating an account with TDA through the Dough links will give you a fee reduction for when you do start trading. The reduction is substantial so it's important to take advantage of it.


TSLA

Creating a Brokerage Account for Investing

-Create an account with TDA using the same username and password as with Dough. The accounts will all be connected so it will all be secure. There will be questions , be as honest as you feel is necessary. Many of the questions are just what they use to assess your experience and risk tolerance when allowing a higher tier status for trading. The higher the better. So you should request tier 3 if asked. (in the end it won't matter as your doughjo certificate will override their assessment and give automatic tier 2-3 status.)


-From the TDA homepage you can find a link for the free download for Thinkorswim. This is the platform you can practice paper trading on or trade from a funded account. Once downloaded open it using your Dough/TDA username and password.

Learn How to Trade Stocks and Options

-Now everything is in place.....if you have your dough certificate from finishing the video quizzes click on the "Help" button on Dough.com, go to "Chat With Dough" and ask them what you should do with your Dough certificate now that you have it. They will tell you where in TDA you should send it. And once sent you will want to request Tier 3 status if you haven't already. This is from the TDA homepage under Client Services/My Profile/General where you can edit Option trading status to request Tier 3.


-Watch Tastytrade as much as possible (especially What Else Ya Got, The Skinny on Options Math, Market Measures, Best Practices), watch the archived videos, (Where Do I start and Back To Cool are daily and archived beginner videos) go to the Dough webinars on Dough, watch Trade Seminars on Thinkorswim from the Support/Chat tab (the wading pool chats help greatly to introduce you to the platform), watch YouTube videos, learn, learn, learn. Become a trading Tyrannosaurus.


-Let me know if you need any help, I'm happy to answer any questions I can or at least point you in a helpful direction.

-Check my other posts for videos and additional content on getting started.

Setting Up Paper Trade Feature on Thinkorswim

Call and Put Option Trading Strategies

Check out my other posts where we will go further into how to actually place a trade using call and put options strategies a real time paper trading account. I will go into everything from basic covered calls, vertical spreads, iron condors, butterflies, straddles, strangles, delta management, theta decay, calendar spreads and whatever else I can think of.

I am still learning much of this myself but my aim is to help others and maybe save them time so they can get to the path of self directed investing as soon as they are able. And maybe help to avoid many of the mistakes I made myself.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)