There is no stated limit for how many times you can reset paper trading equity. You may reset your equity at any time, provided all positions are closed and the request is submitted before the daily cutoff. However, students should only reset with their professor's permission, as resetting without authorization may be considered a violation of course policy, since it can be used to erase losses or manipulate performance results.
How many times can I reset my paper trading equity?
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How do I change the password on my paper account?
Why is my daily P&L wrong in TWS?
Can my professor reset my paper trading account for me?
Can I reset to any amount I want?