advanced charts, back-testing, and trade simulation

 

5. Learn From The Tools

Utilize the free advanced charts, back-testing, and trade simulation that comes free with the platform. Paper trading provides comprehensive trading graphs and reports to aspiring traders to learn from the parameter webapex.net  As an aspiring trader, you have two choices with you. You can either adopt a strategy that is actively used by successful traders, or you can create your own unique strategy and implement it in paper trading to accept or d westernmagazine.org iscard it.

If you create your own strategy, p ysin.org repare yourself to spend months or years testing and refining it before you can trade with real big money.

7. Track Yourself

The paper trading platform automatically tracks your performance as it would if you were using real money. You can analyze your paper trading results in detail to understand what is working and what is not. Analyze your mistakes, cross-check your actions, and figure out better strategies for the real market.

Paper trading alone is not enough to make you a successful trader. You need to improve your trading plan. You need to go back to the old trades and analyze your play. Look for patterns, observe the things you were good at, and the factors that led to losing trades.

8. Record Everything

When learning from your paper trades, don’t simply notice your entry and exit prices. Record as much detail as possible for all your trades.

Record the following significant data for your analysis –

• Why did you enter the trade, and at what price?
• Why did you exit the trade, and at what price?
• How many shares did you buy, and why?
• What is the risk/profit ratio?
• Did the trade go as planned? If not, why not?

 

Keeping track of all of these details may seem hectic in the beginning, but it will become a tradition after a while, bearing significant fruits to you. When you come back to analyze your trades after closings, you will have enough information to draw a conclusion of your profit or loss.

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