Have you ever tried paper trading?

[Shaf]

Learning to trade successfully can consume a lot of time and efforts on your part. That's why some trading platforms offer what's called paper trading for you to practice with before diving in.

Basically, it's not that you trade with paper, but you are given an account with imaginary hypothetical money that you can use to but and sell currencies and stocks of your choice just like you are in a real market.

It sure has its advantages and will have disadvantages like everything else, but it's a good way to practice without losing real money.

Have you ever tried using it to learn how to trade? How did it go?

 

[Sheebaparveen]

THOSE WHO DON'T KNOW THE MEANING OF PAPER TRADING
A PAPER TRADE IS A STIMULATED TRADE THAT ALLOWS AN INVESTOR TO PRACTICE BUYING AND SELLING WITHOUT RISKING MONEY

 

[Finger Geek]

What you mean by paper trading with what you have written about it also means opening a demo account. For a beginner it is always an advise for them to try demo account before going for real account. A demo account is like the real account that we can practice trade on it and trade like we are trading for real.

I have used demon accounts before and it helped a lot as it helped me to developed strategies of my own as I do the trades. But there is something I discovered about opening a demo account. I noticed that when I was trading with the demo account, my profits is more that the real account with the same pips. It was later that I knew that it is the brooker that I registered with that caused it. Those time I was trading with instaforex so I tried there demo account first and later tried the real account. Trading the really account with same pips as profit with the startegy I used it on demo account, I see that the profit is lower. It was later that I see that it is there swap fees that reduced the profit.
It was recently that I used FBS and I will say that the trading expirence on FBS is better with no swap fee. And the strategy I used on the demo is now effective.

 

[Sotherefore]

Have tried it out before , What I could remember is that I traded it in one particular crypto platform, I was not really serious about it so I don't really know if it was really profitable to me or not then , and another thing then was that I didn't really understand how the platform really works because I was being introduced to it by someone that have better understanding of the platform and I was just a novice.

Even if I have to learn how to trade by using a demo account just like you have said I really have to learn how to trade perfectly because I believe that using of demo account or Paper account to trade is not really profitable especially when you don't understand technical and fundamental analysis that is needed for you to predict the market perfectly.

Trading is quite difficult and may require a lot of serious understanding for you to be able to succeed perfectly and all these things must be in perfect order before you even think of earning , if not you may not likely succeed

We have to understand that trading of demo account is quite different from trading of Life account too.

 

[Eduard Hahn]

Yes, I have. In fact, that’s what I do every time I want to test my newly learnt knowledge. It’s a free way of testing my skills and strategies and making improvements before I risk my money.

 

[Wordsmith]

I don’t think there is any trader who didn’t practice on a demo account before starting to trade in the live market. I am no different and that’s what I recommend to other traders too. Practice trading with virtual money before you put your real money at risk.

 

[brindagladden]

Yes, I have. Demo trading was my first step after learning. I wanted to gain practical knowledge of trading forex without the need of risking my money and I don’t think there is anything better than a demo account for this purpose.

 

[Shrubbery]

Oh yes! I don’t think there is any trader over here who didn’t practice on a demo account before starting live trading. I mean who wouldn’t want to take advantage of a free platform to learn.

 

[Neuroid]

Of course, I have and I am sure that every other trader has. In fact, I still use my demo account to test my newly learnt knowledge before risking my money with it.

 

[Macrobian]

I assume you are talking about trading in a demo account. Yes, I have done that before opening a real account and it was a great learning experience. Every new trader should practice on a demo account first before risking their real money.

 

[Caballine]

Yes. For those who don’t know, paper trading is basically another term for demo trading. When I was a beginner, I used demo trading. It turned out to be truly helpful. I could try any number of strategies, however I wanted. Paper trading gave me confidence, and made me not feel anxious when I first started live trading.

 

[Impetrate]

Yes, it is a very important part of learning how to trade. Every trader should trade with a demo account to develop skills and build strategies. Also, I use demo trading occasionally when I have spare time to hone my trading skills.

 

[Chlamys]

Paper trading is a type of virtual trading in which investors practise buying and selling currencies with fake money. Paper trading benefits new participants by allowing them to simulate key methods involved in real trading, from selecting entry points to exit points. However, it has limited value because it underestimates the impact of graph correlation and emotional reactions in a typical market day.

 

[Feeble]

Yes, I demo traded on aaafx’s demo account for almost six months before opening a live account with them. I don’t think there is any trader who directly jumps in to live trading without honing their skills through paper trading.

 

[Vigorish]

Paper trading is still a part of my trading plan. I never take a risk until I get an idea of my strategy on my demo account. It does seem boring sometimes but I believe it’s better to waste some time than to waste some money.

 

[Asahi]

Broker is the top priority for trading. FXOpulence offers high leverage and narrow trading spread in majority of their pairs. Their high security encourages traders to get involved with the broker. Their customer support is too much responsive.

 

[FXOchartist]

Paper trading is similar with demo account, where trader can practice trading using virtual money and no risk losing real money, for simulation trading, demo account or paper trading has similar function but different platform. In FXOpen they offer demo ECN for trader, it is available on Metatrader or TickTrader platform, where with the demo account trader can learn, backtest, practice, improve strategy without risk losing real money.