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TOPIC: Paper Trading (Practice accounts)

Paper Trading (Practice accounts) 4 years 9 months ago #10741

  • gazzelle
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Hi, I would like to setup a trading account and start to learn how to penny trade! I am totally new to trading but have already done a bit of reading. I am English but live in South Korea so I would probably be better with some kind of offshore trading account where it does not matter where you live! Again I would want a trading account that was user friendly and helpful to beginners.

Could you suggest a trading account that would be suitable please ?

Many thanks

Alan
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Paper Trading (Practice accounts) 8 years 2 months ago #228

  • evilchild
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While you are learning to trade, I strongly recommend trading in a virtual account (paper trade) until you build up the knowledge, confidence and some experience executing trades, and watching the market move.

The market is very risky, even when you know what you’re doing. Going in with real money before learning how to use that money is almost a sure way to lose it. Long term investing in large cap stocks is much less volatile than day trading, and day trading penny stocks is extremely volatile. That is the reason most of us like them, but be assured that it carries a higher risk of loss.

Using one of these practice accounts allows you the use of a trading platform to buy and sell stocks using real market data (15-20 minutes delayed) using fake money. This can give you some practice, offer a way for you to test what you think you know, and provides the closest thing to trading experience without risking money.

I still paper trade whenever I am testing out a new theory, strategy, or parameters on a chart.

This seems to be the most popular of the virtual platforms I know of:
How The Market Works
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