Paper Trading

This is a discussion on Paper Trading within the First Steps forums, part of the Reception category; Hello All! I would appreciate any advice on a quality platform for virtual trading/ paper trading. I see you can ...

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Old Nov 30, 2004, 2:32pm   #1
 
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Paper Trading

Hello All!

I would appreciate any advice on a quality platform for virtual trading/ paper trading. I see you can register on almost every broker website for a free £100,000. I am keen to simulate the day trading experience as close as possible.

I know you are excluding the emotions here, but at least I can measure for say 3 months what I would be doing with 30k (win or lose).

I look forward to any suggestions.

Cheers
Swiss2004
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Old Dec 1, 2004, 10:56am   #2
Joined Sep 2004
i would always rather trade really small than paper trade. But either way, many people seem to reccomend Oanda when they're doing this sort of thing starting out.

Hope that helps

Good luck

GJ
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Old Dec 1, 2004, 1:12pm   #3
 
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Cannot really suggest any good platforms, as I don't really think there is a lot of diffeence between one platform or another with regards to simulated trading. I would advise that if you know what it is you want to trade and have an idea of who you want to trade with, then go with their simulator as you will get used to the quirks of their platform. One word of caution on paper trading on a simulated platform, I have noticed that fills can be a long way from current inside bids and asks, the major problem with this for what you are trying to do is that in a fast moving market you will get into, and out of trades at prices, that in reality you could never achieve, for example while trading on cybertraders simulator I would place a limit order at say .55, watching closely I see that price has moved beyond me to say the area of .65/.66 bid/ask, and bing I get filled at .55. Clearly in realtime I should not be in this trade. The main reason for this is that most simulated platforms are not designed to test trading strategies etc but simply to familiarise you with using the features of the platform. For me paper trading to test a strategy was better done studying the price and volume action and determining if it was reasonable to assume that I would have got in and out at the prices specified.
Something to consider.
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Old Dec 2, 2004, 10:16am   #4
 
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swiss2004 started this thread Thanks for the advice guys, I can see the value in trading small, this also lets you experience parting with money as well as testing strategies.
Its easy to buy and short 50K of fantasy money and still not get a true flavour of trading.
I guess the mind set should be much the same as trading paper compared to real cash flow as long as you believe in your strategy and principles.

Swiss2004
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Old Dec 2, 2004, 10:49am   #5
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My own opinion is that paper trading doesn't teach you much....others may disagree. There is a danger that it can give you a false scence of security if it goes really well. If you want to test strategies then one should back test. If you want to lean/feel what its like to trade then trade real money in a small amount. Having said that I'll contradict myself now. When I backtest I do try and pretend I am really trading what I'm backtesting and I note down my feelings with the trades. I'm trying to see if I could really trade it in real life given the ups and downs. After a few hours of doing this I feel really mentally exhausted and I've normally given up a few times thinking the system stinks.
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Old Dec 2, 2004, 11:03am   #6
 
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Would agree up to a point Tufty, however once you know what it feels like to trade and you are simply strategy testing I find paper trading works fine, just don't use a simulator to do it, not a fan of backtesting. Trading in hindsight is easy.
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Old Dec 2, 2004, 4:33pm   #7
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papertrade

Quote:
Originally Posted by swiss2004
Hello All!

I would appreciate any advice on a quality platform for virtual trading/ paper trading. I see you can register on almost every broker website for a free £100,000. I am keen to simulate the day trading experience as close as possible.

I know you are excluding the emotions here, but at least I can measure for say 3 months what I would be doing with 30k (win or lose).

I look forward to any suggestions.

Cheers
Swiss2004
With training, time and patience, paper trade futures can turn the unskilled novice into an active, futures-educated investor. With paper trade futures your losses are only a matter of pretend figures.. as are your profits. Once you have confidence in your abilities, it might be time to abandon the paper trade futures and step into the genuine futures trading markets.
http://www.infinitybrokerage.com/fut....aspx?ref=JBAR
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