Should You Be Paper-Trading?

This is a discussion on Should You Be Paper-Trading? within the First Steps forums, part of the Reception category; My reason for wanting to paper trade is that I am an equity trader by profession. Hence, I am restricted ...

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Old Jul 14, 2009, 2:01pm   #16
 
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Reason for paper trading

My reason for wanting to paper trade is that I am an equity trader by profession. Hence, I am restricted from trading equities on my own account in my current job. I am of course allowed to build a paper track record for future use which is what I am aiming to do.

Can any of you recommend a paper trading site / vendor which allow you to trade European equities as well, not just US equities? Or can you direct me to a post on this page where I can read more please?
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Old Jul 14, 2009, 2:31pm   #17
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Originally Posted by mama99ai View Post
My reason for wanting to paper trade is that I am an equity trader by profession. Hence, I am restricted from trading equities on my own account in my current job. I am of course allowed to build a paper track record for future use which is what I am aiming to do.

Can any of you recommend a paper trading site / vendor which allow you to trade European equities as well, not just US equities? Or can you direct me to a post on this page where I can read more please?
Can't your own employer offer you a demo account? I'm not sure where you're based, and depending on what type of product you want to use (i.e. futures, CFDs, Spread Trading) but there are a number of providers that offer demo account with a wide range of equities. Try IG Markets or CMC Markets.
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Old Jul 14, 2009, 2:51pm   #18
 
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Originally Posted by A Dashing Blade View Post
Which, to slightly go off at a tangent, I don't belive that a successful mentor should, neccessarily have been a successful trader.
An analogy here could be star classical musicians.

As well as practising hard every day, I think they still have teachers, and voice coaches, etc, who may never themselves have been "stars" (although they will have usually been professional musicians).

Teaching is something of a gift, and if you have it, you should use it.
Not all star musicians or star traders may have that gift.
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Just because it worked, it doesn't mean that it works.
Think of losing trades as your training fees.
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Thanks! The following members like this post: tenbobtrader
Old Jul 14, 2009, 3:46pm   #19
 
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Paper trading system

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Originally Posted by TradeCamp View Post
Can't your own employer offer you a demo account? I'm not sure where you're based, and depending on what type of product you want to use (i.e. futures, CFDs, Spread Trading) but there are a number of providers that offer demo account with a wide range of equities. Try IG Markets or CMC Markets.
Thanks... I don't like setting up a demo account in my employer's system. It could so easily lead to a lot of questions from compliance etc.... I have had a look at what both can offer. IG Markets offered the most markets, but you were only allowed to have a demo account for 14 days - then it was deleted. CMC markets don't offer enough markets. I will have a look at what some of their competitors can offer, but I was hoping someone had experience with a pure sim trading application for mainly European equities which they could recommend.
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Old Jul 14, 2009, 3:59pm   #20
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Originally Posted by mama99ai View Post
Thanks... I don't like setting up a demo account in my employer's system. It could so easily lead to a lot of questions from compliance etc.... I have had a look at what both can offer. IG Markets offered the most markets, but you were only allowed to have a demo account for 14 days - then it was deleted. CMC markets don't offer enough markets. I will have a look at what some of their competitors can offer, but I was hoping someone had experience with a pure sim trading application for mainly European equities which they could recommend.
Fair enough, I'm sure there must be a decent service out there, another provider you might try is SpreadCo, I know they offer a demo acccount but they are not a SIM. In any case good luck!
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Old Jul 14, 2009, 3:59pm   #21
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Originally Posted by montmorencyt2w View Post
An analogy here could be star classical musicians.

As well as practising hard every day, I think they still have teachers, and voice coaches, etc, who may never themselves have been "stars" (although they will have usually been professional musicians).

Teaching is something of a gift, and if you have it, you should use it.
Not all star musicians or star traders may have that gift.
I like this analogy!
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Old Jul 16, 2009, 6:00pm   #22
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Most star traders might not really be fully aware of why they are stars, they just are.
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