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; Train hard Fight easy...

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Old Jul 14, 2009, 10:46am   #11
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Train hard Fight easy
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Old Jul 14, 2009, 11:03am   #12
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think if you are emotionally stable and have approached trading from the start in responsible way, you do not intend trading scared money etc

its the same

many I think come unstuck when profitable on demo or with small stakes

move live / jump up in stakes

then they attempt the cherry pick there own method approach to make more out of trading opportunities than their method indicates is possible

demanding the market pays to order

miss miss miss miss !!!

emotion up ......... ! ###

THE END


huge value imho, you should have the discipline to return to it later if required

you have a benchmark to measure personal performance from
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Old Jul 14, 2009, 12:11pm   #13
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TradeCamp started this thread I don't personally have much regard for demo accounts either. How many traders here deposit 50k into their trading account to start with? Even if they can, the emotional difference between a fictional 50k and 50k of your children's inheritance is HUGE.
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Old Jul 14, 2009, 12:17pm   #14
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Originally Posted by A Dashing Blade View Post
80% of trading revolves around emotional control, the need for this comes from the fact that you're playing with real money.
This is so key. In fact, this unlocks another secret of trading. People often ask why people who can teach you about the markets, don't just go and trade for themselves. Emotion is the answer, they may logically and rationally know what to do, but when their own money is on the line, their emotional approach sets them back.
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Old Jul 14, 2009, 2:43pm   #15
 
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Originally Posted by TradeCamp View Post
This is so key. In fact, this unlocks another secret of trading. People often ask why people who can teach you about the markets, don't just go and trade for themselves. Emotion is the answer, they may logically and rationally know what to do, but when their own money is on the line, their emotional approach sets them back.
Which, to slightly go off at a tangent, I don't belive that a successful mentor should, neccessarily have been a successful trader.
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Old Jul 14, 2009, 3:01pm   #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, 3:31pm   #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, 3:51pm   #18
 
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Quote:
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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Mike
--
Still learning my trade.

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, 4:46pm   #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, 4:59pm   #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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