Advice for Newbie, Paper trading effectively?

[annety2007]

Hi, I am new to trading and stocks and I really want to learn to be a day trader. I think the best thing for me to do is paper trade for a while. I want to learn in a simulated environment - with real-time quotes, all the tools of a pro trader. The resources available are lacking. I'm thinking of using the thinkorswim TOS, but it looks like it requires $25k. I can afford that, but I don't want all that money just sitting in cash not earning interest. Is this a good way to paper trade? Can anyone think of a better way to learn? If I do go with thinkorswim, should i put the 25k in to something earning interest. I will eventually need the $ so I don't want to put it in to equities.

You would think someone would have perfected a perfect paper trading system by now. Thank you.

Anne-Marie

 

[fifty2aces]

Ninjatrader is free for simulation, though you need to get data for it. I know Mirus Futures will give you a free demo account which includes data for futures, not sure what the best option is for stock data.

 

[annety2007]

Thanks fifty2, I think I'm going to go with your suggestion. I found free data at opentick.com. Well almost free -

opentick :: market data

If I go with the non-professional pricing, is that going to give me reliable real-time data? Which data feeds should I subscribe to.. Nasdaq II, AMEX, NYSE. Your help is greatly appreciated!

Thanks!