One of the contradictions of trading is that to make money you need to have money. And to get really, really good at day trading you need to practice all the techniques and strategies you need practice. How do you practice?
By getting into a paper trading simulator. That is the best way to trade with virtual currency and in real time, testing out the techniques and learning about risk management without really risking anything.
Why Trade In A Simulator?
Trading in a simulator, especially one that has real-time, Level II quotes, will help you get used to spotting trends quickly and acting on them. But Warrior Trading offers a real-time simulator that mimics the highs and lows of the market.
The trading simulator that students jump into after taking classes with Warrior Trading instructors is designed to look and feel like the actual stock market. You start out with $100,000 of virtual currency in an account. And then you get to make trades, just like the real traders.
And the simulator with execute trades, just a like a real brokerage account. It performs exactly the same way. So you get to trade in real time conditions and see the same technical indicators and charts that regular traders get to see.
Risk Management Learning Trading Simulators
Learning risk management in a trading simulator is perhaps the most important skill you get to polish. Because you can try risky trades and see the real-world consequences without getting seriously hurt in the pocket. If you want to be a profitable trader you need to be able to manage your risk correctly.
Paper trading is where you learn the importance of putting a stop-loss on your trades. And how to stick to them. Sometimes you want to go past that stop loss, if you have a “good feeling” about the trade. But don’t trust good feelings. Trust your strategy and your profit-loss ratio at the end of the week.
How do you know if you can really hack it in the day trading world. Find out by searching out Warrior Trading on Facebook and take your shot.