Your Questions About Paper Trading

Jenny asks…

What is the best and most realistic stock trading simulator that’s available for free?

I want to start practicing so eventually I can start trading online for real. So what is the best free stock trading simulator? Thanks!

John answers:

Simulating in the past (backtrading) is much different than paper trading in the present. Consider opening a brokerage account that allows you to paper trade for free, which is following your trades in real time. Both are useful but the former alone is not sufficient.

Carol asks…

What Are The Best Option Trading Strategies For Trading Options In The Stock Market?

I’ve heard of many different stock option trading strategies and would like to know which are the best ones to use. If you’ve had experience with any, please share your results in general.

John answers:

To be successful at trading options in the stock market, you’ll need practice. The best way to get practice is through paper trading, that’s where you follow a stock and pretend you are actually putting trades in and then taking them out, hopefully for a profit.

You can also find books on the subject, like on amazon or barnes and noble. You’ll need a good foundation on the basics. There are also different strategies when it comes to trading options so you’ll need to learn those first as well.

For more advanced ways on how to trade options, there are sites that offer guidance. The advantage with these sites is that they will take you beyond the basics and offer you a better chance at higher returns on your trades.

I’ve listed some sites below that you can check out, they are for information purposes only and not a recommendation. However, you will learn a little more than what you can get from reading books.

Http://www.stockoptiontradingsystems.com
http://optionsexpress.stockoptiontradingsystems.com
http://tradeking.stockoptiontradingsystems.com

I think if you start your learning this way, you will be able to succeed in trading options. Others have done it so there’s no reason why you can’t learn how to do it too.

Hope that helps and good luck!

Sandy asks…

How can I practice online trading without doing actual trading?

I wanted to open a Scottrade account to do online trading but I have no experience what so ever. Is there a software or something that let’s you practice with virtual money or are there tutorials that teach you how to trade stocks?

Thank you

John answers:

Virtualstockexchange.com isnt bad.
I think most online brokers let you trade virtually (no risk no money).
I think ThinkorSwim has a good software that lets you paper trade in past markets.
In terms of teaching you how to trade well that comes with years of experience. Read books, articles, and watching CNBC. If you just mean how to transact a security well it depends on your broker. Normally you click the trade button and enter share number and ticker symbol. Lol. Pretty simple.

Joseph asks…

What would this odd assortment of art products be used for?

I was in the art section of hobby lobby today, and one of the end caps had an assortment of tiny business-card-sized packs of paper, called “trading cards” or something. Some were preprinted, but most were plain.

There were also tiny spools of colored wire and tiny vials of glitter/beads. I do scrapbooking, and these were much smaller than the same products that are used for that. Do people really create tiny decorative cards to give away? I am intrigued by this!

John answers:

Would have been nice if you had gotten the exact name – Hobby Lobby’s web site doesn’t help much.
One guess I would have is making miniature cards for exchange at parties or as an alternative to throwing rice at weddings – the reason for the little vials. [Rice isn’t “green” can damage birds who pick it up, and wastes food. Soap bubbles with little soap bottles with rings attached to the cap are also handed out.]

William asks…

How much is 1 pip worth in forex trading?

I have been trading forex for a little while and am still confused as to how I can calculate the value of each pip change in my trades. That is, how much will I profit or lose by a change of 1 pip in the currency pair?

John answers:

Full contract: 1 pip = $10.00
Mini Contract: 1 pip = $1.00
(These amounts are approximate…… Some pairs they will be exact)

You are on your way to losing most of your money… If you don’t take 6-12 months reading several books on trading & several books on FOREX Trading.

And always remember….. Paper trading results mean totally nothing.

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