Your Questions About Paper Trading Software

Michael asks…

a software for paper trading probably demo of ODIN?

hi
i am new to investing and trading, and before i get started i want to practice little bit, paper trad, need a software real time quotes no prpblem if it is lat by even five minutes,
if any bady can help me please ?

John answers:

You might want to create a “practice” portfolio at http://www.top10traders.com – it’s free – each month the site ranks the best performing investors.

Helen asks…

Day Trading (Software, Brokers)?

I am currently looking to start day trading with real money after “paper trading” for a few months.
I want to know what’s a good and reliable Canadian online broker with low commission costs.
Also, what are some good and reliable analytical software which can provide me with some assistance when making decisions. US and CDN stocks are both preferred.

John answers:

Hopefully you’re aware that paper trading can never be considered a good way to judge real performance. Add to that fact-> since September the stock market has been rocketing to new highs. A monkey could do well in this market. So to believe you’re ready to day trade real money… Is most likely unrealistic.

Barron’s magazine rates brokers every year. I believe ThinkOrSwim is one of the best choices for day & swing trading. They do have a Canadian division. The software can’t be beat. They have every type of Technical Analysis charting you could possibly want;
Read;
http://webreprints.djreprints.com/2390280139740.pdf#view=fitV,100

Have you read any books on trading? If not… Nows a good time to start;
http://joefahmy.com/2010/03/17/recommended-reading-list-2/

Normally it takes 3-5 years (on average) to learn to day or swing trade.
Good luck. It’s a time consuming….. Hard road to go on…. But if you’re one of the very
few that make it….. It’s well worth the effort.

Sandy asks…

Day Trading…Charting software and data subscriptions?

I’m slowly getting involved in day trading. I’ve interviewed a few day traders that I know, I’ve done a lot of research, now I want to do it (paper trade, at least, for now).

I set up an account with my broker (interactive brokers). I want to, for the first couple months, just have the account open, and use their paper trading feature, just to get a little experience trading, before risking my capital.

But now I’m wondering about charting software, and monthly charges for data. I want to use software different from the standard software provided by interactive brokers.

I’m trying to search and browse for charting software, but all the good ones that I can see have subscriptions of +$30/month. But what if I’m already paying a data feed subscription from interactive brokers? Will I always have to pay a monthly fee JUST to use the charting software? What is good charting software (see below… windows or mac)?
If this is the case, it really defeats the purpose of my paper trading idea. I want to fund an account, but for the first couple months, just use the paper account that comes with every account, just to practice, and learn. I have accepted the fact that I will have a small price per month (only $10 for IB) for data, but since I’m not actually making money, there is no way I can afford to pay other monthly charges, for different charting software.

I don’t want to use IB’s software when I will be paper trading. The whole point is for me to learn the software that I will be using when the real time comes.

P.S. I’m on a mac. I could use a windows box, but I’m taking my macbook to college. I will be bringing my 24″ external monitor, but I don’t want to lug around a separate windows box. BUT, if there exists a really good options for me on windows, I;m open to bootcamp. So please, windows or mac suggestions. Thanks!

John answers:

I use two Brokers: Interactive Brokers & ThinkOrSwim
I must tell you… I hate the IB platform. I pay a bit more with TOS (negotiated rate) but do most of my trading with them.

You will not believe how great the TOS platform is. There are two charting packages, Scanning, “heat map” a a few other tools to find stocks in play. It will take you weeks to appreciate it all. The “active trader platform” is great for day traders….. I just dropped my last data package ($75 a month for the Market Gauge “Hot Scans” product…. Great product…. But the TOS platform helps me find what I need at no additional charge. The stock back-testing is assume (real time past data with fast forward)….. No charge….. Great Webinars on the platform and general trading that once you hear them…. You’ll be amazed they cost nothing.

This link will bring you to their webinar page. The weekly wrap-ups are OK…. But the “chats” are what makes them great.

Get the paper trading download & check it out. Watch/Listen to the Shadow Trader during market hours…. That alone is worth dealing with them.

Laura asks…

Can I use a computer software program to design a paper insert for a mug or a travel mug?

I am ordering both the Design Your Own! Mugs and Design Your Own! Travel Mugs from Oriental Trading, and I would like to know if I can use a computer software program to design the paper inserts that come with the projects.

John answers:

Most likely you could. MS publisher or the Print Shop programs would work as they can produce a variety of different projects and size can be changed to fit almost anything. I’ve made mini flyers to go with business cards that are basically just over double the height and so can be folded over the business card and paper clipped. These contain info that potential customers need for my services.
Small simple and either program works fine.

James asks…

Anyone who are Forex Traders?

Those of you who activily trade the Forex. What trading software and charting do you, use? Any complaints or comments. I am not yet paper trading, but will soon.. I would like some feed back. Thanks!

John answers:

Been trading for 2 years already. Initially didn’t make much as I was extra careful as I started small and didn’t want to lose anything. I only started to make significant amounts this year when I started trying out the forex trading softwares and I got more aggressive.

Forex Killer gave me the breakthrough and now I try to test out the forex software that people say is good.

I still keep my risks minimum and I never trade on my capital.

The strategy I keep now is to lock up my capital and just play on my gains. I try to use software programs that are good but before I actually trade with real money, I do lots of paper trades until i feel comfortable. I’ve done well in the last 5 months doing this.

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