Do you know what pilots, product engineers and online gamers all have in common? At some point in their lives they have likely all used computer simulation programs to sharpen their skills.
Now you can join their ranks by practicing trading with paperMoney®.
Practice makes perfect
You have probably heard it around a thousand times, but the reality is, traders (or traders in training) will never be perfect. Does that mean you should toss the idea of practicing out the window? Of course not.
In trading, and all investing for that matter, it's just as important to learn what not to do as what to do. With the paperMoney® simulator, you can practice whenever you want and without putting any money on the line.
Practice Makes All the Difference
- paperMoney® allows you to test new strategies. Maybe you’ve just experienced a disastrous summer grill out and are determined to sell Live Cattle futures contracts after every rainy weekend. Or just maybe knock yourself out and buy options straddles on every social networking or biotech stock that crosses your path. Here’s your chance to see what might work and what might not work without risking your hard earned dollars.
- paperMoney® leaves fingerprints.Grab your best Sherlock Holmes hat and look for evidence of what really happened in your latest black box trading strategy. The platform will allow you to easily retrieve key information for analysis. This isn’t your typical static data entry portfolio that can be found anywhere on the web. This is a living, breathing, creature that’ll allow you to check the exact second, minute and day your trade was executed, cancelled, or replaced.
- paperMoney® fires your bookkeeper. The idea of tracking your progress by keeping a trading journal certainly isn’t new. But with the old method you would have spent countless hours manually filling out computer spreadsheets or hunched over a spiral notebook with a pen and ruler. paperMoney® details all your trades (including paper commissions) and will spit out data in the form of profit and loss analysis over multiple time periods: today, year-to-date, or since the trade was opened, for example. And if you’re having a tough time quitting your old spreadsheets cold turkey, you can even export paperMoney® data into your preferred format.
You can also reset your paperMoney® account at any time to return to your original settings. Go to Monitor Page, then Activity and Positions, right click on your position and select Reset all positions.
Even if you’ve already downloaded paperMoney®, check back regularly for updates. Remember, paperMoney® is a great place for a risk-free try out of new trading platform features and your strategies before going live.