all of these details may seem hectic in the beginning
7. Track Yourself
The paper trading platform automatically tracks your perfor usatimes.cc mance as it would if you were using real money. You can analyze your paper trading results in detail to understand what is working and what is not. Analyze your mistakes, cross-check your actions, and figure out better strategies for the real market.
Paper trading alone is not enough to make you a successful trader. You need to improve your trading plan. You need to go back to the old t usanews.cc rades and analyze your play. Look for patterns, observe the things you were good at, and the factors that led to losing trades.
8. Record Everything
When learning from your paper trades, don’t simply n news otice your entry and exit prices. Record as much detail as possible for all your trades.
Record the following significant data for your analysis –
• Why did you enter the trade, and at what
• Why did you exit the trade, and at what price?
• How many shares did you buy, and why?
• What is the risk/profit ratio?
• Did the trade go as planned? If not, why not?
Keeping track of all of these details may seem hectic in the beginning, but it will become a tradition after a while, bearing significant fruits to you. When you come back to analyze your trades after closings, you will have enough information to draw a conclusion of your profit or loss.
9. Analyze & Trade Markets Through Free SimulationPaper trading can be the cornerstone of your trading education.