Paper trading is trading in paper without actual money.
You can record every detail in a notebook, analyse and learn from your mistakes, and then start real trading.
click here to watch the video..
Let’s see how to do paper trading in a notebook.
Use a separate notebook for trading.
Record all details needed for trading.
If you are doing it in live market, start at 9.30, allot 1 or 2 hours to paper trade. You can also do it till 3.30pm.
Watch the market during that time, when the price moves up, when it goes down, what are the strategies we can use, is there any news regarding that particular stock, even if the news is positive, the stock might go in the negative side, what is the reason and so on..
So record these basic details and do not confuse yourself by recording too many details.
Details to Note down are : 👆 watch the video
For example, if you are in live market, open any stock’s chart. Now try to guess the market direction, note the price history, any news is affecting the price movement in opposite way.
You can also try it during evening hours, but just rewind the time in the chart and try to guess the price movement. Then forward it and check the price movement.
Also learn the Strategies used during this paper trading period.
Do not spend more than 1 month in paper trading, as emotions are not involved during paper trading. It won’t be of much use as emotional control is the most important part in real trading.
Try this for first 2 weeks.
Then try virtual trading through any app or sites for next 2 weeks.
After that enter real trading with 1 or 2 quantity of shares and start learning from the market.
There is an app called stoktalk.
If you open it, you will see trending stocks, and below that you can see paper trading options.
You can see all the details needed for trading. 10 lakh virtual money (buying power) will be given, and you can buy any stock with that, including futures and options. Daily profit, current value, shares bought etc will be displayed.
For example, if you are buying escorts share, when you click it, it will go to the streaming page. There you will see 3 dots on the upper right corner. There you can see paper trading.
Click on it, and here you can buy the stock in market price or limit price, change the quantity of shares you want to buy. Click paper trade and the order will be placed. As this video is recorded during after-market hours, the order will be placed during the next trading session.
This order will be in open orders, as it is in pending status. When the market is open and the order is placed, it will move to active position.
Do not overdo paper trading as it will not be of much use after few days of practice. 1 month is sufficient time, and you can also learn from other youtube channels during this time. Channels are mentioned in the bonus tips section. There are many other great channels as well. Try learning as much as you can during paper trading period.
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About me :
This is Ramya, budding share market trader and learner, online tutor and just a lover of Life Hacks.
Here, I will post videos in English (written) and Tamil (audio).
In this channel, I share my experiences in TRADING and some MINI HACKS that I have learnt from my family, friends and online.
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