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Free paper trading software? And any recommended noob videos?

Discussion in 'Ask any question!' started by Luke, Dec 29, 2018.

  1. Luke

    Luke New Member

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    Ok so I just posted my intro to this awesome community.

    I dont want to jump in without learning. When I use to trade Blue Chips, I took the time paper trading and learning how to analyse companies etc before switching to real money.

    I want to do the same with day trading penny stocks.

    Is there any free paper trading software thats real time?

    Any suggestions on the best free technical analysis penny stock videos for a noob, A-Z type.

    Im committed to learning as I have 6 months before I re enter the work force.
     
  2. fireopal

    fireopal Well-Known Member

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    If you use TOS then would recoemmend setting up as regular account rather than paper trading. remembered reading reasons for setting it up as regular account over paper but don''t remember what it was right now but think it might have been that you dont get real time charts etc with paper set up?
     
  3. JerryM

    JerryM Well-Known Member

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    The whole idea of paper trading is to simulate and not use real money. Delayed quotes are not that big of a drawback. If you setup in real time you have no virtual money to play with. TOS does open multiple times so you can have a paper money version and real time version open at the same time.
     
  4. fireopal

    fireopal Well-Known Member

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    you don't have to use real money with TOS. Can set up either account without putting money in but i remember reading a con that i think was about delayed real time charts if using paper account so i opted to set up a regular account without putting money in and still haven't but will throw $50 or so in there if i ever need to because really like their platform.
     
  5. JerryM

    JerryM Well-Known Member

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    I do know that you don't have to fund an account to be able to open TOS in real time. If you are not getting quotes in TOS real money side, make sure you have signed their exchange agreements. In case you have not, you need to go to website and under client services click on profile and look in the lower right of the first tab and make sure all 3 exchange agreements show "signed". I hate to beat a dead horse but the original poster asked specifically about paper trading so using TOS for that requires opening in paper money mode. :D
     
  6. fireopal

    fireopal Well-Known Member

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    thanks - already signed those forms so i could get it all and might get around to actually funding and using this broker one day. And sorry, must have misunderstood his wanting to know about "paper trading software." Know TOS requires no funding for either but think you do have to fund paper account after 90 days (?) but don't believe they have exact $ assigned so can put $50 in there to use both, which i thought about doing when i signed up to get their platform but recording on my own works just fine too and if they ever tell me i need to fund then will do paper there as well!!
     
  7. JerryM

    JerryM Well-Known Member

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    When you open TOS in paper money mode it auto populates and account with 100k in it. You can manually change that to whatever amount you want like a million or more if you want but I can't remember the mouse clicks to change it.
     
    fireopal likes this.
  8. fireopal

    fireopal Well-Known Member

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    when i did paper trading i only used the actual $ i had and got very good at it within a short period of time so thought i was ready to go live - HA! EVERYTHING changed big time when my actual $ were on the line - all kinds of emotional states that i didn't even know i had came up!! Still have problems cutting my losses quickly but getting better since my last hit with one of those rare "black swans" that i knew nothing about until i jumped in that pond where it was lurking lol

    believe op said he wanted to paper trade penny stocks before getting involved and imo, not the same critter as the world he was playing in and t/a is more important with penny stock plays - all the bags i ended up filling my closet with were penny stocks plays that i was great on paper with, which is why i brought up TOS.
     
    Steven_Burt likes this.
  9. Steven_Burt

    Steven_Burt Well-Known Member

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    Have a look at https://www.tradingview.com/ they have free paper trading and you can get some good ideas there as well. FWIW don't get too caught up in looking for the golden script and don't focus on too many set ups at one time. pick one or two set ups to paper trade with and keep really good stats to track the performance. Not just how the trade did, but market conditions, time of day, etc. then go live only after you can consistently make profits for a few months with your paper acct.
     

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