Many of my Trading Coaching clients have already traded with real money, and not with a paper trading account. Many of these real money traders have not been successful, yet they have convinced themselves that live trading is the “only way to learn.” Maybe this is true for some people. It does seem as some people need to loose $50,000 before they realize that they may need some help.
If you are now ready to improve your trading success, or are just starting to learn how to trade stock option, I strongly recommend that you paper trade until you can prove that your trading skills are making you money.
Almost every broker that offers an online trading platform offers a “paper” trading account or “virtual” account for practicing your trading skills. Most paper trading accounts allow you to decide how much “paper” money to deposit into your practice account. I recommend to my trading coaching clients that they have the same amount in their paper trading account as they will have in their live account.
Most paper trading accounts will not have all the features that their live account offers. Please do not let this discourage you from paper trading. The basics and most features are available with your paper trading account.
Think or Swim will allow you to open an account and not fund it for over 6 months. Your homework for today? Go to http://www.ThinkorSwim.com and open an account. Since you will not immediately fund this account, you will be ready for proving your trading skills using paper money.
Trading is fun. Make money. Get started today!
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