Additional Tips
When using paper trading, it's important to treat it as if it were real money. This will help you develop good trading habits and discipline.
- Don't chase losses. If a trade is going against you, it's important to cut your losses and move on.
- Be patient. It takes time and practice to become a successful trader.
By using paper trading and free indicators on TradingView, you can gain valuable experience and develop your trading skills before risking real money.
Prepare yourself for a long journeyRemember, you’re only practicing one entry model until you get good at it!
Don’t start this journey looking for instant success. You will be learning a skill that takes practice, discipline, determination and a never quit attitude.
You will see other traders talking about winning trades - use that as motivation to get good at it and keep practicing. Don’t get discouraged if you’re not getting it right away!
Also, when in a group, there are people who have been doing this longer and have put the screen time in to get where they are at you should never compare yourself to those traders with more experience.
A realistic expectation is to spend a few months learning and several months practicing in a simulator. Give yourself a realistic expectation of at least a year before you start seeing results.
Challenge yourself by taking a $5,000.00 simulated account and seeing if you can double that account without taking ridiculous amounts of risk. If you blow up that account, that’s ok! It’s better to repetitively lose simulated money than take the harsh reality of losing money you worked so hard for.