Practical trading skills
Hi
Been reading and watching a lot of trading books/videos whether its a documentary, recent news, etc.
I would like to play witth the market for a bit, so I am looking for app recommendations where I could check how things look from the practical view aka trade (mainly interested in equities and commodities).
Paper trading functionality is a big plus.
Thank you!
Hey there!
Based on the most helpful WSO content, if you're looking to dip your toes into the market with some practical experience, paper trading is indeed a smart move. It allows you to get a feel for the market without risking real capital. Here are a few suggestions for platforms that offer paper trading functionality, especially for equities and commodities:
Thinkorswim by TD Ameritrade: This platform is often praised for its comprehensive paper trading features. It provides a realistic simulation of the trading experience, complete with a full suite of analysis tools.
Interactive Brokers: They offer a demo version of their platform where you can practice trading with virtual money. It's a great way to familiarize yourself with their tools and the markets.
TradingView: Known for its charting capabilities, TradingView also offers paper trading. It's a good place to test strategies against historical data.
Remember, while paper trading can be very useful, it's also important to consider the psychological differences when switching to real money. The pressure and emotions associated with real financial risk can affect decision-making.
And just for a bit of extra advice, always keep learning and stay updated with market news. Real-world trading is not just about technical analysis; understanding market sentiment and macroeconomic factors is also key.
Happy trading, and don't forget to have fun with it! After all, what's the stock market but a big, wild jungle, and you're swinging through trying to grab the best fruit!
Sources: What kind of tools / apps do you wish existed in the industry?, Great Trading Performance, But Would a Shop Take Me Seriously?, First Steps into Trading, Best Headhunting Shops ?, From poker to prop-trading
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