Please answer I wanted to know at what Course Number should I start my Paper Trading.
finish whole course, don’t look for shortcuts
Hmmm then should I take notes of what I learned?
It would be better if you finish the whole course first before even attempting to live trade and It is Important to take note of indicators and patterns that you come across with. After completing the course you might have some insights on how to create a trading strategy with some of the tools you’ve learnt It will be better to create a trading strategy so that you might keep emotions out of trading. Then demo test your trading strategy for some time before trading a real account.
Is that so now I have a clear goal thank you for the answer Sir.
My pleasure
Since paper trading does not cost you any real money I recommend you dive straight in there. Nothing like practice to get you focussed and understand the Babypips course. I can’t imagine anyone competing the whole course without practising. Get stuck in. If you want to work in a hospital you need to get used to the sight of blood.
I would personally not distract yourself from the course. I did the course myself and found myself getting distracted by trying to trade in a demo account assuming I had learnt enough. But the reality was that I hadn’t learnt enough and the demo account trading wasn’t helpful apart to confirm that i wasn’t ready! The course you’re doing will teach you all the basics you need to get started and the basics are learnt up until the very end of the course. Im my opinion, once you finish the course you should be in a good place to start demo trading Whicker you continue your journey education and expand on the basics.
I strongly agree.You can practice what you learn, at no cost! Have fun!
Taking notes can be a helpful tool for tracking your progress and refreshing your memory.
You should start paper trading right away! You won’t know what you’re doing for a while but while you’re learning the technical part of trading, you could be learning the manual part too!
hello, finishing the course won’t give you a magic license to start demo trading.
i recommend to open a demo account and go through the course. every time you learn something new at the course you can immediately test it on the demo account. this will add some practice to the theoretical part of the course and you will learn faster and better.
how does this sound to you?
The “TRADING DISCUSSION” headling does not correlate to your question, so I was caught a bit off guard.with your actual question.
I personally was already Binary trading before I came accross the BabyPips School.
Nevertheless, you should start at the lesson you feel most comfortable with. I don’t recall if BabyPips recommends a lesson to start Demo trading with.
I would not even bother with Demo trading anymore because today some brokers offer a “Cent” Account so a trader can experience the psychological effects of making or losing real money, which a Demo just can’t replicate.
Hi! (Sorry in advance for my English, I’m Italian). My opinion is that you can either wait for finishing the whole course or try demo trading to test your abilities and yourself before finishing. There are pros and cons in both choices. If you wait, you start demo trading knowing a lot of things and you have a more global view; but you could have forgotten the first lessons you studied so you probably will need to re-learn something. If you start immediatelly, you can put your notions to the test and you can test youself as a trader (the thing I think is the most important), but you don’t know a lot of things so naturally you’ll make a lot of mistakes out of mere ignorance and you’ll want to remember that you’ll have a lot of things to learn yet. So, if you start immediately you must be very careful in order not to think you’re already there. I personally started demo trading after a period of mere studying and folllowing other traders and mentors, so when I took my first (paper) trade I didn’t know all - but I was aware of it. From that moment I went on with both studying and testing my trades, and I didn’t open a real account for a very long time. Moreover, I still use demo trading anytime I need to refine my strategy (which I’m doing right now). This was the right path for me - learning both by studying and doing. But I know traders who opened an account and started practicing immediately with real money (small amounts), I personally would not do it but their choices, not mine, and I respect them. So, I think that you must choose the path you feel more confortable with. Just be careful not to run too fast, take your time to put you to the test, build a good trading plan (which could take a lot of time, but you’ll be rewarded if you are diligent), follow it and if you find yourself stuck your job is to find the reason why and correct your errors. My rule of thumb, which I’ve found working very well for me, is that anytime I have some difficulties it can only be for two reasons (one or both): either no experience or no enough information on that problem, so, my job is to get them. Best wishes for your trading journey!
What was the timeframe between you learning how to trade and opening a live account?
I’m on the side of (extra)caution! I started studying mid-2020, opened a demo account at the beginning of 2021 and started live trading only at the beginning of this year. Actually, 2 years spent exclusively on demo and looking backwards I’m definitely glad with that. As for now, I am spending the whole August demo trading again cause I have to refine my strategy, so far the results are good, so I plan to start live trading again in September. I’m definitely the one who loves baby steps
I love how careful your plans are! September is here!!! Good luck and please keep us posted!
Thank you so much. Perhaps it’s not me being careful, I suppose it is more a sort of UNDERconfidence (which I consider quite a problem cause it keeps me stuck more than necessary when I’m trying anything new). Maybe I could have been faster than I am. At least I won’t surely fall prey to OVERconfidence . And as they say… the market will be always there. Have a nice day
Yeah that’s def one of my problems too. Makes us slow and so risk-averse! I hope we all find the right balance! It’s September! Let’s get that bread!
You can start demo trading anytime. Demo trading while going through the babypips course will make your learning more comprehensive.