Hello can anyone help me with what paper trading means….please
Before everyone had access to the web , people would practice on paper
It means trading with fake money - ie. a demo account
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demo trading is really good but traders dont like to trade in there . so we the traders always consider this place as a time pass issue.
You should open a demo account. This will allow you to practice use of the broker’s platform, how to buy and sell, how to set entry and exit signals, build up your technical analysis abilities on price charts, try out different chart formats and technical indicators, observe different market behaviours at different times of day etc. etc… In fact all the mechanics of trading. Demo accounts are the best (and only) free gift in forex.
Best of all the demo account will allow you to trial and refine a strategy and its rules so that you will be able to start trading with a consistently profitable strategy before you put real money at risk. Do not put real money at risk until you have a consistently profitable strategy.
its a fine reply , thanks for your nice post.
Now you can trade on a demo account to practice and you should. But before they were a thing new traders would do it all with pen and paper. Effectively trading the charts but without the complication of using real money.
Time to read the School of Pipsology. Demo account time.
i think it is more appropriate for you to open a demo account , this is the perfect solution to see the real performance, nothing better option there without it. thank you
Originally it was demo trading as we know it but using pen and paper prior to using computers so we still use the term “demo trading” to refer to demo trading