4. Paper Trading

Getting Ready for the Real Thing

Nothing compares to the challenge and exhilaration of live trading, and many day traders are both excited and intimidated at the prospect of starting to trade using a live account.

Your paper trading account is the best way to gauge your preparedness for the real thing. Once you have a solid trading strategy or strategies and have established a comfortable trading routine, it will seem almost inconsequential as you switch from paper trading to a live account.

While there will be some inevitable tension at first as you gain control of the emotions with trading real money, the skills you learned paper trading will put you in a better position to be successful and any stress and nervousness will soon fade.

Your paper trading account is an absolutely essential step on the way to becoming a successful day trader, so take the time to make the most of it.

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