Getting Started with Paper Trading Futures

[iznogoud 10]

I just finished 'Way of the Turtle' and I was wondering where to start trading paper money in futures. I'm completely new to trading and i know nothing about how trading software works.

I did download the InfinityAT platform but i'm not sure where to find my account balance.

 

thanks

[Tradewinds 12]

If you want to avoid data feed charges, you can open an account with thinkorswim, and trade their "Paper Money" account. That is what I would suggest. Thinkorswim has no data feed charges. I don't see any point in paying data feed charges while you are learning about trading. For a beginner, this is where I would start. It will take you at least a few months to learn the basics about trading, and get accustomed to a trading platform. You can always change brokers later if you want.

[doubletop11 10]

I'm still with InfinityAT, however it really depends on the charting system you want to use. I personally really like Ninjatrader because you can program in it with C# . Plus most Ninjatrader feeds are about .5 seconds faster then Infinity. If you are just learning don't look at indicators, learn price action! Everyone will tell you that it's king even the guys at infinity. I would recommend googling Sam Seiden or Phil Newton and see what they have to say about price action.

[dgdevans 10]

I agreed with Tradewinds. Get a think or swim account, pick an instrument, and get some screen time in.

Here's a few things I wish I'd known years ago which might help shorten the learning curve.

1. don't put too many indicators on your screen. just pick a couple and stick with them. personally i like bollinger bands.

2. when your indicators let you down (and they will) don't bother looking for a "better" one. there aren't any.

3. use fibs in combination with your indicators. look for levels that are significant for multiple reasons and in multiple time frames. watch how price reacts at these levels.

4. entry is art not a science - you wont be right all the time

5. money management is science. get your head round the key principles and do not (EVER) let fear and greed make you override them.

[iznogoud 10]

Thanks for the help. I opened a thinkorswim account for the paper trading and i'm just getting to know the software for now. I also took out a few books from my school library by thomas bulkowski which had good feedback from amazon buyers. All i need now is for my mid terms to finish and i can get stuck in...

[TheNegotiator 13]

Hi iznogoud!

 

Nice to have you with us! May I suggest taking a look at our beginners forum and possibly this thread:-

 

http://traderslaboratory.com/forums/f30/considerations-wannabe-trader-9328.html

[djohnsonhot 10]

Be careful with SOME free Ghost feeds: they may not be real time, but delayed and it will definitely throw you off if you are comparing to another platform that is live.

[TheNegotiator 13]

Be careful with SOME free Ghost feeds: they may not be real time, but delayed and it will definitely throw you off if you are comparing to another platform that is live.

 

I think Ninjatrader has an option of how much to delay the sim by compared with the live market. I'm guessing other platforms will too.

[iznogoud 10]

Be careful with SOME free Ghost feeds: they may not be real time, but delayed and it will definitely throw you off if you are comparing to another platform that is live.

 

So by this you mean if i place a market order on the delayed platform then it will purchase the stock at the live price instead?

[TheNegotiator 13]

So by this you mean if i place a market order on the delayed platform then it will purchase the stock at the live price instead?

 

That is correct if you place it on a live account, but have a delayed data feed. So if there are issues with your internet or pc for example, what you see may be behind latest prices. But that was not what I was actually getting at. I was saying if you have a platform with a simulated account attached, it is possible to have the platform delay the data by a few seconds or more or even change it to no delay at all. So the user has the choice. On Ninjatrader I believe there is a delay on the sim by default.

[iznogoud 10]

That is correct if you place it on a live account, but have a delayed data feed. So if there are issues with your internet or pc for example, what you see may be behind latest prices. But that was not what I was actually getting at. I was saying if you have a platform with a simulated account attached, it is possible to have the platform delay the data by a few seconds or more or even change it to no delay at all. So the user has the choice. On Ninjatrader I believe there is a delay on the sim by default.

 

OK I gotcha, thanks.