Setting Up a Paper Trading Account

Question:
I cannot trade with “real money” as yet; however, how do I go about setting up a paper trade account?

Answer:
You can paper trade various ways and it really does not require that you have anything more specialized than a notebook to track your trades and access to charts.

Begin by funding your paper trading account with the amount of money you think you will really begin with, whether it is $2000 or $20,000. I would suggest that you begin with no less than $5000 and $10,000 is even better.

Next you need to decide on which markets you are going to trade. The more money you have in your account, the more markets will be available to you. If you are trading with a $5000 account there is no point in becoming familiar with a market like Crude Oil that has a margin of $3000 per contract!

Assuming that you are a smaller trader, you will be most interested in the lower margin markets like the grains, some of the meats, maybe a metal and a currency or two. I would suggest you limit your scope to about 6 - 8 markets, as these will be enough to track on a daily basis.

Even real money traders rarely follow more than 8 markets…it just becomes too cumbersome, as I’m sure you will find when you’ve got more than one paper trade going at a time.

If you don’t know which markets to choose from, maybe I could make a couple of suggestions:

* Corn, or wheat - these are good markets for traders of all levels, but especially the beginner. The margin is not too high and the markets normally act predictably and trend well. Corn and wheat have a tendency to move together (but not always), so watching both can be redundant.

* Cocoa - a good market to make money in as a small move can add up to good profits. Also can be a good market to lose money in for the same reason. I don’t mind cocoa, although I know people who have sworn it off. This is the time to find out if it is for you…when it doesn’t cost you real money.

* Sugar - used to be a good market because it is easy to get in with minimal risk; however the abundance of support and resistance can make it confusing to new traders. Lately the market has lacked direction which only adds to the confusion. Still it is low margin and relatively low risk market to trade.

* Live Cattle - a decent meat market. Some new traders avoid the meats entirely because of their ability to make huge ranges. Cattle is the “safest” of the meat markets.

* Cotton - can be a good market, but is capable of making large ranges. I used to avoid cotton like the plague, but have become fonder of it in recent years.

* Soybeans - the Pork Bellies of the Grain complex. If soybeans are too volatile for you consider trading one of the bean cousins, like soybean oil, or soybean meal. They tend to mirror soybeans, but are generally less margin and less volatile.

* Silver - I like the metals; however gold can be a little rich for the small trader. Silver mirrors gold - the poor man’s gold. Some people like copper, but I consider it too thin and margins too high for small traders.

* Canadian Dollar/Australian Dollar - two of the more reasonable currency markets. The margins are lower, but there is excellent money making potential. Other markets like Swiss Franc, British Pound, and Japanese Yen are good markets too but require much more margin and risk. All the currencies have a tendency to move in the same direction anyway (opposite the US Dollar) so it doesn’t really matter.

But don’t stop here, this is the time to practice and refine your skills so include any other markets you are interested in, but avoid the exotics like lumber, rice, oats, palladium, etc. They are just too thin and too volatile for the small trader to be involved in.

Now that you have a paper account and a mix of markets to trade you need to search the markets to find trades to make. Once you have found a trade you like, write down your entry, your exit and your profit target - exactly.

If you are dealing with a broker, you can call and ask them if your paper order had been filled on a particular day. Alternatively you can just look at the charts and figure it out for yourself.

Sometimes you will need to see an intraday chart to know exactly when you got your fill. Barcharts.com offer free intraday charts. Just follow the commodity chart link and then click custom charts to alter the time frame displayed to a 5 or 10 minute interval.

Track your trades day by day keeping a journal of your profits and losses. A simple way to “journal” your trades is to put them on 3×5 index cards - one card per trade. Write down you reasons for taking the trade as well as exact entry and exits. Make sure to note what you did right and what you would do differently the next time. Allow an extra two ticks on your fills and exits as this will simulate slippage. Brokerage fees are usually $40 round turn per contract.

See how well you can do but be honest. Cheating here will not help you in the future. I’m sure you’ve heard it before, but nothing changes when you trade with real money. If you can’t do it on paper, you won’t make it for real. Trust me. I’ve been there.

If you don’t already have it, you might want to consider using Gecko’s Track ‘n Trade Pro. As the name suggests the software not only provides charts but also “tracks your trades”. You fund a fictional account, place your orders and the software will automatically update your position day by day.

It really is phenomenal software and if you are halfway serious about trading you should check it out. It is a legitimate tax deduction too. You can get a free 30 day trial by following this link: http://www.trackntrade.com/demo/?abbr=SENFT

There is also paper trading software out there and on the internet which is supposed to simulate trading; however in my opinion it is not realistic for most small traders.

Some of the simulators only allow you to trade the e-mini and others start you out with a $50,000 account. This is great if you want to trade the e-mini, or if you are trading with a $50,000 account, but this is not the case for most traders.

Anyway, that’s paper trading in a nutshell. I hope it helps a little. Please do not hesitate to write back if you have more questions, of if you need me to elaborate on something.

Best of luck,
- Erich
erich@supportandresistance.com

PS. Don’t skip this part of your education. Most traders hurry through paper trading only to get killed in the markets. Don’t make this mistake.

U.S. Government Required Disclaimer - Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

The commodity markets first captured Erich Senft’s attention in the 1970’s when the Hunt brother’s made the news when they tried to corner the silver market. Ever since then he had a desire to learn more about what made the commodity markets tick.

After experiencing mild success trading futures with the limited strategies offered by Ken Roberts, he delved deeper into the study of the commodity markets and became particularly interested in the concepts markets.

Erich and partner Tom Loge’ run http://www.supportandresistance.com and publish the hugely popular Traders Helping Traders Ezine 6 days a week. Erich and Tom have a daily blog at http://www.supportandresistance.com/blog/

Erich is a graduate of the University of Alberta business program and has a Bachelor of Commerce degree. He is also a registered Commodity Trading Advisor (CTA). He lives in the Pacific Northwest with his wife and three cats. When he’s not talking or trading commodities you can usually find him on the golf course chasing a disobedient little white ball.

Posted by admin as Better Investment at 4:14 AM CDT

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Posted by admin as Better Investment, Biz Stuff, House Of Shopping at 5:15 PM CDT

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You don’t HAVE to be trading.

As a novice trader, you’ll often feel the need to trade.

You may be bored or frustrated. Or you just want to try a certain type of trade.

STOP!

Realize that you don’t have to be trading all the time to be successful. In fact not trading is often the very best decision you can make.

The market tells you when to trade. If you feel the urge to place a trade or find yourself chasing a trade, walk away from the computer. Better still; take the opportunity to meet a friend for coffee.

The trades you do when you’re feeling the “need” will usually be lemons - and leave you with a very bitter taste in your mouth!

They will usually not have clear signals, but you’ve convinced yourself they are there. After losing your premium, or much of it, you’ll look back and wonder how you could possibly have entered that trade. It’s happened to all of us, so don’t be too hard on yourself. Just don’t do it again.

The market is going to do what the market is going to do, not what you need or want it to do!

And remember the old saying, “If you can’t see it, it’s not there”. So if you stand back from your computer and the chart pattern or signal doesn’t jump out at you, it’s not there.

Easy is Best

The novice is constantly staring at charts, looking for and often inventing signals. If you have your strategy in place and you wait for the patterns to form, your entry points will FEEL easy. They will be obvious - you won’t need to be searching for them.

Write It Down

Remember to keep a log book. We keep one, which includes any potential trades - those which look like they will possibly provide an entry in the near future. It’s good to see if they eventually develop into a trade. It will help guide you up to a point where you make a decision whether to enter, or to leave it alone.

Also, when you enter a trade, log it in your book with a few details and, commit to a stop loss point and a profit level where you will be happy to exit the trade. Remember, don’t be greedy - or you’ll see your premium reach that point, pass it and quickly drop back past your original exit point. You’ll then see how you would have been happy to exit at your prescribed price!

Much of the time there won’t be any trades for you to enter, so it leaves you with plenty of spare time for gaining extra knowledge and enjoying life. You probably won’t trade more than a few times a week. So, you can see, there’s a lot of time to be analysing charts - and feeling the NEED to trade. Be strong and disciplined!

We are not providing you with financial advice. We are simply sharing with you what has and hasn’t worked for us personally. If you wish to trade or invest in the stock market you should obtain advice from a registered licensed advisor.

David Chandler
http://www.stockmarketgenie.com

For your FREE Stock Market Trading Mini Course:
“What The Wall Street Hot Shots Won’t Tell You!” go to: http://www.stockmarketgenie.com

Posted by admin as Better Investment at 1:04 AM CDT

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Posted by admin as Health Tips, Hints, Law at 9:45 AM CDT

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Posted by admin as University of Leisure at 4:28 AM CDT

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Posted by admin as Beyond Cats at 2:35 AM CDT

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Posted by admin as End Users, Health Tips, School of Lifestyle at 8:39 AM CDT

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Posted by admin as Best Gambling, Online Luck, University of Leisure at 5:43 AM CDT

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Posted by admin as Hints at 12:11 PM CDT

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Posted by admin as House Of Shopping, School of Sports, University of Leisure at 12:58 AM CDT

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