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Paper Trading
Posted on 6/28/21 at 4:32 pm
Posted on 6/28/21 at 4:32 pm
I'm new to trading stocks, I've always just put my money in mutual funds and left it alone. I recently started paper trading on Webull and have done fairly well. Those that have started this way how long did you do it before you started trading with real money?
3
Posted on 6/28/21 at 4:36 pm to offshoretrash
I wouldn’t completely advise against it, but, it will literally never prepare you for the emotional/mental aspect of trading.
It’s not a bad idea if you’ve never touched anything before just to see how trading generally works. But, if you’re ready to get into more active trading, I’d recommend starting off with smaller money much more over paper trading.
It’s not a bad idea if you’ve never touched anything before just to see how trading generally works. But, if you’re ready to get into more active trading, I’d recommend starting off with smaller money much more over paper trading.
Posted on 6/28/21 at 4:54 pm to Brettesaurus Rex
Agreed, I liken paper trading to learning to play poker without money. It will teach you the general rules of the game, but you will never really learn the game until you learn to control your emotions and decision making with real money on the line.
Posted on 6/28/21 at 5:06 pm to offshoretrash
You won’t learn the fine art of fomo or panic selling with paper trades.
Posted on 6/28/21 at 5:25 pm to offshoretrash
quote:
I'm new to trading stocks, I've always just put my money in mutual funds and left it alone.
Most people who started trading stocks end up with most of their money in mutual funds and ETFs. Looks like you’re already there. Consider it a win.
Posted on 6/28/21 at 7:15 pm to slackster
quote:
Most people who started trading stocks end up with most of their money in mutual funds and ETFs.
you can’t know until you blow up an account LOL.
just make sure it’s play money
that said (this is the lesson I learned the hard way), don’t be a coward either. If you want to own something and you have done the work to make that decision, be courageous. To me if dealing with small balances you are better off in fewer positions. It only takes one hit to offset and overtake a dozen misses
Posted on 6/28/21 at 8:32 pm to Lgrnwd
I know it's different and I started out making stupid trades trying to hit home runs. Once I stopped doing that and just concentrated on making a profit I turned it around and now I'm in the green What I am practicing on is when to get in and when to get out.
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