where can I open an paper trading account?

Discussion in 'Professional Trading' started by freewilly, Sep 5, 2006.

  1. If there a place to open an free account? I am very new in trading.

    Thanks in advance,

  2. This may be like giving a loaded pistol to a 5 year old, but ya gotta learn sometime!

    IB is the best broker (maybe not the best for new traders, but that is debatable). They have a free paper trade account if you have a regular account. They also have a TWS demo.

    Open a regular account and paper account. Don't trade the real account for a while. A long while.

    Then make small real trades. Very small trades. S l ow l y build up size as you, hopefully, get your profitable strategy worked out. The market will be there. There will always be time to blow out. Take it easy at first.

    Respect risk and you may survive a while.

    Good luck.


  3. Thanks Wayne for teh kind advice.

    My money is already in TD Ameritrade. Any place else other than IB?


  4. Sounds like TD Ameritrade doesn't have a simulator.

    Thus, find a broker that you think or will open a new account and use their simulator (most have one).

    My point...don't make the typical newbie mistake of trading a paper account via a trading platform that's different or going to be different from the actual trading platform your going to be using.

    In addition, don't make the mistake of trading more size (contracts, shares, lots et cetera) via what you actually will be trading.

    The above will keep things a little more realistic even though not as good as trading with real money via a small account prior to increasing your account size.

  5. Arnie


  6. Hi, Mark,
    Thanks a lot for the advice.

    Well, maybe Ameritrader does have a simulator, but I just don't know. I will give them a call.

  7. For what style of trading?

    I use Scottrade Elite's demo. you get 100k to start, data is 20 minutes behind the market. You cant use the level 2 or t&s screen but everything else is great. Its easy to setup, just make sure you save your settings :) .

    for more information