Like most things in life in order to be good at something we have to consistently practice at it. Day Trading is not any different. You should frequently practice risk free before staking any real money. That way you are not risking your trading capital before you have had the necessary experience to trade. A study estimated 95% of traders fail to make money consistently trading in their first two years. The study put this down to a lack of practice. This is why I am excited to review Tradingsim. It is a fantastic web based program that allows us to practice trading at our own convenience. Therefore we can get the experience necessary to make money consistently. Most brokers offer demo platforms but Tradingsim is much better. I now use this for my personal trading and I cannot speak highly enough of it. So I have wrote a blog post listing the things I like most about it.
You can backtest strategies much more effectively than with demo broker platforms.
With a demo trade account from a broker like IG or Capital Spreads you can only trade the live data at that very moment. TradingSim can backtest over 6 months worth of historical data so you can backtest much easier and much more efficiently. Tradingsim has really helped my trading. It has allowed me to
- Backtest a new strategy idea that I have been working on to see if its consistently profitable.
- Backtest an existing strategy of mine to see if it works on bank holidays.
- Backtest another strategy that is successful in morning sessions, to see if it will work on other sessions.
- See if adding other indicators (RSI, MACD etc) help the profitability of my strategy.
You can demo trade when it is convenient to you and go at your own pace
Not everyone can demo trade during the day. For example you may have a full time job. TradingSim is fantastic as you can use it 24/7. So if the only time you can practice is the weekend that’s fine with Tradingsim. You really can use it whenever you have the time (You cannot do this on broker demo accounts)
Incredibly simple to use
You can set up your chart into a matter of seconds. Whether you are good with computers or not this could not be a simpler program to use.
The charts have everything you want. They look the part and have incredible clarity. They remind me a lot of Tradestation charts.
Every Indicator you could possibly want
Every indicator I have ever used in trading can be used on Tradingsim. Perhaps you want to see if Stochastics or Bollinger Bands help increase the profitability. Tradingsim is perfect for this.
That means the simulator opens instantly and you do not have to download any software to your computer.
Free trial with no obligation to pay
The guys at Tradingsim are so confident you will love there program they offer a risk free trial with no obligation to purchase. So you really have nothing to lose by trailing it.
Check it out today http://tradingsim.com/