Where can I find a free day trading simulator? “Practice makes perfect” sounds cliché, but it’s true. If you want to get good at anything, you must practice. Without a doubt, this is especially true with trading, which is why you’re probably looking for the best free day trading simulator.
Do you think you can beat Wall Street? While protecting your pocketbook, you can nail down day trading strategies with a simulator. All of this is because they mirror your broker’s trading platform. With a simple download of a free day trading simulator, you get a virtual practice environment close to what you can get. Plus, with “virtual” money, you can practice your trading strategies without going broke.
Free Day Trading Simulator Introduction
Did you ever dream of being a racecar driver as a kid? Is that dream still burning alive and well thirty years later? Considering that your minivan is the closest thing you’ve driven at any speed, would you consider jumping into a 750-horsepower race car without practicing first?
Nope, I don’t think so unless you had some death wish. Likewise, you won’t find a professional hockey player who hasn’t attempted thousands of shots at the net.
Your trusted surgeon practiced on cadavers before they were even allowed to touch a living person with a knife.
So, what is one to do? The answer is quite apparent: Practice. All the best traders practice with paper money before risking real capital.
Please think of a free day trading simulator as a set of training wheels you used as a kid. In all likelihood, those wheels did not come off until you were sure you knew your face wouldn’t smash into the pavement.
That’s not to say you didn’t have blood along the way, but they sure helped. Likewise, practicing in a day trading simulator with play money helps keep bloodletting to a minimum, which leads me to my next point.
Time Beats Talent
Did you know that time on task beats talent every time? I won’t get into the nitty-gritty here, but look up Malcolm Gladwell, Outliers, and the 10,000-hour rule.
Get your hands on a day trading simulator as quickly as possible. Put the hours in a simulator, and they will shorten your learning curve.
And don’t even think about putting a penny on the line until you have concrete evidence you know what you’re doing.
Will Save Your Cash
Are you still not convinced? Quite frankly, all the best traders in the world practice with paper money before putting any real money at risk.
We call simulators “paper trading accounts” because they allow you to simulate the stock market experience using fake cash. And because the money’s not real, you don’t have to explain why you sold your minivan to your wife.
Do you have a hot new strategy you want to try? With $1,000,000 in “pretend” capital, you can test all the strategies you wish to without real risk.
Beyond that are the fringe benefits: clean underwear, a house to live in, untouched retirement savings, and a good night’s sleep (self-explanatory).
Eventually, you will build confidence; your new strategy is working! You will also nail down your emotions and trade from logic. Your goal is to become an emotionless robot. Finally, a free day trading simulator takes the stress out of trading.
Best Free Day Trading Simulators
There’s no shortage of free day trading simulator accounts. Furthermore, there is no one stock market simulator that I would point to and declare as “THE best” for everyone in any situation. However, the two covered below are, at the very least, “among the best.” All have consistently received high reviews from users. With that in mind, I urge you to examine them more deeply with your needs and wants.
Let’s take a look at these paper trading accounts a little closer.
NinjaTrader
Launched in 2003, NinjaTrader is a cutting-edge trading platform already on its eighth software release. Even though you must pay to trade on the real platform, the paper trading platform is free for all users.
Even better, all you need to do to begin trading is sign up for an account. The reputation of NinjaTrader has been built around its trading software.
NinjaTrader is a fantastic futures trading platform offering free advanced charting, trade simulation, and market analysis.
Not only is their software state-of-the-art, but their simulated account also has all the features of the live trading platform. Yes, all of the features!
I’m not going to lie; this is a huge selling feature for me, as several simulated platforms don’t have all the bells and whistles. How can you learn your strategies if you can’t even use the VWAP indicator?
I would also like to point out that NinjaTrader is for the future. So, if you’re looking for a free day trading simulator for futures, Ninja Trader is it.
TradingView
TradingView is, first and foremost, for stock charting. It is seen by many as the most intuitive charting platform with both free real-time charting and demo trading.
The site offers extensive charting and market analysis tools. The real-time stock charts available for free are not official market data.
Unfortunately, getting access to official data requires payment. Free data is all you need for people who start a demo account for practice purposes.
And, of course, the site includes features that allow you to make real-time simulated trades in stocks or forex. Futures demo trading is available, but the data is delayed. Users can also trade a contract for a difference (CFD) on many futures contracts.
TradingView can be synced up with a limited number of brokers if you trade real money. If you do not want to use the brokers they offer, you must turn to a different live trading platform.
Even though I only covered two free demo accounts, many other great free simulators are on the market. If you don’t like the two I mentioned above, please check out Thinkorswim’s demo trading platform.
Despite their amazing charting software, their order execution sucks, so I’d steer clear of using them to trade live.
Whichever free day trading simulator you use, know you’re making the right first step. With this in mind, realize there’s no need to rush in with real money until you’re ready.
Free Day Trading Simulators Example
This is an example of ThinkorSwim’s paper money simulator.
Final Thoughts: Free Day Trading Simulator
Many new people come to us, wondering if they have what it takes to be a successful trader. In some cases, they think they need to be smart. You don’t need to be overly intelligent to learn how to trade.
If you need proof, please look no further than Richard Dennis and William Eckhard. They took 23 people off the street, with IQs considered normal, and taught them how to trade in two weeks.
Yes, two weeks. All by teaching them a simple set of trading rules. Each got $1 million to start, and all went on to make millions more, some billions!
If you’re curious to learn more, the book is called “The Complete Turtle Trader” by Michael W. Covel.
If you’re worried you don’t have what it takes, remember that time on task beats talent every time. A free day trading simulator will go a long way in helping you.
Frequently Asked Questions
There are several different free trading simulators that traders can use. A couple of the most popular are TradeStation and ThinkorSwim. They might require a small deposit to open an account, but their simulator is free.
The best way to practice day trading for free is to use a day trading simulator. This will help you to make practice trades and master your techniques before trading with real money
You can try trading for free using any of the major online brokers' free trading simulators. They may require a small deposit to get started. However, you can use them without paying monthly fees.
