This TradingSim Review should make all the night owls and ultra-early birds out there happy to know that they can practice paper trading at any time of day.
Al Hill and Kunal Vakil sought to improve their skills in a realistic trading environment. They found that one obstacle at that time was the inability to make simulated trades when the market was closed.
As a result, they set out to create a platform that would enable them to practice their trading using real market data at any time of any day. The result was TradingSim.
Is TradingSim a Good Paper Trading Platform to Practice? (Review Breakdown)
- TradingSim is a very good paper trading platform to practice day trading. TradingSim was created for traders by traders. Their platform allow you the ability to practice trading, test strategies any time day or night, and it's easy to use.
TradingSim has a high degree of functionality. However, it's easy and straightforward to use. Meanwhile, it's customizable with over 60 drawing tools and more than 50 indicators.
It provides 2 years of historical data (tick, level 1, and time and sales). All you need is a browser to use the software; no downloads are necessary.
You don't even need to have a brokerage account to practice your trading with TradingSim. Check out our trading service for reviews of other companies as well as online trading courses to practice trading.
If you like trading futures than our TradingSim review is for you. TradingSim has features, including some unique ones that really enhance the virtual-trading experience.
Pause, Play and Fast Forward - You can watch your paper trades play out on TradingSim; the same way you can watch a video. Pause it when you're busy with something else. Play it in real time. Or if you don't want to sit around waiting for the results of a multi-day trade in real time, you can hit the fast forward button to quickly see your end result. You can skip to any time of the day.
Multiple Charts - You can view multiple charts at one time in the platform. View one stock in multiple time frames, or view it in comparison to the broader market. In addition, the charts are integrated well into the platform, so there are no slow downs or glitches.
Market Movers - You can locate the stocks in play on any given day using the Market Movers feature. TradingSim provides you with a list in dollars or percentage points of stocks with the highest and lowest gains at that time.
24/7/365 Access - If you have a day job or want to spend your time doing real trading when the markets are open, that's not a problem. With TradingSim, you can practice when the markets are closed. Use the software at anytime on any day.
Additional features include watch lists you can link to your charts, zoom in and zoom out, a customizable account balance, the ability to hold multiple positions, and change time frames. Further, there’s also a TradingSim blog with helpful tips and strategies.
Check out our penny stocks list if you'd like to practice trading our watch lists.
What Is TradingSim Pricing for 2020? (Review Breakdown)
- Our TradingSim review takes a look at their pricing. In fact, their pricing is quite reasonable, considering that there's no need to pay third-party data providers for the market data.
- At the time of this writing, the Equities package is $24.75 per month or $297 annually. It includes more than 11,000 stocks, over 1,000 ETFs, market movers, and more than 500 trading sessions.
- The Futures package is also $24.75 per month or $297 annually. And it includes 20 top Futures contracts, Bitcoin Futures, and top indices, currencies, commodities, and bonds.
- All packages include hotkeys, PNL tracking, and risk management settings. The combined Equities and Futures package is priced at $35.75 per month and $429 annually.
- If you want to try out the software first, a 7-day trial of the package of your choice is available at TradingSim free.
Additionally, for trainers or those who want to customize the platform to incorporate their brand, TradingSim offers volume licensing. Check out TradingSim free trial.
1. Virtual Trading: TradingSim Review
Simulating trades and strategies with TradingSim isn't just for beginners. All traders must continually test their knowledge of what they understand as buy and sell signals (check out our types of stocks page).
There are many ways to trade. However, for the pros, gambling isn't one of them. Trading is taking a calculated risk that you have to quantify and simulate in your mind.
Then you're able to simulated in a program like TradingSim. You can do this “dry run” with “play money” in an environment that's pretty similar to the real markets using TradingSim.
Just be aware that paper trading may hide some of the challenges associated with real-life trading. Always ask yourself, when simulating trades, how realistic and risky your strategies would be if you were trading with real money.
Also, virtual trading won't teach you to control your emotions.
In fact, you can use TradingSim to test out our real time stock alerts. You can also practice trading with stock scanners to find stocks to trade.
2. Final Thoughts
It's difficult when you're simulating your trades to account for your personal risk tolerance and investment goals. The transition from simulating trades to taking those trades live in real time with real money must be done slowly and in small increments.
If you're totally new to the world of trading and investing, start paper trading for at least a few weeks. When ready to go in with real dollars, go small. Build your way up by building your confidence up.
In other words, take your time. Make a commitment to yourself to learn and master your approach to profiting from the stock market.
Many aspiring traders only try to learn just enough to make more than they lose. Then they go all in. We all know that won't work. Ultimately they flop, crash and bite the dust.
Only increase your risk when your profits are consistently greater than your losses. It's simple to understand, but in reality, not easy to do.
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