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I'm a new trader and my next step is finding a high quality paper trading solution for little to no costs if possible. I paper traded with OEC Zen Trader in the past because the charting and data was free if I kept a $5k minimum in my account, but after exploring MultiCharts and eSignal, I never want to go back to Zen Trader. The problem however, is that eSignal and MC are very expensive for a paper trader who is just trying to learn. I don't want to spend hundreds every month to paper trade for a few hours per week.
Therefore, my question is can anybody recommend a low-cost solution that will allow me to use high quality tools that don't feel like they were written in 1995? What I seek:
-- eSignal or MultiCharts level of quality charting program (Zen Trader and NinjaTrader will not cut it)
-- Cheap or free data package that lets me trade Asian markets or other volatile instruments between 5-10PM EST
-- Preferred if the package included tape data
-- Ideal for trading 1-15 minute time frames
Tools I'll never use again
NinjaTrader
Zen Trader
The bottom line is that I want to paper trade with eSignal or MultiCharts but without paying hundreds of dollars every month. Can anyone recommend any similar solutions that might interest me, or is paying full price to practice an expected thing to do?
Thanks in advance!
Can you help answer these questions from other members on NexusFi?
Try Trade Interceptor (you'll have to Google it 'cause I'm still under the 5 reply limit) if you're trading FX since this is all free, real time etc. Personally I reckon their charts are really nice.
If you're not trading FX, crude, gold etc. then I've no ideas, sorry.
Have you looked at ThinkorSwim? They have a papertrading solution that you can use without a funded account (I think). I believe you can trade futures, equities and Forex using the system.
The charting is OK..not on par with Tradestation, MC or eSignal but not bad.
I would Recommend Oanda and trade some currencies. The Euro / USD is the most popular and tightest
spreads.
Being (IMHO) the most reputable Market Maker
in the business, they can control their pip size giving you the opportunity to trade from pennies to
millions.
The second you believe you have an edge, begin wagering.
Start with $100 at a time and trade 250 size nano lots. If you lose it, trade on their practice account
until you get your mojo back, then toss another $100 in.
Even if you are betting and winning quarters, you begin the long process of controlling your emotions.
I've always assumed FX was the arena with the highest % of losers. In other words, the HARDEST THING TO TRADE. Futures provide more market data and don't swing as crazy.
I hope you're right. Whole reason I wanted to do futures is because they are not as volatile and I can actually see better tape/volume data. I'll have to give it a shot.
Currency futures and major spot forex pairs trade more or less identically. Only with spot forex, you can risk $5 a day (or less) while you learn the ropes, and with futures, even micro currency futures, it is many times higher risk (and less liquidity).
For a beginner, spot forex is great for controlling risk. Once you are consistently profitable, move to futures.
Forex is unregulated so there is no volume data per se....
It is a great arena to learn to read pure Price Action.
Put on larger time frames ... 15, 30 and hourly and trade the bounces between the Support and Resistance
Levels
Look for consolidation around these areas and place limit orders
up in the middle of the 15 min bars wicks you will see spike up
and trade to the next level in the opposite direction. Keep
your stops 5 to 10 ticks above the tallest wick to be safe from
stop hunts.
That is the easiest and most calm way to trade currencies ... do not scalp ... the spreads will eat you
alive.
