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
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?
I would Recommend Oanda and trade some currencies. The Euro / USD is the most popular and tightest
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
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.
"Life On The Edge of SR"
The following user says Thank You to tderrick for this post:
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.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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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
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
That is the easiest and most calm way to trade currencies ... do not scalp ... the spreads will eat you