A while back I shared with you a unique paper trading system called paperTrade. I had a couple people ask me some questions about it, so I thought I would create a little video on how paperTrade and paper trading in general can help you either learn how to trade stocks or improve your methods. [VIDEO ENCLOSED]
First off, paper trading basically consists of a fake account that has been created, you are given a certain amount of fake money, and you trade stocks as though you were using real money. Obviously the beauty of the whole thing is that you are not really taking any risk, so you can pratice your stock trading with no worries.
What makes paperTrader different from other paper trading platforms is that it is hosted by a real stock brokerage company, so you are essentially using all the same tools and services as though you were trading real money with them. This makes the transition from paper to real trading easier for many because you are more comfortable with their system and have already learned how it all works.
With paperTrader you can also practice trading options (which very few paper systems have), and you can seamlessly switch between your real and paper TradeMonster account. This is very useful for stock traders who already know how to trade, but want to test different methods and schemes out.
Sign-up is free. Make sure to check out my initial paperTrader review. Also check out my review of Umoo, where you can paper trade, yet still make real money.