It is definitely fascinating to see how technology and market trading has come together over the last couple of years. With so many customized studies, indicators, and other analysis, a person’s trader station has to be pretty loaded. At the same time we are seeing the market flooded with a bunch of average Joe’s. No longer does stock trading seem like some secret men’s club.
A couple days ago, trade Monster was brought to my attention. I remember when I first started trading stocks the paper trading systems out there were pretty plain. You really could not do anything but just buy and sell a stock. Now you can do everything except your orders obviously hold no value. trade Monster has recently unveiled their new project, paperTrade.
With paperTRADE, customers can test trading strategies and risk management techniques, while simultaneously learning how to use trade MONSTER’s innovative tools free of charge with real-time streaming data. A great tool for those looking to just test different methods or others looking to get their feet wet into the markets.
A key component that makes paperTrade a viable solution is that you can easily covert to real money on the same account. Unlike many other virtual trading platforms, once your are ready to enter the real arena you don’t have to bother learning some new layout.
Essentially you start out with $50,000 cash and $100,000 margin power. A decent amount to get your started, I guess. The trading station itself is all online, but it pops out as though it is a new application. The charts are definitely next generation. Putting your cursor at any point on the chart will spring up some data. You can also easily bring up comparative historical data.
While I wish they offered more technical indicators, what comes out of the box is still good enough to get the job done.
paperTrader is free and an account can be created within 5-10 minutes.
The name might seem familiar to you. It is co-founded by Pete Najarian, the same person behind option Monster.