So I've taken the last week and a half to learn the basics about the platform I'll be using (Ensign Software and MoneyCode) as well as market trading fundamentals. I'll be honest, I just wanted to start sim trading from day one. But I thought it would be best to learn as much as I could from videos and reading. But today was the first day I started paper trading (i.e. sim trading). So far, so good. It took a while to familiarize myself with the platform and to make sure I new what I was buying and selling. But after I figured that out, it wasn't too difficult. I made (in paper money) $500 today. I made 24 winning trades and 2 loosing trades. I set up stop loss at 6 ticks, and set my autoscalp at 2 ticks. I was trading at a higher rate (two ticks instead of one) than I will when I go live, but was told by Wally (my mentor) that I should do this as it would be a better representation of live trading.
So far here is what my ROI on this endeavor looks like:
Initial Cost - $525
Monthly Payment - $250
Trade Revenue (net) - $0
Take away thoughts - Honestly, it was a little easier than I thought it would be to learn the basics. I clearly understand I still have a lot to learn, but I was a little afraid that I would be overwhelmed by the technology and be discouraged to continue.
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