thinkorswim paper trading platform is a paper money simulator on TD Ameritrade that allows investors to practice before entering into live trades. Focus is the key to mastery and growth. Focusing on what you want to learn and improve upon is the best way to train effectively. Setting goals and practicing precisely to achieve those goals, make the most of your time. Efficiency will give you the best chance to accomplish your goals in the stock market.
Traders often have to think fast and make quick decisions while trading stocks. Getting in and out of potentially rapid trades on short notice. Traders need their minds and emotions at peace for trade executions. They also need the discipline to stick with their trading strategies and know when to call it quits. Most people don’t realize that your mind and ego play weigh a lot into your decision processing with stock trading.
Mind and Ego
Paper trading aims to work out the kinks so you can be ready for live trading. The great thing about practice is there is no risk involved. Meanwhile, you are sharpening your options trading skills and becoming proficient at no cost. This is also the time to find yourself, look in the mirror, and reflect to guarantee successful investing. The objective is to be emotionally detached when it comes to day trading and not get your options trading privileges revoked.
Many people think why do I have to train if I do good on paper trading then I am good to go. But the reality is that it’s deeper than that because when people make the transition from paper money to actual funds, they have a hard time making the switch. Before you can get into putting your skin in the game you need to work out the kinks. You need to observe how you react to the fact that market conditions change continuously. Are you disciplined enough to stick to our strategy? Will you jump shift before your stop loss or a target area touches?
Will you get upset if you lose money? Discouraged? Disappointed and shy away from another trade? Will you engage in a revenge trade where traders get into a trade simply on impulse mad at something that they are in the negative? Will you get caught in the would have could have or should have mind frame? Or will you shake it off and get back on the horse and get back in there.
This is why paper trading is important you need to condition your mind to prepare when these scenarios come up in live trading. People who go to the gym regularly can see the definition the same applies to those who condition their minds. Conditioning isn’t about just retaining new information it’s about strengthening yourself through repetition. Starting new habits is not easy because we are creatures of habit. Repeated action with consistency and discipline leads to the conditioning of your mind.
Just like losing can be detrimental to your trading account it can also be negative if you don’t know how to handle wins correctly. Some traders get greedy and hang onto winning positions too long to try and get every last dime and then suddenly the market direction changes and they lose money. This is why it’s important to train on setting up a profit target and place stop losses to help ensure emotion is removed from the process. You also need to This can be done on the thinkorswim platform.
You also need to be realistic and there is nothing wrong with aspiring for more but it becomes an issue when your expectations are extreme. You need to know that when it comes to day trading it’s a marathon, not a race. If you are starting with $500 to trade then in the simulated training you need to keep your contract size small equivalent to about $500. You can’t control the amount of money the simulated account starts with; only you would know what your personal financial situation is.
Think about trading as a numbers game the more contracts you buy then the quicker your profits will be if the trade goes in the direction, you purchased and anticipated. But also remember the amount you put in is the amount that you can lose. Getting accustomed to a small number of contracts helps keep your risk level low. It is ok to make a small profit over time until you are consistently making a profit and you are comfortable increasing contract size. If you don’t then what will happen is that you will buy only one contract and then you will be disappointed. Thinking to yourself, in training I made $1500 profit on average with trading and now I am only making $50-$100 on average profit.
Summary: thinkorswim Paper Trading
You have learned that fruitful TD Ameritrade virtual training is needed for successful investing. You also learned if you don’t have your mind and ego in sync, you can experience substantial losses. You also have seen how your expectations can stunt your growth if not kept in line. With the MK VIP training program, I walk you through how to open your TD Ameritrade account and set up your thinkorswim platform. I stay by your side through the whole process and even stand by once you have started live trading.
There are so many things traders don’t know that if not addressed appropriately may delay account access. My goal has always been to help as many day traders achieve their personal financial goals, whether they are novice traders or experienced traders. The MK VIP training has plenty of resources to help you get started on reaching your day trading goals. With my program, you can learn how to begin day trading with paper simulation, and you will be profitable for at least 80% if not more of your trades once you go live.
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a (FREE E-BOOK) by Maurice Kenny, “DAY TRADE LIKE A MILLIONAIRE.”