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How do I Get Started Risk-Free without Risking a Single Penny?

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How do I Get Started Risk-Free without Risking a Single Penny?

Windowofworld.com – You can have the best day trading plans but you will never make money if you don’t take action and actually start trading. But how can you get started without risking a single penny of your own money?

After all, you are new to trading and don’t want to lose thousands of dollars because you made a little mistake in your trading plan, right?

The best thing you can do to get started is to get a so called “Paper Trading Account”. And best of all: you can get a paper trading account for free from your broker. Or give me a call and I’ll set up a free paper trading account for you.

So, what is a paper trading account?

A paper trading account lets you trade your system for “virtual money”. You will get a live quote and can enter the trade according to your plan. The daytrading system will simulate replenishment, and you will find yourself in a trading position. Paper trading accounts show profits and losses in real time, and you can see LIVE how much money you are making or losing. Remember that we are talking about “virtual money”, so you are not actually making any money yet.

Why you MUST trade your day trading system on a paper trading account first.

The biggest enemy of a trader is discipline. Traders lose because they lack discipline. Your day trading plan may be overwhelming, but if you don’t have the discipline to follow your trading plan then you are done. Trading your system on a paper trading account will help you gain confidence in your day trading system and develop the discipline needed to actually make money with it.

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Don’t do this mistake

Many traders start to “fix” their trading system after losing or losing several times in a row. Even though dealing with losers may be exactly what your system expects you to do, you start to question the system. You start to “upgrade” the system by changing a few parameters or adding a few filters. You forget that you tested your system on more than 2,000 trades; You are trading it for a few days and think that it needs to “adjust”.

That’s the biggest mistake a trader can make. If you developed your system based on the outline I provided in Step 1 and tested it against the principles I provided in Step 2, chances are that you have a strong daytrading system.

Remember that trading the system does NOT mean having an ATM on your front page. Losing is part of our business, and NO trading system has an equity curve that goes straight up without a downturn. You need to trade your system for at least 40 trades before you should think about modifying it.

How to become a successful trader?

To become a successful trader, you need a trading plan. After reading this far you’ve found the answer, right?

What is no less important is having the discipline to follow the plan?

Lack of discipline is caused by your emotions, basically greed and fear:

You are afraid of losing and if you experience winning, you become greedy. And that’s when you start crashing your system: you might want to give your trades “a little more room” and increase the stops, or you might want to “get a few bucks more” and start moving your profit goals. Dan BOOM: You just lost the discipline you needed.

By observing your trades on a paper trading account, you will learn a lot about yourself and how to handle emotions:

  • Can you “pull the trigger” when your entry signal appears?
  • How do you feel when you see the trade moving against you?
  • Do you feel the urge to move your stop loss?
  • How do you feel when trading makes a profit?
  • Do you want out?
  • Would you like to stay longer?

Do you have the discipline to trade your system according to your rules?

Trading the system on a paper trading account will help you:

  • Take care of yourself and your feelings.
  • Helping you deal with your feelings.
  • Develop the discipline you need to become a successful trader.
  • And of course: test your trading system in “realistic” market conditions

A neat trick to improve your learning curve

The best way to trade your system is to fully automate it!
By automating the system, you will immediately get the following four advantages:

Advantage # 1: Discipline

The easiest way to follow a trading plan is to automate it. Nearly every trading system can be automated, and you can let the computer trade for you. You don’t have to worry about your discipline anymore, because the computer mechanically trades every setting for you.

Advantage # 2: Control your emotions

Automating the system removes emotions from trading. If you don’t automate your strategy of trying to make decisions while the market is moving, you are likely to become emotionally attached to the position. You may experience panic and doubt when the market doesn’t move your way, because you don’t have a ready response. That’s when most of the traders lost their money. If you automate your system, the computer will trade for you no matter what the market does.

Advantage # 3: Control your losses

You may have heard the saying Let your profits run. Unfortunately most traders let their losses run. Automated trading systems will get you out of position when a predefined stop is reached. Unless you switch systems to give the trade a little more space, the computer will stop losses and therefore limit your losses.

Advantage # 4: Commitment

You won’t believe how many traders show a lack of commitment and thus lose money. Lack of commitment means that they stop trading after the first loss, and don’t give their system a chance to recover the lost money. Trading is not a one-way street, and losses are part of our business. If you cannot accept the fact that there will be a loss, you should not trade. Fortunately a trading system automation can help you solve this problem; automated trading systems continue trading according to the rules, and therefore add more consistency to your trades.

The next step

If you read this far, then you learned a lot. With know, you know
How to determine your financial and trading goals.
How to choose the right market for your trading purposes.
What timeframe you should trade.
The differences between trading styles and how to find the right one for you.
How to create a basic trading plan.
How to make sure that your trading plan will work in reality
How to start trading your system without risking a cent
What it takes to become a successful trader
How to develop the habits of a successful trader
Your shortcut to becoming a successful trader
Now the ball is in your court. It’s up to you to take the first step.
If you want to get started in the next 24 hours, then you should check out the Smart Start and EaglePro trading systems.
Both systems are fully automated, and have the perfect risk / reward ratio for beginners. Each system comes with a free paper trading account which allows you to test the system risk-free.
Now it’s your turn.

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