In last week’s blog, which you can read here, we talked about setting up guidelines to help you manage risk and keep emotions out of your trading. The goal, at this stage of the Foundations of Stocks and Options journey, is to make informed trading decisions from a place of familiarity and understanding. The best way to become comfortable with trading is simply by doing, and today there are more options available to traders than ever before via virtual trading.
I have been virtual trading from the beginning of my journey through the Foundations of Stocks and Options classes. It is my belief the best way to learn something is by doing. I think Confucius was completely right when he said:
Tell me, and I will forget, show me and I may remember; involve me, and I will understand.
Virtual trading is all about being involved in trading. You learn by doing, and by doing, you gain understanding. You can set your alerts, trigger your trades, set your stops just like a real trading account. You can focus on learning strategies and practicing them on a daily basis. If you keep losing money, you can take a set back and figure out why. You can watch our market updates and Power Trader classes to see what stocks the TSU Team is looking at and why. Join our Tradesmart Community on Facebook and see what trades our community is doing and try them out. In short, you have nothing to lose and a world of understanding to gain.
Granted, virtual trading is a slower process than speed trading or back trading. However, what I like about it is the data is delivered in real time, which removes the urge to look ahead at the results when back trading. You are in the thick of it, just with fake money, but your results are real. If your trade works out, your account will go up, and conversely, if your trades turn against you, your account will go down. But here, you have the chance and opportunity to grow as a trader with all the tools you need and no risk to your real capital. Again, you have nothing to lose and everything to gain.
In closing, I implore you to learn by doing. Set up a virtual account today, which you can do here with Tradingview, and put the concepts you are studying from the Foundations of Stocks and Options class to the test.
If you wish to learn more regarding this topic, please consider signing up for our Foundations of Stocks and Options class, which you can do here. Thank you for reading, and we look forward to seeing you in next week’s Foundations of Stocks and Options blog!