I know paper trading is a pretty big topic on forums and trading. At first I was totally against the idea due to being impatient. After taking hit after hit trading with a small account at the beginning I pulled the plug and started the paper route.
It wasn't easy but I became used to it over time, did it for about 4-6 months I believe before I began trading small with a real account again. Some people say it's a waste of time because you're not using your "emotions" with real money. Although that's partially true I think it's a big error in my opinion. Paper trading still teaches you price action, patterns, setups and so forth from the get-go.
In fact, even if you're consistent with a certain setup that works there may be other setups on the horizon that can help further your progress over time. Paper trading can help you test out newer setups to see if they work and eventually they may be added to your arsenal as well.
Right now I find way more consistency on the short side and am still very weak longing; yet, I continue to long every so often with my real account. Well, I'm finally learning I need to go back to the drawing board with paper trading long setups until I find a consistent edge. Otherwise, I'm just cutting into my profits from other consistent and more reliable setups right now. It's tough but needed. Trading is tough at first mentally and physically but it will become easier over time.
That is my take on paper trading.
paper trading is the way to go when you are new man. I was the same 5 years ago. I blew up my account like 3 times. Now this year after studying, I said F it, I'm going to paper trade until I am profitable. It really does teach you the setups and price action. If you can consistently make a good amount of profit per share, then you can use the same skills for real money. Focusing on the best setups and maximizing your profits is all you should be worrying about. Worry about the big bucks later.
Totally agree with you. My biggest weakness is longing setups right now so going back to the drawing board and tracking some different stats with paper trading again. A big reason I struggle with longing right now is that I still need to become more comfortable with dip buying into weakness. It's a current mentality that holds me back quite a bit
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