If you’re new to trading, this video is going to cover a really important concept that you should be aware of. Like most things in life, getting good at something requires practice. How do you practice day trading? You paper trade. Paper trading is using “paper money” or “play money” to simulate the process of trading–that is, replicating the experience of trading using real money.
Many people get NinjaTrader 8, but they don’t know how to get live data. Live data is super important. Otherwise, you’re looking at end-of-day data, replaying historical data, etc. If you need assistance getting started with NinjaTrader or obtaining live data, feel free to reach us at support@daytradetowin.com.
All of our courses and software work with simulated/paper trading
NinjaTrader 8 has a built-in simulator that attempts to replicate the real-money trading experience as closely as possible. That said, it is not a perfect simulation of what the real experience is like. However, you can get a great feel for how the markets move and how to trade them. In addition, you can track your simulated trading performance via NinjaTrader 8’s Account Performance tool.
Every simulated trade you place will be logged in the Sim101 account. You have considerable control over this account. For example, you can give yourself a certain amount of paper money to begin with to simulate the size of a trading account that you can afford to one day fund. Also, you can reset the Sim101 account in case you want to turn a new page in tracking your performance.
To get set up, you can follow our free Get Started Trading Guide. We also have instructions on this page.
Good trading!
