How do I paper trade?

Discussion in 'Trading' started by andy_p, Dec 3, 2021.

  1. andy_p

    andy_p

    Hello,

    I have a question and this seemed like the closest forum that I can put it in. I have a strategy I`ve bought it and it`s about gap trading. So I have an entry point and exit point or a take profit point. But I also have a stop loss. My question is how to I write it down on paper and how do I know, by looking at the chart or I don`t know how because this is the problem, how do I know if the stop loss hasn`t been triggered and It went on to be profitable to trade or if the take profit point was never ticked or my order wasn`t filled.
    Thank you
     
  2. Best way is to fund an account at IB pro for $500 and use their paper trading account. Not sure if you can do it with IB lite.

    Another option is do it with TradingView which you have to pay monthly I think.
     
  3. SunTrader

    SunTrader

    Sorry if this sounds harsh but why did you pay money for a strategy without knowing the basics of how to paper trade it? Which is mostly useless anyway.
     
    Big AAPL likes this.
  4. I think he probably buys signals from https://mystrategicforecast.com/ who is a decent gap trader. If not, then he's probably screwed.
     
  5. andy_p

    andy_p

    Hello no i`m not buying signals. I`ve bought a strategy I can`t disclose it here but I just don`t know how to paper trade. Can someone please help me and tell me how to do it and take in account the fact that it also has a stop loss that might be triggered. Please don`t trah my thread if you can`t help with my question then just don`t answer
     
    murray t turtle likes this.
  6. andy_p

    andy_p

    I need to paper trade on a piece of paper with a pen.
     
    Nobert likes this.
  7. rb7

    rb7

    Lol...I was doing that 33 year ago.

    But if you do, you'll need tick data in order to properly manage stop order.
     
    Overnight likes this.
  8. Pekelo

    Pekelo

    1. Get pen, paper and chart/data.
    2. Write down what you bought for how much and when. Stop loss too.
    3. Later on check back if SL was hit.
    4. Profit
     
  9. Arnie

    Arnie

  10. deaddog

    deaddog

    What are you trading and on what time frame?
     
    #10     Dec 3, 2021
    bone likes this.