Day Trading Simulator – A Great Tool For Beginning Day Traders

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Day Trading Simulator – A Great Tool For Beginning Day Traders
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It’s been awhile since we finished the month long trading challenge. And I wanted to take a brief moment to reflect on what my goals were for this challenge. Mainly because I’d like to actually create more challenges in the future. The primary reason that I wanted to restate this is because I’ve been receiving a good amount of emails as to what exactly the challenge was and also why I did the first half of this on a day trading simulator account. So, let’s begin with talking about what a day trading simulator account is and how you can get one.

A day trading simulator account also known as a sim account is an account that allows you to trade the simulated market but with a fake account. Meaning that you aren’t putting any money at risk you are just trading a simulated market environment. What’s the purpose of this you might ask?

The purpose is simple, it allows beginning day traders to practice trading a very real simulated market environment. It’s really no different from the actual live market. One of the things that I can tell you is that I’ve actually had a greater deal of success trading the live market then sim. For some reason it’s quite easier to actually get fills on certain trades.

So, the past three weeks you’ve seen my results from trading this sim account on the NinjaTrader platform with a beginning day trader strategy. Over the course of these three weeks you’ve also seen just how easy it can be. You’ve also seen a fair amount of profit that I made on the sim account.

Now the reason that I only showed you sim results thus far is so that you don’t create these wild expectations. If I showed you right out of the gate what I’m earning trading five contracts then your expectations would be larger than life. On week one of the challenge I was trading two contracts in this market. Fast forward to week three and during this past week I’ve been trading five.

Profits while I was trading two contract ranged anywhere from a small loss of $75 to as much as $675. In the past week I actually amped those contracts up to five total. Needless to say it hasn’t been a very active week. The least amount I won or lost this week was +$125 and the biggest win was $250.

To be quite honest with you I was hoping to ramp this up to ten contracts and record those results but I’m not actually sure if that’s a good idea considering the slow movement of the market. I think for the sake of just finishing off the challenge I might still do it, but in a slow moving market like this I have to think about how comfortable I feel upping the number of contracts I’m already trading.

So, I’ll see you all next week with live trading results and big numbers.