Fantastic! Welcome to "Coffee with Markus". Yes, we'll have coffee together. Today we're going to talk about "How to start trading without risking a single penny". ???????? Oh my gosh! I got an echo here. Let me shut myself off. There you go. Fantastic! =) All right cool! Again, "How to Start trading without risking a single penny". How does that sound? We're gonna talk about that in more detail. But first of all....... Wow! This week has been a great week for Binary Options. Are you trading Binary Options yet? This week we had eight trades and all eight trades have been winning trades. Now keep in mind we will always have some losing trades. But yes, that's a great week to start the..... Yeah it's a great week to start the year right, isn't it? So, I love it. And if the market wants to give us money, we'll take it. All right. So let's talk about how to start trading without risking a "single penny".
How exactly do we do this? Well think about it. You now have a trading strategy, and you're ready to start, right? You're excited, and it's a new year, you want to get started in the market. What should you do first? Well let's jump to the computer and talk about this. The first thing you need to do is - "Trade on a trading simulator". And here's why. You want to trade on a trading simulator. So that first, you can - "prove to yourself if the strategy works". Does the strategy actually work? There we go. OK? You shouldn't trust anybody. I mean everybody is making claims about trading strategies and how fantastic they are, and how much money you can make with the trading strategies. I just told you about our Binary Options trading strategy. And this week, we had eight winning trades in a row. Now this is unusual! Usually we have winning trades and we have losing trades. But here, eight winning trades in a row.
I'll take it. But does this mean that this strategy overall is profitable? You have to test it for yourself. So the first thing that you want to make sure is that "the strategy actually works". The second reason why you should trade on a simulator is to "gain confidence". And what kind of confidence am I talking about? While I'm talking about confidence in the strategy, and confidence in yourself. (Typing as fast as I can) First of all, every strategy will have a streak of winning trades - and it will have a streak of losing trades.
You need to make sure that you know your numbers. That you know how many winning trades in a row can you expect. How many losing trades in a row can you expect? What is the winning percentage of the strategy? How much are you making on average on a winning trade? How much are you losing on a losing trade? These are important figures that you need to know.
You must know the numbers because you need to be prepared for this. See when you have a winning streak - like we have right now in Binary Options, of eight winning trades - Is this unusual, or is this normal? You don't know if you're not testing the trading strategy. Now secondly, you also need to have confidence in yourself. That you can actually execute the strategy. See, if you have a day trading strategy - Then you need to be in front of your computer for an hour or two. Can you stay focused in front of your computer? That's what you need to check - by trading this strategy on a simulator.
If you have a swing trading strategy, are you getting enough signals - or are you getting impatient? If you haven't had a trading signal for two or three days - Is this something where you're getting antsy and say, "I got to trade right now" Or are you fine with it? Know what to expect. And again this is why you need to test the trading strategy. So that you have confidence in the strategy - and in yourself. Now the third thing why you need to use a simulator at first is that - "You know what to do". And what I mean by know what to do? You need to know the different order types that are out there. What is a "limit" order and what does it do? What is a "stop" order and what does it do? What is a "market" order and what does it do? What is a "stop limit" order.....
Right? You need to know what you are doing. You need to know about the different order types. Always see all orders. And if right now you're saying "huh?!" That's why you need to use a trading simulator. Making sense? Also you need to know what buttons to push. You need to know your platform. How do you "enter" trades. And most importantly, how do you "exit" trades. Right? Every platform is different. So you have to for example "sell to close"? Or do you just have to "sell after you bought" it? There's different terminology with every single platform. And you need to know, that you need to make sure that you know this terminology. Because you don't want to fiddle around with your platform - while you are trying to get into a trade. Think about it! You have a signal and you want to get into a trade. Now you're trying to figure out the platform. And you won't believe how many people are contacting me - after they started trading live with questions about their trading platform. Nooooooooo! When you're trading live that is the wrong time to ask questions about your trading platform.
When trading live, you need to be a master of your trading platform. This is why you need to trade on a simulator first. So now the question is, for how long should you trade on a simulator? I always recommend at least "40 trades". Place at least "40 trades" on the simulator. And again for several reasons. Let's talk about this. First of all, only after "40 trades" will you have enough data so that you know your numbers - and that you can evaluate whether the trading strategy works or not. Think about it! I just told you we had eight winning trades in a row. Is this enough data for you to say this strategy works? What if you now have 10 losing trades in a row? You must have at least "40 trades" so that you know whether the strategy works.
In terms of confidence - the same thing. After "40 trades" you have more confidence in the strategy and in yourself. Plus after 40 trades, you will also know the different order types. And yes after 40 trades, you typically know your platform. If you have placed 40 trades on your platform, you should know your platform pretty well. (At least by 90%) And that is fine when you're trading. So, 40 trades and that's what I tell all my students that are in our "Mastermind" - - That I personally mentor - I say - "DO NOT" place a live trade before - you place at least 40 trades on a simulator. So, lets talk about simulators. What are grade simulators, or what is the best simulator? You see here at Rockwell Trading. We "test" different simulators. And we have tested Interactive Brokers, Schwab, I believe we have tested Fidelity, Train Navigators, So we have tested - I believe - half a dozen different simulators maybe even more. I believe it is more close to 10 simulators. And here's the one that we recommend.
We recommend the "Think or Swim Paper Money". It's a little bit tricky to find. So you need to go to Google, and you'll need to type in "Think or Swim Paper Money". (Switching screens to make it easier for you) There we go. So Google - type in "Think or Swim Paper Money". So when you do - you'll see that one of the first entries that pops up is - "Register for Paper Trading" So you simply go here, and then you can register for paper money - to get a "free" 60 day trial of Think or Swim.
And we have found that this platform shows you actually the most realistic fills. Because you want to make sure - especially when you want to gain confidence in a trading strategy that you have realistic fills, right? Unrealistic films don't do anything for you. Now the other cool thing here is that you have a full 60 days that you can trade it. Again we're "not" affiliated with Think or Swim.
And we're "not" getting compensation from Think or Swim. I'm only recommending it because it is a great platform. And we recommend it to all of our Mastermind students to get started on Think or Swim. The great thing is you can trade stocks, options, and even futures on this. And yes, if you really want to trade Bitcoin - I do believe that right now they even have Bitcoin. All right. So this is how you find the best simulators.
And keep this in mind. Whatever you are trading - first start on a simulator. Because that allows you to trade without risking a single penny. All right I hope this was helpful. If it was, please "Like" this! "Share" it with your friends! Spread the word! Have a great day. And I will see you next time. .
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