Penny stock trading in the land down under // Chapter 01 // Paper trading
After being hooked and watching a bunch of DVD’s and YouTube videos I decided it was time to take the next steps and to start trading.
I noticed that tools were very important for day trading. I tried to use all the free tools out there such as finviz, but I did not like having to go all over the place to get what I needed. Luckily Tim Sykes also realised this problem and helped create the StocksToTrade platform. This platform had all the information I needed in the one place. I will do a review of the platform in another post. I got myself the free trial and then ended up purchasing a monthly subscription.
I was ready for paper trading on the 6th of July. Here is the copy of the first ever note/plan that I created for BLNK.
I did this for a couple of days and I was finding that I was doing pretty great paper trading. I was not following PDT rules though, so I was going buying and selling shares multiple times. I found that the StocksToTrade system was not executing my paper trades, so I ended up just taking mental notes of entries and exits.
I paper traded for about 3 weeks, and this gave me enough time to open up a brokerage account with TradeStation and fund it.
Disclaimer: I do not have an affiliation with any of the products I talk about. These are just personal endorsements.
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