What do you mean by Paper Trading?
updated 3 days ago
One of our member's top tips for our newest members is to always paper trade before risking your real money on a new system or strategy. This enables you to test the strategy before investing any of your real money in it. This has a couple of benefits:
You don't lose your betting bank - needlessly
There's no point in using your real money to check out whether your new strategy is profitable or not, when you can trade on paper first.
You can use the paper trading to spot the patterns and refine
Whilst paper trading you can spot the patterns and use them to refine your strategy, before using your real money.
Remember not all selections will win, but you should be finding more winners (returning more profit) than losers (making more losses). Refining your strategy is a great way to land more winners and make less losses, making yourself more profit.
You can paper trade using a couple of methods, depending how you like to work. You can literally use paper, so writing down all your selections and how they perform along with profit and loss, or use a spreadsheet to track this.
We have created this spreadsheet which you can use to paper trade your selections.