TradingView Paper Trading - A Great Stock Market Simulator
Coffee With Markus | Episode 109
Intro: 0:00
What's Happening In The Markets: 1:05
How To Paper Trade With TradingView: 8:15
Deep Dive Q&A: 24:24
Q: Why not just trade TQQQ high premium and NDX is a great long term investment? 24:47
C: I can't wait for the election to be done so we can get back to The Wheel! 26:57
Q: Is this a paid version of Trading View or paid? Can the free version do the same? 27:18
Q: Can we also do put options trades? 30:19
Q: What does PIPS mean on Trading View's paper trading in the profit and stop-loss area? 32:40
Q: Where do you see the link for the discount on Trading View? 39:42
Q; Can you use Trading View to paper trade if you are not from the U.S.? 39:55
Q: Can you short a stock in a 401K account? 40:18
Today is day 3 after the presidential election and we still don't know who will be the president, or who will control congress.
Here's what's happening in the markets.
Today the markets are taking a breather and are teetering around the flatline. The DJI is up 6.6%, the SPX is up 7.13%, and the NDX is up 9.3% for the week. They are on pace to hit their best one-week performance since April. We've only had a better election week in 1932.
This is because the Markets are factoring in that Biden will probably be President, that we will probably have a Republican-controlled Senate, and probably a Democrat controlled House. Traders like this idea, BUT if there is any change in this market expectation could lead to a lot of volatility next week.
In other news The Fed had a meeting and said, for now, they are leaving everything as is. Jerome Powell stressed that we still need a stimulus package and The Jobs report for October was better than expected with unemployment fell to only 6.9%. Also, new cases for Covid-19 have risen to over 118k new cases a day, the highest ever.
According to the PowerX Strategy and The Wheel, there were a couple of opportunities, but with all the uncertainty, I decided to wait until Monday.
Now let's talk about why you should use a paper trading simulator:
1) Test your trading strategy. You want to make sure you understand the rules and see if the strategy actually works.
2) Gain confidence. You will be able to see what your winning %, avg. profit / loss, drawdown, and other important numbers.
I recommend Trading View's paper trading simulator and here is how to get started:
1). You need to connect paper trading by connecting to your brokerage account under Trading View's trading panel
2) You want to reset your Trading View account so you can actually start with a balance that mirrors your real trading account. Otherwise, it will start you off with a 100k trading account.
3) You also have to adjust the order settings.
You can use Trading View's trading simulator with the PowerX Optimizer.
VIDEOS REFERENCED IN THIS EPISODE:
Recommended PowerX Optimizer Videos:
How To Trade Options With PowerX Optimizer
• How To Trade Options With PowerX Optimizer
Trading Rules of the PowerX Strategy
• Trading Rules of the PowerX Strategy
Stop Loss Orders And Limit Orders Explained Video:
• Stop Loss Orders And Limit Orders Explaine...
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