The following image shows a screenshot of our trading journal in google sheets. Google sheets are what we recommend for you to use in the trading journal mainly because it is easy to use, completely free and you can access it from any device.

This is where you enter all the details for your trades. These columns are,. The first step when using the trading journal is to input your initial balance in the initial balance field as shown below.

You can enter new strategies in the strategies sheet. The strategies allow you to organize all the trading strategies that you are using. You can also enter the description for each strategy so that you know what this strategy exactly is. In a similar way to selecting your strategy, you can select the currency pair you are trading.

If you cannot find your currency pair add it to the Currency Pairs sheet. You can also remove the currency pairs that you are not interested in trading. We recommend you only have a list of currency pairs that you are trading so that you have a small list to choose from.

If you look at the statistic sheet, you will see the following calculations that are calculated automatically. These statistics are the Total Trades, Winning Trades, Losing Trades, and the Win percentage. Also, you can see the account growth percentage as well. These are very important statistics to consider when testing your trading strategies. Especially the account growth rate. If the growth rate keeps decreasing that means that you need to change something in your trading strategies.

If the account growth rate is increasing that means your doing great! It is very valuable to have a trading journal that you can use to track your trades. There is quite a few trading journal software out there but most of them are complicated to use and you need to pay for them some are pretty expensive.

Click the button below to get the trading journal. Also, make sure not to delete the first row it contains all the formulas. Learning about supply and In this article, we will talk about leverage in Forex. When trading with leverage, it is essential to understand the In this guide, we will go over 5 effective forex trading strategies. When it comes to trading tools and features, the Plus app allows you to choose from a buy or sell position on all markets.

There are several order types to choose from, as well as the ability to read and analyse pricing charts. Regarding the former, this includes take-profit, stop-loss, guaranteed-stop, and trialling-stop orders.

As such, you can ensure that your trades are executed in a risk-averse manner. Finally, Plus is heavily regulated and its parent company is listed on the London Stock Exchange.

Read our in-depth Plus app review here. With most online brokerage firms now not only offering mobile applications — but demo accounts, too — knowing which provider to sign up with can be time-consuming. At some point, you might decide to upgrade to a real money account. With this in mind, you need to look at everything from fees and spreads, to supported payment methods and regulation.

To help point you in the right direction, below you will find a list of metrics that you need to consider before downloading a paper money trading app. First and foremost, you need to ensure that you are eligible to open an account with your chosen paper trading app. At the forefront of this is the country in which you are located. For example, a lot of stock apps do not accept Americans as they are required to obtain regulatory approval from US authorities — which can be both costly and time-consuming.

Once you have confirmed that you are eligible, you then need to check the regulatory standing of trading app provider. Take note, each and every trading app that we have listed on this page holds at least one regulatory license — often several. Some of the most reputable regulators to look out for as:. Once you have assessed eligibility and regulation, you should then spend some time understanding the fee structure of your chosen app.

After all, this will have a direct impact on your trading margins — should you decide to upgrade to a real money account. The main fee that you should assess is that of the trading commission. Most of the investment apps listed on this page do not charge any commission, which is great. But, if your chosen app does — this will normally be a percentage fee.

For example, you might pay a commission of 0. You can check all of the above by heading over to the respective trading platform before opening an account.

It must be noted that trading on a mobile phone can be challenging. This is because you will be working with a screen that is much smaller in size than that of a desktop device.

However, when it comes to performing advanced analysis and research — this can be somewhat cumbersome on a mobile phone. With this in mind, you should stick paper trading apps that excel in terms of usability. The good news is that your chosen app will be compatible with your specific operating system — be it Android or iOS. Make no mistake about it — most traders in the online scene lose money.

This might be for a variety of different reasons — such as the trader being unable to handle the emotions of losing money — or because they fail to implement sensible risk management strategies.

Regarding the latter, this is why you should ensure that your chosen app offers you the required tools to develop a risk-averse trading strategy.

The best paper trading apps offer a good selection of educational tools. This might include handy guides and video explainers — or even regular webinars. This is because the aforementioned paper trading apps are perfectly suited to newbies. Additionally, you should also ensure that your chosen trading app offers a good amount of in-house research.

This might include technical indicators and chart drawing tools — as well as economic calendars and financial calculators. When it comes to fundamental analysis, real-time news developments via the app is of great value. Without intending to state the obvious, you also need to make sure that the paper trading app is compatible with your device.

Most brokerage firms will launch an app on both iOS and Android. But, one version of the app might be inferior to the other. A great example of this is IG. Assuming that you will one day be looking to use your chosen app to trade with real capital — you also need to think about supported payment methods.

The easiest way to get money into and out of your brokerage account is to use a debit or credit card. E-wallets are just as convenient — as payments are usually instantly credited fee-free. With that said, some paper trading apps only support bank transfers. This is somewhat of a draconian way to deposit funds — as you will have the wait several days for the money to arrive! Additionally, you should also check to see whether any fees apply to your chosen payment method and how long the broker takes to process withdrawal requests.

You should also stick with paper trading apps that offer top-notch customer support — especially if you are looking to eventually upgrade to a real money account. The best way to speak with a support agent is via live chat. Next, best is that of phone support — as you will benefit from real-time assistance.

Found a paper trading app that meets your needs, but not too sure how to get started? If so, we are now going to walk you through the process of setting up a demo account facility with eToro — which is our top-rated paper trading app.

You can, however, use any provider of your choosing, not least because the process is virtually like-for-like across all platforms. Visit the eToro website via your mobile web browser and download the app.

This is available on both iOS and Android devices. You will need to open an account before you can use the eToro paper trading facility. The process simply requires some personal information from you — such as your full name, home address, and date of birth.

Once you have opened an account and confirmed your email address and phone number — you can start trading with paper money. In order to trade, you first need to search for an asset.

This includes stocks, commodities, forex, ETFs, and more. Or, you can simply search for the asset that you wish to trade. Finally, confirm the trade. If you want to start trading with real money, you will need to provide some ID to eToro. This is because eToro is heavily regulated, so it must comply with anti-money laundering laws.

Then, eToro should be able to verify the documents within a matter of minutes. You will then be asked to deposit some funds. Once your deposit is confirmed, you can then start trading with real capital! Furthermore, the paper trading facility will usually mirror that of live market conditions. This allows you to get a feel for how the financial markets work without you needing to risk your own money. With that said, paper trading apps are not only suited for beginners. On the contrary, a lot of experienced traders use them as a means to test out new strategies and ideas.

This heavily regulated provider offers thousands of trading markets — all of which can be accessed on a commission-free basis! Visit eToro Now. Paper trading refers to the process of trading with an online or mobile brokerage firm - but with demo funds. While there are hundreds of paper trading apps to choose from, we think that eToro stands out from the crowd. No, paper trading apps allow you to trade with demo funds - meaning that you will not be risking or making real money.

If you do want to make money from your trading endeavours, you will need to upgrade to a real money account by making a deposit. This can vary wildly depending on your chosen paper trading app. In the case of our top-rated app eToro - you can trade everything from stocks, ETFs, indices, commodities, forex, and cryptocurrencies. As long as your chosen paper trading app is licensed by a tier-one regulator like the FCA or ASIC , you should have no concerns surrounding safety.

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain.

In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck , the Motley Fool , InsideBitcoins , Blockonomi , Learnbonds , and the Malta Association of Compliance Officers.

Best Stock, Forex, CFD, Crypto, Social or Day Trading Apps that meet your trading goals and needs. Home » paper trading apps. Best Paper Trading Apps. Trick or Trade! Paper Trading on mobile has arrived on TradingView. So here's a quick demo tonight in lieu of a Sunday Futures Outlook, given that markets are at all-time highs, it's Halloween, and an exciting elimination game in the World Series. I often see people who start trading and expect their accounts to explode, based on promises and hype they see in ads and e-mails.

The purpose of these articles is to show you the trading strategies and tools that I personally use

This is because you will be trading via the demo account facility offered by your chosen broker. In this guide, we discuss the best paper trading app of For more information on one of the apps listed below — scroll down! If this is the case, important metrics to consider include:.

Taking all of the above into account, finding a suitable paper money trading app for you and your long-term financial goals can be time-consuming. In our view, eToro is by far the best paper trading app available in the market. Compatible with both iOS and Android devices, this paper stock trading app can be downloaded free of charge.

This is more than enough for you to learn the ins and outs of how online trading works. In terms of what you can trade, eToro offers most asset classes. In terms of direct ownership, you can buy shares, ETFs, and cryptocurrencies. This covers many of the best stocks , indices, digital currencies, forex, commodities, and interest rates.

Irrespective of what you decide to trade on the eToro app, the provider does not charge any commissions. Going back to the demo account facility momentarily, it is important to note that this mirrors live market conditions. That is to say, whatever you see on the paper trading platform is mirrored like-for-like with actual eToro buy and sell orders. This ensures that you get the most from your paper trading endeavours.

If you decide to upgrade to a real money account, eToro is licensed by the Financial Conduct Authority , CySEC, and ASIC. Once you have funded your account, you will then have access to the eToro Copy Trading feature.

This allows you to trade passively — as your chosen investor will buy and sell assets on your behalf. If you want to learn more about eToro, you can check out our eToro app review for a more detailed look at what this broker has to offer.

It was only until recently that options became accessible to the average trader. This is because they are complex financial instruments that are best suited for experienced investors. Nevertheless, by using a paper trading app like AvaTrade — you can learn the ins and outs of how options contracts work without risking a single cent.

In particular, the application gives you access to options in the form of forex and gold. This is a great way to gain exposure to your desired marketplace in a low-risk, high-reward manner. You can trade calls, puts and spots, and easily deploy combination strategies.

Regarding the latter, we like that the AvaTrade platform automatically reduces spreads when you utilise a combination strategy to trade options. This also means that the app is conducive for hedging — as your trading costs are kept to an absolute minimum. The AvaTrade app also stands out for its provision of risk management tools. This includes heaps of market orders, portfolio simulation, and the ability to trade with small stakes. The AvaTrade app can be downloaded free of charge and is compatible with both iOS and Android devices.

If you decide to upgrade to a real money account, AvaTrade requires a deposit of just £ In terms of regulation, AvaTrade is licensed in several jurisdictions and thus — has a great reputation in the space. There is no guarantee you will make money with this provider. This platform has a great reputation in the online and mobile trading scene, especially when it comes to forex. You will have access to lots of currency pairs — including plenty of majors, minors, and exotics. Not only can you access these forex pairs without paying a single cent in commission — but spreads are very competitive.

Each and every pair can be traded on leverage, too. As always, your limits will depend on where you are based, which currency pair you decide to trade, and whether you are a retail or professional client.

You can use this on any asset class of your choosing — by it forex or CFDs. You will also have the option of trading via MT4 at FXCM. Once you open an account, you simply need to download the MT4 app on to your phone and log in with your FXCM credentials.

This is well worth considering, as MT4 provides heaps of tools and features — including the ability to deploy automated trading robots. We should also note that the FXCM app is super-safe — which includes a fully-fledged license with the FCA.

Trading is an online trading platform that is proving popular with UK investors. Its mobile trading app — which is available on iOS and Android devices, is split into three departments. This covers share and ETF dealing, CFD trading, and Stocks and Shares ISA. This covers more than 4, stocks and ETFs — and there is no foreign exchange fee when purchasing non-UK assets.

In order to get started, all you need to do is download the app. There is no requirement to open an account to access to paper trading facility — meaning that you can get started straight away. This is because the app is super simple to use and comes with an easy-on-the-eye colour scheme. The popularity of Trading with UK traders is further highlighted in its app store ratings. This stands at 4. If you decide to upgrade to a real money trading account, this app provider does not have a minimum deposit in place.

When it comes to safety and security, the Trading app is authorised and regulated by the FCA. Read our comprehensive Trading app review to find out more about what this brokerage firm offers. This age-old broker was first launched in and is now a publicly-listed company. The provider gives you access to over 10, shares and 17, CFD trading markets. With that said, the IG paper trading facility is only available on CFDs. This covers everything from stocks, hard metals, energies, bonds, indices, and more.

If you decide to join over , clients by opening a real money account, then you will benefit from commission-free CFD trading. The only exception to this is stock CFDs — which come with a variable percentage fee.

Spreads are very tight on most asset classes, and leverage is available on all CFD markets. If you opt for traditional shares at IG, then you will pay £8 per trade. If you are able to trade at least three times per month, then this is reduced to £3. IG offers two trading platforms — both of which can be accessed on your mobile phone. IG supports debit cards, credit cards, and bank wire transfer.

You fund your account with the Android app, but not iOS. Finally, it goes without saying that IG is heavily regulated. This includes licenses with the FCA and ASIC — so safety should be of no concern. Want to learn more about the IG trading app?

Check out our expert IG review. After all, the broker is one of the biggest and most trusted trading platforms in the domestic marketplace. Although most traders prefer to use the online platform — TD Ameritrade also offers a fully-fledged mobile app. Best of all, you can start off with a paper trading facility to help you get to grips with how the application works. The TD Ameritrade app gives you access to most features and tools as found on its main desktop site.

This includes to ability to place real-time market orders, view and explore integrated charts and quotes, and even create watchlists.

What we also like about this trading app is that you can set up price alerts. In terms of the specifics, real money accounts come with free stock and ETF trades. Additionally, the TD Ameritrade app gives you access to over 11, funds — which is great for passive investments. com is likely to be your best bet. This forex specialist offers its trading platform online or via a fully-fledged mobile app.

While this includes all major and minor pairs, the Forex. com app is also great for exotic currencies. You can test the Forex. com app out for yourself via its demo account facility.

Each account comes with a life span of 30 days — which should be enough time to get to grips with how the app works. The application comes packed with tools and features. This includes technical indicators and chart drawing tools — alongside leverage. If you decide to use the Forex. com app to trade with real money, there is no minimum deposit amount when opting for a bank wire. In terms of fees, you can choose from a commission-free or standard account. FXTM is a hugely popular online trading platform that now boasts a customer base of over 2 million users.

You will be able to trade forex and range of CFD instruments. Leverage can go as high as on this platform, albeit, this will depend on your trading status and chosen asset class. All account holders have the option of trading with paper funds — which is accessible via the app or desktop site. To complement the demo trading facility you will also have access to heaps of educational material.

This includes eBooks, videos, and even regularly hosted webinars. FXTM also offers a copy trading feature, albeit, this is nowhere near as good as what eToro offers.

Nevertheless, the FXTM app offers several account types.

Pros and Cons PROS CONS Supports more than 70 forex brokers Traders must use a compatible broker Social trading opportunities The quality of signals cannot be guaranteed ZuluGuard, Automater, AutoTrade cryptos, and several other features Spreads can be marked-up to cover platform costs Warrior Trading Features Warrior trading is one of the best financial education services that include a comprehensive paper trading service. Get tight spreads, no hidden fees and access to 12, instruments. Fees per trade CFDs. Traders do not need to register a trading account before they can get access to the trading platform. Trick or Trade! Tutorial Quick Demo - Paper Trading On Mobile.

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