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Paper Trade Plugin; some thoughts and suggestions
Hi Matt!
When I started to trade, a paper trading tool in combination with real time data would have been, what i have often wished to have. But at this time it wasn't available. So I (and all other novice traders) had to go an more or less expensive way of getting practice and experience in trading.
And therefore I am convinced, that the Paper Trading Plugin is one of the most important tools in order to learn trading, develope trading strategies and getting confidence in one's trading skills and trading concepts without losing much real money! Especially in combination with the possiblity to playback and papertrade historical data.
And I am sure, that this tool gives every charting software which has it an edge to blow away its competitors (especially among the newbies). Even, if it's charting possibilities wouldn't be the state of the art (as eSignal surely is now).
And also for experienced traders it's a valueable tool for testing new trading strategies or in a losing phase to get back the confidence in his skills. Hey, I sound like an sales manager, but it' s true.
Although till now eSignal has only done the first step in order to make the paper trading tool as useful as it could and should be.
Here are my Suggestions:
- The summary should show the profit or loss of every single trade and the cumulative P/L of the trading day.
- The summary must be saveable to a file for each day and exportable into Excel in order to analyse one's trading strengths and weakness.
- There should be the possibility to playback historical data and papertrade them with different chooseable speed (e.g. normal, double, ....) for training sessions after the market has closed or on the weekend. This would be important especially for parttime traders, as the most beginners are and reduce dramatically the time to get an experienced trader.
- Paper Trading Order Entry -> update the price automatically in realtime (if the ordertype "market" is choosen) and give us the possibility to adapt the price quickly, when the other order types are choosen (eg. with the arrow keys or a drop down list with different prices in $ 0,10 steps or so).
- Broker Window -> insert a column, where the realtime price is visible.
At last let me tell you, that IMO the paper trading tool is more important to develope than the other broker plug ins. Why? Cause for every Trading Platform (IB, Cyber, etc.) there exists an trading software independent from the charting software, everyone can use additionally to eSignal to manage his trading account. But there's only one eSignal Paper Trading Tool.
Thanks,
hawk1
When I started to trade, a paper trading tool in combination with real time data would have been, what i have often wished to have. But at this time it wasn't available. So I (and all other novice traders) had to go an more or less expensive way of getting practice and experience in trading.
And therefore I am convinced, that the Paper Trading Plugin is one of the most important tools in order to learn trading, develope trading strategies and getting confidence in one's trading skills and trading concepts without losing much real money! Especially in combination with the possiblity to playback and papertrade historical data.
And I am sure, that this tool gives every charting software which has it an edge to blow away its competitors (especially among the newbies). Even, if it's charting possibilities wouldn't be the state of the art (as eSignal surely is now).
And also for experienced traders it's a valueable tool for testing new trading strategies or in a losing phase to get back the confidence in his skills. Hey, I sound like an sales manager, but it' s true.
Although till now eSignal has only done the first step in order to make the paper trading tool as useful as it could and should be.
Here are my Suggestions:
- The summary should show the profit or loss of every single trade and the cumulative P/L of the trading day.
- The summary must be saveable to a file for each day and exportable into Excel in order to analyse one's trading strengths and weakness.
- There should be the possibility to playback historical data and papertrade them with different chooseable speed (e.g. normal, double, ....) for training sessions after the market has closed or on the weekend. This would be important especially for parttime traders, as the most beginners are and reduce dramatically the time to get an experienced trader.
- Paper Trading Order Entry -> update the price automatically in realtime (if the ordertype "market" is choosen) and give us the possibility to adapt the price quickly, when the other order types are choosen (eg. with the arrow keys or a drop down list with different prices in $ 0,10 steps or so).
- Broker Window -> insert a column, where the realtime price is visible.
At last let me tell you, that IMO the paper trading tool is more important to develope than the other broker plug ins. Why? Cause for every Trading Platform (IB, Cyber, etc.) there exists an trading software independent from the charting software, everyone can use additionally to eSignal to manage his trading account. But there's only one eSignal Paper Trading Tool.
Thanks,
hawk1
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