How to Paper Trade Cryptocurrency

How to Paper Trade Cryptocurrency

This video explains in detail how to start paper trading cryptocurrency. Paper trading simply means trading without using your real capital. You’re just performing trades and getting to know the outcomes (profit or loss).

We have two types of Paper Trading, namely; Manual and Automated Paper Trading.

The manual simply means looking at the order book of a crypto exchange, and using paper and pen to book your order. You will then confirm wether you’d made some profit or loss after a stipulated amount of time.

Automated Paper Trading on the other side is a form of trading in which you are giving a virtual account funded with a currency. You can then use the currency to trade, however, you’re not entitled to any real money or profit, since you’re trading with a demo account.

Advantages of Paper Trading.

It allows you to effectively monitor the Crypto market. it’s also a good way to practise trading cryptocurrency.

Finaly, since you’re not using real money, you don’t suffer any loss, and it enables you take full control of your emotions (Fear and Greed).

Do watch the video above and drop your suggestions in the comment box below.

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