Paper Trading on Ringgit Lab Elite

Scared to pull the trigger on that first stock purchase? Looking for a way to start practicing before you put your actual, hard-earned money on the line? Start with paper trading.

Paper trading is a simulated market environment in which you write down buying and selling decisions, rather than placing actual orders at a brokerage. New traders are advised to paper trade until they learn basic strategies. Paper trading is also suitable for experienced traders as they can utilize the practice from time to time, especially when working on new ideas and approaches.

Benefits of paper trading

Learning to invest without any risk

Ringgit Lab gives you the ability to try without that fear holding you back. Because there is no actual money involved, you can experiment without worrying about losing money.

Learn as you go

Terms like limit orders, market orders, stop-loss limits, quantity, and the price will pop up when you place the first order. Most paper trading simulators will give you the same feel as a brokerage. This will allow the chance to learn the process so that it takes away that fear.

No stress

Utilizing paper trading simulators to learn removes two of the biggest emotions that can cloud your decisions when investing - fear and greed. Paper trading simulators help eliminate both of these emotions from your trading. Because you have no fear of missing out or greed involved. It allows you to focus on the process of valuing a company.

Confidence

As a beginner, you may approach investing with a little uncertainty. Nothing can help build your confidence in your investing ability like executing trades and seeing the potential monetary gains from your trades. These boosts can go a long way towards your ultimate success as an investor.

Ability to make mistakes

One of the greatest learning tools we all have in live is the ability to learn from our mistakes. Paper trading gives you the ability. To learn from your mistakes without losing actual money. As you learn from your mistakes and change your strategies you can gather more evidence.

Ability to test different strategies

With all of the different investing strategies out there it can be a bit overwhelming deciding which one is the best. For you and your personality. As well as financially. With paper trading simulators, you are able to conduct your own experiments and decide which one suits you the best.