For crypto traders and investors new to the game or seeking to hone their skills, paper trading has emerged as a valuable tool for gaining experience without risking hard-earned capital. In this article, we'll delve into the nuances of paper trading, examining its benefits and drawbacks, and providing essential tips to maximize your learning experience with Gainium's paper trading feature.
Before we begin, we must address an important question, why should we paper trade? There are numerous benefits:
Though there are many benefits to paper trading, we must also remember the following:
To start paper trading in Gainium, switch to Paper mode. You can do so under your account menu in the top bar.
Once you have switched to paper mode, you can go to your exchanges and add a new paper trading exchange. Input the desired amount of USDT, and that's it! You can now trade as if it was real money on your exchange.
Think of the paper trading mode as another account. You can add and remove exchanges; all other functionality remains the same.
You can easily manage your paper trading account from the “Exchanges” menu. There you will find the option of adding new accounts, adding more funds to existing accounts, deleting accounts, and resetting all paper trading data.
Paper trading serves as an invaluable resource for new and experienced crypto traders alike. By embracing the benefits, acknowledging the drawbacks, and employing best practices, you can utilise paper trading as a springboard to a successful and profitable trading career in the ever-evolving world of cryptocurrencies.
Paper trading, a.k.a. forward testing, is when you trade without using real-time any real money. Paper trading is an essential tool for both beginner and experienced traders alike. It allows investors to practice their trading strategies, test different assets, and become familiar with the market without risking actual capital. It also provides a safe environment for those just beginning to learn about crypto or who want to test new techniques before committing real money.