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Simplified Guide to Altcoin Paper Trading with Altrady
Paper trading is the best way to explore trading markets and see how buying and selling works without investing real money. Let’s see how it can help you level up your trading game!
Key Takeaways
- When it comes to trading with your hard-earned money, beginners can find it challenging to take the first step and face risks. This is where Altcoin paper trading comes to help.
- Altcoin paper trading allows you to practically learn everything about trading with virtual money. Whether you make a profit or suffer, you do not get or lose real money, but you do learn a lesson.
- Altrady is a great platform for beginners and experts alike, as it allows them to paper trade cryptocurrencies without using real assets.
- Try Altrady Altcoin paper trading to gain confidence in your abilities, improve your strategies, and diminish potential losses.
Why Altcoin Paper Trading?
Paper trading is a practicing tool that commonly first-time traders use to learn trading and gain experience using a demo account and fake money.
Practicing without committing real money helps newbies focus more on the technical stuff instead of worrying about monetary losses.
Paper trading is equally beneficial for veteran traders. It allows them to test their strategies, plans, and ideas in a virtual environment to find what is working and what needs to be modified. They execute their strategies in the real market after getting the desired results during the simulation.
One of the best things that one can do is find altcoins that are relatively new in the market and start making tons of profits by finding correlation between BTC and the altcoins that are positively correlated. That's something you can do with Altrady as it's exclusively designed to make sure your trading standards are the highest quality possible.
Key Features of Altrady for Paper Trading
Altrady gives you a chance to try the following features with a free paper account.
- Automate the trade: This feature allows traders to let the platform execute orders with greater accuracy and speed.
- Keep a record of your trading history: Altrady automatically calculates your overall loss and profit to tell you where you stand. It means that while conducting trades via this platform, you do not need to do the maths yourself.
- Try multiple exchanges at a time: You can trade in different markets from a single place. Save the time typically spent learning different exchanges and focus more on doing everything efficiently.
- Get timely notifications: Stay ahead of others by taking a vital step on time. Receive notifications about the changing market conditions, prices, and positions via email, mobile app, or desktop app.
- Maintain your portfolio: Keep your crypto accounts and related information organized with the portfolio manager
Table of Common Altcoin Trading Strategies to Test on Paper Accounts
| Strategy | Success Rate | Notes |
|---|---|---|
| Scalping | 60% | Quick, small gains |
| Swing trading | 70% | Profit from market swings |
| Price Action | 90% | Find unbalanced pricing on the chart and get 90+ chances to get it right |
| TrendLine breakout | 75% | Draw the correct trend lines and wait to break that trend and get in with the help of some indicators like RSI or Fibonacci |
Getting Started with Altrady
Here is how you can create an Altcoin paper trading account on Altrady.
- Create an Altrady account by providing your email and password.
- Go to the ‘Exchange Accounts’ page through the sidebar menu.
- Click on the ‘Add Paper Account’ button
- Select an exchange from all the available options. Write an account name in front of the ‘Label’ text.
- Press the ‘Save’ button to get started.
Now, you can check your virtual balance or even edit your account. To begin paper trading, open market charts and select ‘Paper’ under the ‘Account’ option.
Your paper account will work the same way as a live account. The only difference is the order will not be sent to the exchange when you place it, as you are executing it in a simulated market that is mimicking real market conditions.
Practice as much as you want using your paper account. Place market, ladder, and limit orders to see how they work. Press the ‘Reset Paper Balance’ button to remove all the previously placed orders and start fresh.
Advantages of Altrady Over Other Platforms
Altrady is better than many other platforms in various ways. For instance, it offers a free trial so you can check whether paper trading is right for you. It also provides different plans to help users pick what matches their needs.
What is more, it provides advanced trading features, helping users make the most of the technology and have a smooth trading experience.
Conclusion
Altcoin paper trading is a must-try for beginners who want to avoid potential financial damage while gaining hands-on experience in trading.
Veterans can also take advantage of a practice account and verify the effectiveness of their strategies before implementing them in the live market.
Altrady has all you need for paper trading. Create a free account now and take advantage of its 14-day free trial!
Get rid of the fears that are stopping you from entering the trading market. Check the results of your trading plans and ideas using fake money. Try them in the live market only after getting promising results!