If you are looking to learn trading through paper trading, then here’s how you do it on Stolo’s paper trading application. Learn trading in an easy and seamless way through all our advanced features that will help you learn and acquire the skills of trading. Paper trading comes with humongous advantages, starting with no capital risk. Yes, you will trade through fake or virtual money on paper trading. Hence it is one of the smartest and easiest ways to learn to trade.
What is Paper Trading?
For many budding traders, paper trading is a fantastic learning tool. It is a platform for simulated trading where a trader may learn how to trade using fake money. In a word, paper trading enables the trader to transact in the market without putting real money at risk.
It is simple to keep an eye on a stock’s price movement in the market, choose suitable trading candidates, implement techniques, and evaluate results. This entire trading will be conducted using virtual currency. As a result, it is also known as virtual trading.
How to Reach the Paper Trading Section on Stolo?
- Open the Stolo application on your desktop or mobile phone.
- Sign in to the application using your email or phone number.
- Make sure you have subscribed to Stolo to access these features.
- To access stolo paper trading app, simply click on ‘TRADE’ on the top navigation bar on the dashboard.
- You will have a drop down menu opened, you may now click on paper trading.
- This will take you to the paper trading dashboard.
Virtual Account on Stolo
An account made exclusively for your paper trading journey is usually referred to as a virtual account. The account is also funded with fake or virtual amounts to buy or sell any kind of derivatives. It would be exactly like your normal accounts, keeping tabs on your pay-in and pay-out regularly, except you would not need any email or password verification to use this account.
Funds on Stolo’s Virtual Account
On Stolo, you can look at the available funds in the top right corner of the dashboard. The fund, by default, would be 1,00,000. However, you can customize your funds to any desired amount. Set your desired fund, and you are all set to begin paper trading with virtual money during the course of your learning, you may also reset your funds to start from scratch again.
How to Start Paper Trading on Stolo?
Step 1: Click on the ‘terminal’ at the top of your screen.
This will take you to the next page, where you will find an integrated trading tool chart and other tools required for paper trading. You also have a draw option which you can use to analyse the chart and make your markings on the chart. You can also go ahead, save and label these drawings for your reference in the future.
To begin paper trading, market analysis is critical. You need to understand the market trends to choose your direction. Stolo makes this analysis easy for you by providing you with accurate live market data. This can be accessed by simply clicking on the market analysis tool, where you will get access to all required data to select your stocks and execute your trades.
Step 2: Placing an order on Stolo’s Paper Trading App
There is a watchlist section on the right side of your page that will help you place your trades. You can choose to call options or buy options from this section and begin trading.
Clicking on the call or buy option would open another window where you can enter your lot quantity, target price and other required details to make a trade. The opened window will give you an opportunity to enter all the required information to place your trade.
Step 3: Order Analysis
Once the trade is placed, you will find the order details of your trade at the bottom of your page.
These details include:
- Target Price
- Two Leg Trade Info
- Last Trade Price
You can always edit your current order or close the order from the same section and complete your trade.
Stolo gives you a compiled report of your performance based on the trades you made, whether profit or loss. A performance chart will be created immediately where you can analyse how you performed in your previous trades. You can use this to analyse, identify and improve your trade strategies and learn from your past performance easily on Stolo to master the art of trading.
The performance chart would include:
- Average points captured
- Average time per trade
- Highest time in a trade
- Lowest time in a trade
You will also have a summary of all your profitable trades which would include:
- Total trades
- Avgerage profitable amount
- Points captured
- Highest earner
- Total profit
For any further queries, you may always click on the green colour ‘learn’ on the extreme right corner of your page, which will help you with your navigation.
Here is video tutorial on how to to paper trade on stolo!