Erase all your trading risks with $25,000 provided
I’m obsessed with trading, when I’m not writing, meditating, praying, or exercising during the CoVid pandemic, I spend time on YouTube for trading strategies. However, every time I am about to put my money down, I wonder whether my selections will be beneficial or not, whether the strategy I have learned is correct in reality. I was confused a lot until one day my favorite price tracking website — BitScreener released its new feature, Virtual Trading, all my worries seemed to be erased.
1. What is Virtual Trading?
Virtual Trading (also known as Crypto Simulator introduced by BitScreener) is similar to actual trading where you can purchase and sell cryptocurrencies. However, no real money is involved in this game.
Virtual Trading provides you with a certain amount of virtual money to practice and test your trading skills based on technical, fundamental and algorithmic analysis strategies (or directly by sensations).
2. How do Virtual Trading platforms work?
Using a crypto simulator to practice trading is a really straightforward process. Here come the procedures to begin with BitScreener’s Virtual Crypto Trading platforms.
- Create a free account on the simulated platform
- Get initial virtual money of $25,000 in your virtual pocket right away
- Start buying/selling Cryptos as if you were in a genuine trading situation
- Keep an eye on your portfolio and keep track of your profits and losses
- Experiment with different techniques and understand the fundamentals of trading
- Move to genuine trading once you’ve gained enough confidence and expertise.
3. What are the pros and cons of using the virtual trading platform?
Following three months of using the new function, here are some of my own thoughts on this Virtual Trading platform.
Advantages
- There’s no need to create a demat/trading account or go through any paperwork
- To begin virtual trading, no actual money is necessary
- Real-time market situations for experimenting with tactics and learning the fundamentals
- Practice trading without risk
- Feel free to make mistakes and take risks because there is no real risk
Everything comes as two sides of a coin. Although there are several benefits to utilizing virtual trading platforms (particularly for novices), there are also some drawbacks.
Disadvantage
- As no actual money is involved, there is no emotional attachment
- Because earning and losing virtual money is not particularly interesting, you may rapidly become bored
- The real-world trading environment may differ from the virtual trading environment. (Participants in virtual trading platforms take more risks and bets than they would in a real-world setting)
