Free Option Trading Software
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A great way for spread traders to get ‘hands on’ experience trading butterfly spreads, credit spreads, and iron condors – without being exposed to the risk – is to ‘paper trade’ them first.
Any option trading strategy – or any trading strategy for that matter – can act quite differently than one might expect when first just reading or learning about it in a book, video, or training course.
Think of it like a flight simulator. You want to learn how to fly a plane – so you read a book, take a class – but just reading or learning about it from a class certainly doesn’t mean you’re ready to climb into a plane and take off. It would be recommended (or at least should be recommended) that after your ‘book’ study – you climb into a flight simulator so you can get an idea of what it’s really like to fly – without risking your own life – or anyone else.
We should approach our trading the same way. Climb into a ‘trading simulator’ and put these trades on – watch them – manage them – and see how they act and perform. This information is priceless in our trading training – and we are able to really soak it in and learn without having the stress of worrying about losing real money.
Many option trading software platforms have ‘paper trading’ capabilities – and many of these are free option trading software. Recommended is to check out ThinkorSwim.com which provides a great paper trading software platform that looks and acts just like their live trading platform.
