“Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.”-Michael Carr
Trading is an art form that you can spend a lifetime trying to perfect and still feel like a novice if a trade turns sour. That, however should not deter you from trying if you want to trade and the simple secret to getting better is practice.
Training with a simulator is the best way to understand trading and developing your market sense.
After spending almost a decade in the traditional derivatives markets, upon breaking out into the cryptocurrency trading scene, I was quite surprised by the lack of any comprehensive simulators aimed at coaching beginners. Simulation software are not just crucial for beginners starting out in the market, but also for experienced traders who want to test out a new strategy or the trading of a new type of financial instrument. With crypto derivatives products slowly entering the markets, a simulated trading environment is the need of the hour for the crypto landscape.
Simulators utilise real market data to familiarise users with the interface, teach basics of placing different types of orders and let them get a hang of how the markets operate. Without staking real assets, traders can explore different market aspects, hone their way of thinking and prep themselves before executing real trades.
Cryptocurrency markets are spot markets for the most part. Buying low and selling high, maintaining a portfolio with various coins and claiming your earnings by paying exchange fees are the majority of what a crypto trader does today; this may or may not require sophisticated training using a simulator. Trading derivatives, although requires some skill development has a huge potential pay-off and thus a simulator is quite pertinent for users entering a derivatives market. Moreover, being able to explore the markets in a simulated environment is an excellent way to improve trading sensibilities and therefore should be a ubiquitous feature of any crypto platform.
While developing idap.io, we thus realised the importance of adding a simulator to our platform’s roster of features. Our trading simulator will help users learn from real market data without risking real cryptocurrencies. They’ll be able to practice investing, develop strategies and test them out, play out what-if scenarios by controlling metrics to gauge workings of the market and figure out how to trade different types of instruments under any market conditions. By being thorough with the multitude of scenarios possible, users will have the advantage of minimising the role of chance in their trading and improving their market awareness. The difference between a good and bad trader is practice and our trading simulation will ensure that you get plenty of it.
Introduction of a crypto derivatives marketplace is a game-changer in itself. Coupled with a Simulated Trading Environment that will not only educate the users but will also be fun to engage with, we hope to create a loyal following of the idap.io platform.
Stay Updated: Join us in Transforming Crypto Asset Market
Website | Telegram | Reddit | Twitter | Facebook | Instagram | Bitcoin Talk