With the advent of online gambling you will often hear people talk about paper trading or paper play. This is where you don’t actually gamble with real money but instead, keep a record of the bets that you make to see if a particular system or tipster works and if it will be profitable over the long run.
Paper trading is a phrase that began with Forex traders and has gradually spread to many other types of betting with sports betting and track betting experts also advising this method of doing business when trying things out.
The thing is though, even though paper trading sounds like a brilliant idea it is so far removed from ‘real’ betting that it is easy for newcomers to fall into a false sense of security with their betting activities, and we all know only too well what dangers this can lead too.
An example of this would be if you were paper trading a betting system which chases losses (never a good idea, even at the best of times) but for arguments sake we will use this as an example. Let’s say that this particular system doubles the stake every time there is a loss and as soon as a profit is made you are finished for the day.
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The stakes are $10 and after 4 losses in a row your stake will be $160, your 5th bet wins and you have made your profit. ‘That is what it is all about’ you say to yourself, and after a few weeks of betting like this you decide that the system works and it is time to start betting with real money.
All goes well but on the 4th day you experience 3 losers in a row. You are immediately out of your comfort zone and when that bet also loses the very thought of placing a bet of $160 fills you with dread. It wasn’t like this when you were paper trading and that is my point precisely, most of these systems don’t take mind-set into account and this is why you should be very careful about basing your decisions on the results of paper trading, you have been warned!
Is paper trading all that it is cracked up to be? Be very careful if you go down this road because it can lead to a very dangerous false sense of security!