They say practice makes perfect. That's one reason that the Simutrade Manager portion of the Extreme Charts makes the tool one of the most valuable in the BetterTrades arsenal.

Simutrade Manager is a tool for virtual or practice trading. It is a great way to practice a trading technique before putting real money at risk. Simutrade Manager allows the user to go through the same motions that you would while making a real trade, from inserting the name of the stock, to filling in the price paid for the stock, and how many shares purchased.

Users of Simutrade Manager can even insert fundamental figures, like the PE ratio, in the worksheet. The tool also asks the user to supply an entry point, an exit point, and asks the user to supply the profit target price, the stop loss price and the estimated rate of return.

Simutrade Manager asks the user to select one of the 15 strategies taught by BetterTrades. Upon doing so, a dialog box opens with assorted fields for the user to complete. The other side of the screen has a step-by-step process a user can follow that will allow them to evaluate the trade. Certain criteria must be met for the tool to give its approval on the process.

Once finished, a trader can place the simulated trade. The user will continue to track the trade while it runs its course and will keep a running count of wins and losses. Further examination may reveal reasons why you struggle in a specific type of trade.

Simutrade Manager also offers the option of including real trades, which makes it easy to provide buy-and-sell sheets to your accountant at the end of the year when it comes time to provide documentation for the IRS.