If you’re new to the stock trading game and want to get your feet wet without losing your hat, then practicing trading stocks is something you should consider.
I think one of the biggest worries new stock traders have is that they are scared to make mistakes that will cost them money.
While you will never win every single trade you make, making stupid mistakes like buying too many stocks because you didn’t fully understand what the price meant is silly.
Or how about reading a stock chart incorrectly and making a bad purchasing decision based on incorrect data? That’s pretty silly too.
Enter practice websites to practice stock trading.
Stock trading services and other places that talk about stocks have created virtual stock trading games where you can trade stocks for free and learn the trade.
You won’t be spending any real money when you make trades, just “play” money. And you’ll be using real market data that’s up to date. Well, at least the good free stock trading places will have fresh live data.
Below I’ve listed 5 really good places to begin learning how to trade stocks without putting any skin in the game.
Many of them come with excellent tools and data that will gear you up for when the time comes to take your game to real life.
Here we go.
Here are 5 pretty damn awesome places to practice trading stocks for free
Wall Street Survivor – The Wall Street Survivor is a professional stock trading service that gives you a little more hand holding than most practice stock trading services. Their goal is to help you become a better investor by “playing” with stocks before you jump in the deep end for real. You’ll get access to thousands of articles and videos to help get you started.
How The Market Works – This stock market game has prizes up for grabs! This is a free streaming stock market game that is used by over 350,000 people and 10 000 high school and middle school classes each year. You’ll have access to all the practical stock trading tools like quotes, charts, company news, financial statements, and trading ideas.
Market Watch – Market Watch is a pretty big name in the investing world. Their free stock market game, like every other one in this list, lets you trade stocks in real time using your virtual portfolio. You’ll have access to talk strategies with others in the discussion group of your game, and you can create customized public or private games to play with others.
Investopedia Stock Simulator – Investopedia is pretty much the encyclopedia of investing. They not surprisingly have a stock simulator game you can register for and play for free. You will receiver $100,000 virtual cash to test your trading skills. You’ll be competing with thousands of other Investopedia traders.
Smart Stocks – Smart Stocks is a free virtual stock market simulation game. You’ll be trading real stocks using fake money. It’s meant to mimic the real markets without using real money. The idea is to help you hone in your stock trading skills by practicing strategies you’ve learned or want to test out. You get $1 million virtual dollars to start with.
There really is no better way to learn something than by doing it and messing up, and doing it better the next time.
Try one of these free stock trading simulators. It truly is an excellent way to get a strong grasp of the process of stock trading and it will help you ingrain stock trading fundamentals into your brain!
And let me know if there is a good stock trading simulator out there that isn’t on this list. I may include it!