Paper Stock Trading
Imagine waking up and seeing $200,000 in the bank! Only thing is, you have to invest it. You can’t take it out and spend it. You simply must invest it in the stock market and make as much profit as possible. That is basically what it is like when you sign up for simulated stock trading, or more commonly referred to as paper trading. You basically receive a boat load of fake money to practice trading in the stock market for educational purposes before risking your own hard earned, real money.
I recommend going this route before actively trading in the stock market. I do it myself and enjoy when I see a profit. I mean it doesn’t feel as good as making real money but after awhile I am going to be comfortable enough to risk more of my own money and hopefully see those same gains. Practice makes perfect family. Consider it a warm-up game. Nobody likes to go into the game cold, straight off the bench. You have to get a feel for the market first. Realize what works and what doesn’t before there are real consequences to a mistake, like losing a bunch of money you worked hard for who knows how long for.
I personally use the ThinkorSwim App by TDAmeritrade. Great platform. Lets to set up stock scanners and watchlists. It’s a pretty popular app so there are lots of tutorials on YouTube on how to set it up. After or while you are educating yourself on investing, put what you learned to the test with some paper trading. I am considering taking some trading classes in the near future. One of my favorite sites, www.investopedia.com, has an entire academy for beginner investors/traders in all types of areas. I might paper trade while at the same time attending these courses to see if they actually work. Good luck to you all and I hope you learned something!