The only way to get better at trading is when you practice over and over again. Practicing Trading With fake money is great, but I am sure you will not like to exhaust your money or put your capital at risk trying to perfect your trading skills, this is where fake money or simulators comes in.
If you practice stock trading with fake money, you don’t have anything to lose, but will benefit from the benefits of experience.
What’s a Fake Money or Stock Market Simulator?
Fake money is a feature on trading platforms that gives users the feel of real-life trading. It allows investors, especially new investors, to learn the ropes of stock trading without spending their capital.
Stocks and assets can be bought with this fake money.
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Having fake money as pretend capital will help you build your portfolio and map out a strategy without taking risks.
Building strategies and portfolios would be more daunting if you are using your money because you would be conscious of how much you can afford to lose. But with fake money, you have the liberty to explore, make mistakes, and learn from your mistakes.
The primary aim of fake money is to help investors improve. While trading stock market simulation or a stock market game, you can learn how to identify trends, chart patterns, Learn signals, learn trading with virtual cash, and practise investing.
Key Qualities of the Best Fake Money or Stock Market Simulators
Fake money or a market simulator should look like and feel like the actual market. Good fake money or a simulator should give users a real trading experience. Since the essence is to allow traders to learn the in and out of the market, it must feel like the real thing. It should allow users to buy and sell stock in real-time and access securities and order types.
Investors should be able to spend their fake money on numerous security options. Just buying and selling stocks is one way to learn, but investors also should be able to explore other strategies like buying and holding ETFs and mutual funds. A good market simulator should allow investors to hold mutual funds for 40 years and trade triple-leveraged ETNs
Other features to look for virtual stock exchange are stock charts and essential research tools. The best way to trade is when you have access to research, the same goes for simulated trading. Whether it is a real or a fake platform, stock charting tools are necessary. It would be great if you have access to news reports, economic data, or conference calls.
Ziggma is an amazing platform that has over the years proven to be efficient and reliable. It was designed with users in mind that is probably why it is the first investment platform that is totally focused on assisting users in managing their portfolio well. Ziggma has a portfolio simulator designed to help users build their portfolios.
To enjoy these benefits, all you need to do is to create a virtual portfolio or if you already have one, link your portfolio to the platform. Ziggma allows investors to transact without spending real money and access the impact of the transaction without losing capital.
This amazing benefit lets you assess how the transaction will yield diversification, and affect risk. It also gives you quality metrics such as profitability and growth.
Finally, Ziggma allows investors to test different strategies through its backtesting tool that allows you to test your portfolio for a period of time.
Ziggma is a virtual stock trading with real life world market data. The addition of real life market data is what makes it stand out.
Bear Bull Traders Simulator
This simulator puts all its focus on helping traders grow. They achieve this with features like real-time simulation available in its DAS Trader Pro Platform.
Bear Bull Traders allows investors to learn the intricacies of investment and also support them get started through hotkeys and layout configuration. The platform also offers different resources that teach users how to use the platform and integrate it into the trader’s trading style and setup.
It has both classes for beginners and advanced users so members can start from the basics and grow as well as improve their DAS strategies and get a grip of the market and platform. All these are achieved with fake money.
The DAS Trader Pro is especially suitable for traders who are ready to go live because the simulated feature feels so real that you will find it easy and straightforward to transit from simulation to real life trading.
Finally, the platform offers direct technical support for its members.
If you are not new in stock trading you must have heard about TradeStation, but if you are; trade station is one of the most reliable brokerages in the industry. Traders can access its advanced trading platform either on their mobile or PC. Users of the platfprm are charged a $99 monthly fee with the condition that they don’t trade up to 5,000 shares or 50 options contracts in 3 months. The cost of using the platform may be expensive, but trading on it gives you an opportunity to earn limitlessly.
Better still, it has a simulation that allows you to sign up and spend fake money while you learn at the same time.
TradeStation simulation is well equipped with advanced research tools, access to community and chart indicators. With a brokerage account, you will be able to trade both real and fake money anytime you want on either your mobile or desktop.
This platform has a direct partnership with NYSE and NASDAQ, this collaboration will help traders gain access to Level 2 Quotes. This platform will help traders map out their strategy, without losing real funds. This platform is one of the closest simulations to reality you can get . You will be working real time and it simulates most real time currencies.
For a start, Warrior Trading is giving out $200,000 fake money, with this money you can trade while enjoying access to advanced reporting metrics which helps analyze your moves and follow up your performances. With this platform, you will be able to see how your trade would go if you are trading with real money, this is far better than using past data and stock trade as your metrics.
Using fake money is a good way to learn how to trade without losing real money, it helps you practise, test and build your strategy. But spending fake money on a simulated market is only a fragment of reality. Have it at the back of your mind that successful fake money trading does not guarantee that you are going to be successful trading real money.
The best trading learning app gives users enough fake money to invest.
Besides, it is easier to take bold steps when you are not at risk of losing your real money. So take fake money as a way of warming up for the real deal, not as the real deal itself. Only when you have won with real money can you say you have won anything.
- I'm a professional digital marketer with over 7 years of experience in the field. I create well researched content related to finance, cryptocurrency, stocks, forex and metaverse related articles.
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