May
13
Yes asked:
I want to learn about the stock market, and practice investing in the stock market.
I want to learn about the stock market, and practice investing in the stock market.
I’ve seen a lot of “Stock Market Game” websites on the internet; which is the best? (Preferably free!)
Shannon
Comments
8 Responses to “What is the best site to practice for the stock market?”
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I think it’s great that you’re getting into stock investing. And certainly, it’s always great to practice before taking the plunge fully.
However, be aware that paper trading with no money and actually investing with your own real money are two different things. They may seem like they are the same, but many first-time investors get overcome by their emotions when they first start investing with their own money, even if they’ve practiced first with paper trading.
When you’re paper trading, your emotions aren’t in full force since you have nothing to lose except maybe some bragging rights if “your” stocks go down. However, if you’ve got real money on the line, you’ll find that you start valuing things differently and your emotions get in the way a lot more frequently.
You might be “afraid to lose” so you sell too quickly. Or if it’s your own money, you might see a great company at a great bargain, but you’re afraid to actually buy the stock because you don’t want to lose your money.
The best way to become a better investor is to actually get in the game. That way, you start to learn how to invest with your emotions in full force, and you learn how to check them at the door when following your investment strategy.
You can open a brokerage account with very little money, and start investing. Now, again, I would take some time to learn what your investment strategy should be (the one that fits your risk tolerance, etc.).
I’m a big advocate of value investing (finding the right companies to invest in, buying them at the right prices, and only selling when they become overvalued…). There are a lot of great resources out there to get started in value investing (I have a number of my favorites on my website…)
Hope this helps, and good luck!
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