We strongly recommend that anyone new to investing in the stock market first test their skills on paper and not with actual cash. There are many ways to do this, from simple spreadsheets to mock portfolios on your favorite online broker website.
To test my new strategies, I use Investopedia’s Trading Simulator. Signing up for an account is free and easy. Once you have your account verified, you can start trading. The platform used with this simulator is similar to what you will use through many online brokerage firms. Unlike some other trading simulators, you are not limited by number of allowed trades, markets or just to certain stocks. You can trade in and out of any stock listed on the major exchanges, as well as trade options. The neat thing about Investopedia is the enviroment. To begin trading, you must join a “game”. These are organized groups of people who join to compete for rank and sometimes prizes. You can also start and host your own “game”. There are two game settings, public(anyone can join) and private(have to have password to join). Everyone starts with $100,000 play cash in their account, and what you do from there is up to you.
The Investopedia website also has many tools. When you are not busy trading, you can use the dictionary to look up terms, or search the Articles, Tutorials, and Stock Ideas. Investopedia has put together a great site and a great simulator. Make sure you take advantage of this free service.
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