subject: Interested In Investing? Try The Fantasy Stock Market First [print this page] If you want to learn how to trade on the stock market, there's no better practice than the fantasy stock market.
The fantasy stock market is simply the easiest way to learn the ins and outs of Wall Street trading without actually using any of your own money.
Think of it as a giant game of Monopoly that actually teaches you how to behave in the real world. Want to get started? Here's how!
Start by choosing any one of the number of fantasy stock market websites. Sites like Young Money, Option Xpress, and Forbes' Investopedia will let you sign on with a free account and a set amount of play money to start trading with. While Investopedia will give you $100,000 to start, Young Money gives you $1,000,000, which is why it's good to look around a little before settling on one.
Whichever you choose, make sure your site of choice allows you to have a free account and doesn't ask for any real money up front. Even if you're brand new to investing, these sites will let you immediately log on and begin paper trading your first day.
Once you've chosen a site, take advantage of the site's community. This part of the fantasy stock market is like a forum or message board. It connects you with hundreds or even thousands of other investors who are also paper trading on the site. You can discuss which stocks you like, trading strategies, portfolio ideas, and get advice from seasoned pros.
You won't get advice or ideas like this once you're trading in the real world (at least, not for free!), so it's best to take advantage of it while you can. Even if you don't want to comment, you can still get plenty of good ideas and advice just by reading other's posts.
After you've signed up, you'll learn by doing on the fantasy stock market. You'll pick out a number of stocks you like and start trading. Once you've been on the site for a while, you'll be able to check your progress with charts and graphs.
You can learn about stocks through real-time quotes and become familiar with stock trading terminology and techniques. Some sites even try to get fantasy stock market investors even more enthused about trading by hosting competitions among fantasy traders.
To get the most out of fantasy stock market, try setting a timeline for when you'll stop paper trading and start trading for real. Some investors will give themselves a year to trade on the fantasy stock market with paper money and then begin investing for real.
These timelines are different for everyone, so be sure and wait until you've reached your goal on the fantasy stock market before you start investing your own capital.
