Trading doesn’t just require knowledge, it requires practice. While a demo account or day trading simulator can’t mimic the psychological pressures of having real money on the line, it’s still a valuable tool for honing strategies, developing trading confidence, monitoring market conditions or familiarizing yourself with the software before using it with real capital.
One of the best ways to learn a product is to use the product. Opening a demo or “play money” account allows traders to analyze markets and use tools, and it provides all the features of the standard product except that any trading activities will be with $100,000 in fake money and not real funds. Some quote data is also delayed until a live trading account is opened.
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Stock Wars: Virtual Investing
One for the more serious enthusiast, this app does away with fancy colours in favour of stark data. It lets you create and manage a virtual portfolio and place real-time orders.
There’s plenty of detail to dig into, including analysing your purchase history, dividends and the distributions of your holdings. You can create personal trading groups to compete with friends.
Stock Market Simulator Plus
Like real markets, it will close when trading is done for the day.