The best way to learn stock trading is via Virtual Trading App or website. We are much luckier than our grandparents, or even parents. We have tools called Virtual Stock Trading Platforms. Usage of modern technologies and IT have helped us a lot in creating a virtual stock trading platform. There are many websites and brokerage houses offering this type of platform.
If you are a beginner or novice investor and want to learn stock trading you should use a virtual trading concept. Virtual Stock Trading helps you to do some practice and hands-on before putting your hard-earned money in the stock market.
In this article, we will be discussing the following topics related to virtual trading.
- What is Virtual Trading?
- How Virtual Trading Platform works?
- Pros and Cons of Virtual Stock Trading Platform
- 5 Best Virtual Trading App and Sites for Stock Trading
What is Virtual Trading?
Virtual trading means doing trading in a virtual environment. In a virtual environment, you can buy and sell stocks with the use of virtual money. No real money is involved in doing virtual trading.
Entire profit and loss are in the virtual environment. It is like a simulator where a trader can practice without using real money. The environment given here is close to the real environment. You can feel the actual environment.
It is a very good idea to use this platform for learning to trade. It eliminates the financial risk that may result from the actual trading decision. There are multiple names for this platform. It is called a stock trading game, stock simulator, virtual trading app or site.
How Virtual Trading platform works?
The process of using virtual trading platform is very simple. Follow the steps given below.
- Logon to website or app and open a free/paid account on a simulating platform.
- Apply and get virtual money for buying and selling stock.
- Learn stock market basic and trading strategies.
- Start buying and selling stocks and applying trading strategies.
- Monitor stock portfolio for profit and loss.
- Follow above process for few days till you get confidence.
- Once you become expert go for real trading.
Pros and Cons of Virtual Stock Trading Platform
Although there are multiple benefits of virtual stock trading platform. There are few drawbacks also. Let’s discus pros and cons of using this platform in detail.
Pros of using Virtual Stock Trading
- A platform for learning stock trading in free.
- No requirement of real demat or trading account.
- Instant virtual stock trading via virtual money.
- Risk free way to learn stock trading.
- You can make a mistake and learn from it.
- No training intervention required for using this platform.
- It is a good tool to build confidence in the trader.
Cons of using Virtual Stock Trading
- It is a replica of real-life experience. But, in a few cases simulator environment may not be the same as that of real.
- The trade here can be unrealistic as it is done using virtual money.
- The strategies used in a virtual environment may not work in the real environment due to market conditions and other factors
5 Best Virtual Trading App and Sites for Stock Trading
Moneybhai is the best virtual trading simulation game powered by Money Control. This platform provides 1 Crore cash in a portfolio account with 1 Crore intraday trading limit. You can purchase a share, mutual funds, bonds and fixed deposit in the virtual environment using this money. You can create limit order, market order, GTC order, GTD order, Short selling and square off using this platform.
You just need to create an account on this platform. You can use Facebook, Google, E-mail ID or mobile number to register on this platform. It’s a very good learning tool that allows you to learn as well as win investment challenge
#2 Dalal Street
Dalal Street Investment Journal also offers a real-time trading platform. You can trade stocks in real-time using a virtual portfolio. You can get a virtual cash of Rs.10 Lakh on this platform. You can compete with the best investors on this platform. You can win prizes every day on the DJ street virtual stock trading game. This game follows a BSE stock price.
In addition to web-based platform, you can even make use of mobile apps like “Stock Market challenge” and “Trader” for learning stock market trading.
#3 Chart Mantra
Chart Mantra is one of the best virtual trading game provided by economictimes. You can learn technical analysis and play on historical market using this platform. This platform offers virtual cash of Rs.1 Lakh for playing game. You can play this game on single stock at a time. The data offered here is historic. You can buy, sell or short on the stock. You can join this site via Facebook or Google ID.
Moneypot is a web-based stock market simulation game. This game is suitable for the beginner. This game is widely accepted by various institutions for training students. You can get Rs.20 Lakh virtual cash on this platform. This platform also offers a prize for leading traders. This platform does not offers a stop loss facility.
You need to sign up on this site to play this game. It is a recommended platform for new investors and traders.
Trackinvest is a virtual social equity trading platform. This platform can be easily accessed on desktop as well as mobile. You can develop and improve your investing skills using this platform. The simple interface with rich content helps you to do trading in virtual environment. Tracking, Copy Trade, Sentiment analysis, Price Analytics Chart are few features that is offered by TrakInvest.