A stock market simulator game can be very powerful. A well-constructed game will accurately mimic the emotional experience of trading the stock markets, without requiring one to actually have a brokerage account. Essentially, you get all the benefits of experiencing the stock markets, without the stresses and anxieties associated with a brokerage account.
In this article, we will detail the 10 steps you need to take to successfully play stock market simulator games.
Step 1: Define exactly why you’re looking to play a stock market simulator game
Oftentimes in life, we make rash decisions based on a whim, only to later regret having made the decisions in the first place! Any activity which takes up valuable time must only be taken up after careful consideration. So, you need to gauge the pros and cons of playing the stock market simulator games. If you’re seriously looking to gain a better understanding of stocks in a gamified setting, then you can think about continuing.
Step 2: Determine which stock exchanges/geographies and asset classes you want the game to cover
Stock market simulator games have the added benefit of not being restricted to one’s country of residence. For example, TradingLeagues provides access to Indian stocks, US stocks, and cryptocurrencies. Figure out what geographies and asset classes you’re looking to gain a better understanding of, and then work backward based on these criteria.
Step 3: Research the best-known and reviewed games which meet your criteria
There are a lot of stock market simulator games. You need to spend adequate time and research all available games. Make sure to check out Google Play / App Store reviews, and Reddit forums, and scour the internet for authentic reviews. Referring to a Guide to Play Stock Market Games is good as well for things to consider when shortlisting games.
Step 4: Ask your friends / social network if they have experienced any of the shortlisted games
Online reviews are great, but your best friend’s or cousin’s review is even better! Ask your friends and family if they have experienced any of the shortlisted games, or ask them to put you in touch with friends of theirs who are well-versed in the stock market gaming space. A little asking around can go a long way here.
Step 5: Finalize your decision, and download the game
While you could try out multiple games, we would recommend sticking to one and spending adequate time with it. Therefore, look to shortlist one game, and when you’re ready, go ahead and download the app if it’s available on the Google Playstore/ App Store.
Step 6: Set aside adequate time to understand the nuances of the game
Before blindly plunging into the game, we would recommend creating a plan of action for playing the game. Something like 10 minutes a day is a good starting point. Try to partake in the activity when you don’t have distractions so that you are able to appropriately engage in trading activity and absorb the information. Remember, the stock markets can be overwhelming!
Step 7: Play the game using free/virtual credits
Many stock market games allow for free usage (or the usage of virtual credits). This is a great way to experience the game without having to fork out any money!
Step 8: Set aside a budget for time and money, and experience the game for real money
Only when you have played the game for free adequately, and you feel mentally prepared to take the “next step”, should you consider graduating to paid games (usually, in the form of entry fees). Once you make this decision, set aside a small budget. On games like the ones offered on TradingLeagues, entry fees can range as low as Rs. 25 per game, so you could think of playing one game a week and set aside Rs. 100 per month.
Step 9: Carefully gauge and monitor your playing activity, and ramp up/ curb the activity as needed
Gaming can be addictive, so beware of letting things get out of hand! Since you are experiencing the markets in a simulated manner, you are not dealing with the stresses associated with a real brokerage account. Consider creating a basic plan to ramp up activities if you are enjoying the experience and learning something useful in the process. We would strongly recommend setting a maximum limit for the day on how much time you spend on the game.
Step 10: Don’t forget to have fun!
Any type of stock market game is meant to be fun! If you ever feel like you’re not having fun, then you should take a break.
The Bottom Line
Stock market simulator games provide all the benefits of experiencing the stock markets in a gamified environment. By doing the basic due diligence and following the 10 steps outlined in this article, you are providing yourself with the best opportunity to reap all the upside of stock market games.
The trick is, of course, to not take shortcuts. As the famous quote goes, “patience is bitter, but its fruit is sweet.” Wise words to live by!.
