Stock trading is as independent a passive income opportunity as it gets. You remain your own boss, you take all of the risks and also reap all the benefits. All it takes is picking up the skills needed and honing them enough for you to be able to back it up with the money. It is easier said than done but we have many tools for you to learn about the stock markets today, some that can even get you a passing income while you’re learning.
In this article, we learn how you can practice stock trading without actually spending lots of money. Let’s get started!
What are stocks?
Stocks are nothing but units of equity of various companies that are sold via stock markets. They have an intrinsic value based on the company and its potential, and also a real value that is based on the buying and selling in the stock markets. When you buy a stock for less and sell for more in a short period of time, it’s known as stock trading. It is a profitable venture when you know what you’re doing instead of taking unnecessary risks.
Why should you practice stock trading?
Stock trading is as much an art as it is a science. There are numbers involved but there are also sentiments. The number of variables that have an impact on the prices of stocks is the reason why you need to season yourself as a stock trader before you jump in. When you jump in before practicing and getting ready, that’s what we can call a gamble.
Here are some of the major benefits of practicing stock trading:
-
- – You understand the stock market terminology and concepts
-
- – You begin to understand the influences that various happenings have on the stock market
-
- – With stock trading experience, you get better at managing your finances
-
- – You understand how to better deal with profits and losses
-
- – You learn what strategies work for you and what don’t
How to practice stock trading without using money?
You can practice stock trading without using money with paper trading applications, simulators and stock market games. Stock market games remain one of the best ways to get started with your learning journey as they’re fun, informative and come with monetary incentives (prizes).
Why do people play stock market games?
There are numerous benefits to play stock market games. Stock market games are firstly very entertaining. Just the format of the stock market simulated as a game can be fun and a great way to engage with the markets without spending money. Secondly, people play stock market games to get to know more about the markets – it’s a spunky twist on the learning curve that traders essentially need. Also, it doesn’t hurt that the cash prizes are great!
What can you learn from stock market games?
The learning begins with the lingo of the stock markets. You learn what stocks mean, what the difference between trading and investing is, what market cap, stock prices are and more. In addition, you also learn about the workings of the stock markets – how long they work each day, the timings, the function and more. As a trader, stock market games are how you dip your toe into the pool before jumping into the ocean. It preps you for what’s to come.
Can just anyone play stock market games?
Yes. As long as you’re 18 years of age or older and know what you’re doing, anyone can play stock market games. Getting better requires some commitment to the cause but you’ll get there.
Are stock market games good for students?
Stock market games are great for students in college as well as lifelong students who want to keep learning new things. It gets them acquainted with how the economy works at large and the power that corporations yield over it. It doesn’t hurt that learning about the stock market gives you an edge when you start trading on your own.
How do I get started with stock market games?
You can get started with stock market games by downloading the TradingLeagues app and signing up. On the app, you’ll find four interesting games and you can give each one a try to find your favourite. When you’ve begun to get a hang of the games, you can start competing in the championships for greater prizes.
The games themselves are designed in a way that you can choose one based on your skill and time commitment. Download the app today to discover what TradingLeagues has in store for you!
Conclusion
Stock trading is an art that requires finesse that comes only with diligent practice. Some find this phase to be a pit of endless losses but you don’t have to be that person as you can practise stock trading with games. Download the app today to start your stock trading journey!
