About Author Tom Smallwood Tom is a former accountant turned entrepreneur. Your email address will not be published. With all this information, you are now more fully-equipped to choose a simulator that suits your needs and style of investment.
Free Option Trading?
Read about how to buy stocks. How to begin and survive stock trading. The best virtual trading platforms have a fully functioning setup with the same tools that active customers use. Most are free, although they may require you to set up an account. The best give test drivers access to a fully functioning setup with the same tools that active customers use: How to open a brokerage account. Of course, brokers hope that people who sign up for virtual trading accounts eventually convert from dabblers to paying customers.
A general investing education: Many of these platforms offer a very real education in investing, with a library of articles, tutorials, demos and, at some brokers, the chance to interact with an online community available to answer technical and investing questions.
A safe space to learn the mechanics of placing trades and building a portfolio: Back in , OptionsHouse also expanded their chart trading feature which conveniently allows you to adjust trades onto the actual chart. Thinkorswim is arguably the best options paper trading simulator online, and for good reason. Thinkorswim also provides a blanket of educational webcasts.
A bit of a warning: Thinkorswim PaperMoney is only available for download. Thinkorswim also has a fantasy stock market game, which can be found here. Analytical reports are a great way to track your own progress as you make your way through the learning process. Graphs and charts, along with growth and loss indicators, are crucial as they should reflect actual reports and explanations explaining why certain options prices rose or fell. Also consider their software and its features.
The gaming aspect of options trading is a great way of gauging how you fair with the rest of the competition while earning real prizes and money along the way. Be sure to direct your attention to the educational materials a broker offers in addition to their simulators. Theory is just as important as practice and if you feel you need to expand your knowledge some more before getting your feet wet then be sure to find a broker that offers extensive articles, guides, and even videos that teach you about the subject matter.
For even further assistance, look for a platform that not only gives you tutorials but will interact with you in real-time. Many of these will not only give you the literature to learn more about options trading but they will also offer suggestions for trading based on current market conditions and trends.
With all this information, you are now more fully-equipped to choose a simulator that suits your needs and style of investment. These simulators are a safe place to make mistakes, so the decisions you make in these versus real world conditions may vary. Just make decisions as if you were actually spending money. With that said, I wish you luck on your newest venture in options trading.
I recommend you first go ahead and sign up for an account with one of the many options trading brokerages available. I use it as a live simulator to test out trading strategies. The different time zone is difficult, but their market is a bit behind the US IMO — creating great trading opportunities. Your email address will not be published. Tom is a former accountant turned entrepreneur.
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