The catchphrase “practice makes everything perfect” rings true in almost every aspect of life, especially when you are trading. But, why do you need to practice anything at all? You can simply enter the world, make proper strategies, and get down to business as usual. Well, no, it does not work in the cosmos stock trading.
The universe of the stock market is, indeed, extremely unhinged and impulsive. It does not go by any trends or rules at all. Thus, even when you are least expecting it, the stock market might go down suddenly, causing an enormous loss for you. So, how are you going to prepare yourself while running through a loss? This is where a stock simulator comes with.
A stock simulator is, in essence, a platform, which will provide you with a certain amount of virtual money. Now, you can use it to create an account on the stock market and put all of your stratagems into practice. You might not acquire any financial credit during the procedure, but you can hone your trading skills even more.
Besides, you will also learn the correct “timing” to invest and pull out the same. Nonetheless, with so many stock simulators available out there, choosing the best one among them becomes quite difficult. So, here, we will be narrowing down the immeasurable list and offer you three different yet equally-efficient options. Let’s get into them quickly.
NinjaTrader is actually a popular stock simulator platform, which enables the users to buy stocks while paying a small amount of trading fee. However, that’s not all. There is also a simulator module available in the platform, which can polish your trading skillset.
It has an exceptionally robust toolbox, which is available to the free-to-use population as well. With the simulator, you can back-test your premade stratagem and perform advanced charting too. In addition, you can also run a real-time scanner to learn more about the stock market.
Nonetheless, the most intriguing feature of the platform is its ability to turn back the clock. This way, you can understand how you could have performed in the stock market during different timelines. It can help you to improve your capability of sensing the market volatility and invest at the right moment.
Just like the official platform, the simulator is pretty easy to use as well. All you need to do here is to provide your e-mail ID and set up a temporary login credential. It does not come with a restricted duration. So, you can operate it as many times as you want.
But, there is a hitch. NinjaTrader does not have an offline mode. So, you will need to acquire an active internet connection to use it. Furthermore, you will also need to download the software module from the official website. However, it is pretty small and won’t affect your PC’s HDD.
In actuality, ThinkOrSwim is an educational platform or tool developed and organized by TD Ameritrade. It comes with a complete-brokerage service and a simulator software program. Each of them has a similar set of features. So, the overall user experience would be sublime.
Setting up an account here is similar to that of NinjaTrader. Besides, you can potentially choose a system that you want to work upon first. The options available in the platform are –
- Forex (Foreign Exchange)
- ETFs (Exchange-traded Fund)
- Equities, etc.
Nonetheless, the drawback of ThinkOrSwim is quite similar to the previous option. You will need to down the application from the website before using it. Some people have also reported that the User Interface of the same might lag a little. However, that can happen because of their PC as well. So, it might not affect your cause at all.
Last yet not least, TradeStation is yet another remarkable option, which can pave the way for you to become a successful investor. Just like the original application, the stimulator is pretty broad and comes with a lot of features.
Moreover, there are various research tools available in the module as well. With it, you can perform wide-range research on different trading options. It can also help you to learn more about the condition of the market and make your selection accordingly.
One of the best things about TradeStation is that it can be used on both mobile and PC. So, you can create two different accounts on the platform and try out different strategies properly. But, you will need an online connection to use it.
Qualities to Look for When Choosing a Stock Simulator
The job of a stock simulator is almost the same. You can use it for either applying your strategies or working on the most recommended stock tips, or even working on your trading skills. However, there is a small issue in this aspect. Due to the difference in development procedures, each of the stock simulators works a little bit differently than the others.
So, you will need to keep your eyes open for the following qualities while choosing a stock simulator. These are –
- The stock simulator needs to have a thorough resemblance of the actual market. Otherwise, it will be almost impossible for you to have an authentic experience while trading. This way, you also will not be able to employ your premade strategies in a proper manner.
- Buying or selling the stocks might seem a bit fun. But if you are thinking about trying out different strategies, then having a basic simulator will not be enough for you. The module will need to have all the basic securities, such as ETFs, mutual funds, etc.
- Aside from it, the platform will also need to have a proper research tool. It will help you to learn more about the current condition of the market and strategize your next move properly.
Choosing a stock simulator might seem like a difficult job at first. However, if you do look for the aforementioned aspects, then you can surely find something decent for you. Otherwise, you can try out any of the three options we had mentioned. Good luck.