How To Paper Trade
For stock market beginners especially if you are planning to swing trade or short term trading, it is best that you paper trade for a few months before you actually start to trade with real money. By paper trading, you can learn to trade without risking any real money, so you won't have to pay for costly mistakes. You can follow the stock market each day and take notes on your trades just as if you were trading with real money. This is very important because when you start trading with real money, emotions may get in your way and causes you to make mistakes. You want to learn how to be discipline when paper trading so that you can apply it when you start real trading.
Virtual Trading Platform
Many stock brokers like Optionshouse offers virtual trading platform that you can take advantage of. The virtual trading platform that Optionshouse offers is just like the their real trading platform except that you will be trading with virtual money and the trading data is a little delay. Virtual trading is a great way for you to practice your skills and gain confidence. You will learn what kind of stocks you want to buy or what kind of sector or industry that you want to trade. Click here to visit Optionshouse and learn more about their virtual trading platform.
How to find stocks to trade
There are many ways that you can find stocks to trade. You can visit financial news sites like CNBC or Bloomberg where they talk about stocks all day long. You can also visit stock market bulletin boards and see what stocks people are talking about. You can also read the Wall Street Journal or Investor's Business Daily to get stock ideas. Finally, if you know a little bit of technical analysis, you can use our stock screener to search and filter stocks based on technical indicators.
Technical Analysis Tool
Technical analysis is important when it comes to short term trading and it is highly recommended that you learn how to use it. You can use our technical analysis tool to practice your charting skills. This is a tool that we built which uses historical stock data, and you will have to judge base on a stock chart whether the stock will go up or down. You will play with $100,000.00 virtual money, and you have the option to buy or short a stock to grow this amount.