How to Practice Day Trading Without Spending Money
A day trader buys stocks and sells them in less than a day, often within seconds or minutes of purchasing. Day traders can make a lot of money, but in the beginning most lose money while learning the skill of trading. It's a good idea to practice day trading without spending money to get the knowledge and skills you need to be successful; here's how.
Other People Are Reading
Instructions
-
-
1
Register with a site that has virtual trading games, like Virtual Stock Exchange or Investopedia's Stock Simulator (see Resources below).
-
2
Check the stock prices regularly. If you have a job, make sure you can get to the sites and can take breaks during the day to monitor your stocks.
-
-
3
Study the market over time. Get to know how the market and individual stocks react to economic and political scenarios.
-
4
Write down the names of the stocks you'd like to buy. Pretend to purchase stock and record the amount purchased as if you really bought them. When you decide to sell, record the entry and fees to find out what your profit is.
-
5
Contact a company that provides live trading software and ask for a demo account that gives you access to real-time data. Assent LLC, Think or Swim, Genesis Securities and StrategyBuilderFx offer demo software you can download directly from the companies' websites (see Resources below).
-
1
