A stock market simulator refers to a game-like approach to trading whereby you trade using virtual money on real stocks. Virtual money is a type of unregulated digital currency that is issued and usually controlled by its developers and used and accepted among members of a specific virtual community. It represents monetary value in electronic form.
Virtual Stock Market & Trading in India
Virtual stock trading in India is the best way to learn & practice the basics of trading in the share market. If you want to test your trading skills you can try using any of the following best virtual stock trading simulators currently in India.
I have seen, big businessmen say that when you are learning to trade it is advised that you should not put your money in the market at the beginning itself but rather you should paper trade for some time. And this has been one of the best ideas I have received in a lifetime.
What is Paper Trading?
Simulated stock trading allows you to trade stocks, equities, options & future contracts without risking your money. And the same trading can be done on paper without risking your money. Although paper trading may not provide the real experience as you would in the real stock market hence the presence of stock market simulators allows you to get a taste of the Real Stock Market.
Best Stock Market Simulators in India & Paper Trading Sites
The best stock market simulators & paper trading sites in India are:
1. Trading View
I have a friend who has been using Trading View for the past one year and I can confirm that this is the charting platform that is not tied to any broker. You can get all the access to charts in the free account itself thought the pro version is totally worth it.
2. Moneybhai – MoneyControl
This is by large the most popular virtual trading game for the Indian market. Run by moneycontrol.com, the biggest site on the market news, the secret of the game is to let you trade in stocks, mutual funds, fixed deposits and bonds. You can invite your fellow traders, interact with other players and can participate in a trading competition league. By large features of this game are good enough to train you well as a stock trader. You can start trading right away with this virtual money you can invest across asset classes like shares, mutual funds and fixed deposits.
3. Trakinvest Trading Simulator
Trakinvest simulator is really good for beginners. It has a simple interface and it also has helpful content that will ease you into the world of trading. It’s easier than it looks so go ahead and try it. Trakinvest enables learners to gain an even better understanding of the markets and helps you build your portfolio and knowledge base with zero risks. Trakinvest also gives pro investors access to real market data from multiple global exchanges to trade-in.
4. Money Pot
Money pot provides a scalable & unique virtual trading platform for colleges and university students. Students & other users benefit s from this streaming platform that features stocks and provides a complete experience of a real-time trading environment. Moreover, MoneyPot is actively used by corporates because it is an easily deployable white label solution model that can meet their marketing and internal training needs and also assisting them in employee education and brand building process.
MoneyPot also aims at connecting the online investment community through this social trading platform. Get to know how the stock market functions practice different trading strategies without the fear of losing hard-earned money. Compete for prizes and interact socially with fellow players
5. Market Watch Virtual Stock Exchange
The market watch virtual stock exchange game allows users to create a portfolio and trade stocks in real-time. Once you’ve joined a game, you can discuss strategies with other players and you can also develop your own game for others to join and compete in. You begin by choosing a list of stock symbols to trade in your portfolio and then develop a custom watch list.
6. Options press
Options press probably offers the most tools of any online broker. You get a free 25,000 rupees virtual trading account and the ability to use PptionsXpress account screens, trading tools and resources to trade stocks, options and futures. With Optionsxpress account you get access to free real-time quotes and charts, nine virtual trading and advanced orders such as trailing stops, one-cancels-other, triggered orders and future spreads
7. Trade monster
The trade monster virtual trading account called paper trade is focused mainly on options but you can trade stocks as well. You can trade all types of options strategies from covered calls to iron condors. Paper trade features include delayed quotes, charts and options chains, adjust positions with adjusting trade and drag and drop customization
8. Interactive Brokers
Interactive Brokers is one of the best brokers for the more advanced trader who doesn’t require a lot of hand-holding. Their virtual trading platform is identical to their real platform and just as complex
Advantage of Stock Market Simulators
Benefits of using share market simulator in India are:
- Trade execution-place orders across equity and Commodity and Currency segments within seconds.
- Personal Feeds – Trade smart with personalized updates of your favorite stocks.
- Order Preview – Get margin and brokerage details on screen before placing any trade.
- Profit And Loss – Real-time profit and also updates of holdings and positions
- Funds Overview – Quick stats of equity and commodity segments on a single click.
- Getting realistic ideas about buying, selling and other mechanics of the stock market
- You will also not need to maintain the trading journal to calculate your profit or loss of paper trading
- Stock market simulators also help you to practice and improve your trading strategy without losing money
The Disadvantage of Stock Market Simulators
There are also a few disadvantages involved and they include:
- The real-life scenario of slippage, brokerage, traded prices and other small details are not similar to real trading.
In conclusion, as trading involves real money from day one, it is a good idea to learn and practice trading much before you put your money in the stock market for trading. Playing in the above-mentioned stock market simulator games, help you to understand how the share market works in real trading. You get to know the profitability of your trading strategy with the real prices of the stock market.
If you want to invest in stock market that you must do paper trading & use the stock market simulator in India.