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What is Fantasy Stock Trading?
Fantasy stock trading is a super tool to learn trading without risking real money. Users can visit online fantasy stock trading sites, generate an account, and begin trading without putting real money at risk. The first step a new trader must is create membership and login. This serves as their profile and will keep track of their account in addition to access to online forums. One of the perks of fantasy stock trading is being able to enroll in web forums and exchange ideas with other users about trading concepts. The online portals that provide these functions vary in type but the two best fantasy stock trading sites I have discovered are UMOO and Wall Street Survivor. Links to my comprehensive reviews of each product can be found below:
Learn to Trade
If you have noknowledge of trading, fantasy stock trading is a terrific way to learn. Whether experimenting with UMOO or Wall Street Survivor you can select a portfolio and manage it online from any location. Each lets you try out a broad selection of instruments and various types of orders. The portfolio will change in value defined by the instruments you have purchased and the performance of the market. Both UMOO and Wall Street Survivor use actual market data to tabulate your portfolio value.
Trade a New Instrument
Most traders start their experience by trading stocks. In time they recognize many traders are not trading stocks but other tradable symbols such as commodities or forex. Many trade bonds and others trade ETFs including leveraged ETFs and inverse ETFs. Options are bought and sold on stocks, currencies, and commodities too. Traders knowledgeable in a single symbol may want to experiment trading a different instrument but with virtual cash first. They are aware that every market is different and has its own special characteristics. Fantasy stock trading means having the opportunity to try different markets without risking actual money.
Portfolio for Blog or Friends
Perhaps you are a frequent trader and sometimes wished to make your trades visible to peers or write for a blog, fantasy stock trading is super for that too. On Wall Street Survivor you can make your portfolio visible and track other portfolios too. In contests on UMOO traders can view other traders in the contests and view how their portfolio is doing.
Get Rewards
Each fantasy stock trading online business has contests where traders can win gift cards and other prizes. Even though investing is a business and should be thought of like one, a contest using market data can be entertaining. UMOO is focused on challenges such as UpDown and Pix where the match has a brief time window and a fixed result. These challenges are not just interesting but an opportunity to utilize your trading knowledge for fun.
If you are interested in fantasy stock trading and want more details on UMOO and Wall Street Survivor click the links below.