I have been doing a lot of research on the website Investopedia.com and it is an incredible resource. One of my favorite things that I have come across was their “stock market simulator”. This simulator mirrors the stock market with live data on market prices. It is set up as a risk free game, played with pretend money so it's a fantastic way to test out your investing skills and strategies without putting your hard earned money at risk. The game and website are totally free, just sign up with an email address. That is priceless, because most people don’t get into investing because they don’t know how to invest well or are afraid of losing money because they aren’t “skilled” enough. Well that is what this website and simulator are all about. It builds your confidence while teaching you all the things you need to know for when you're ready to take the next step and invest some of your real money!
More on the game, it is set up to be competitive where you compete against the other people playing the game. You can join anytime and many people have an advantage because they have been in the game longer, but that just teaches one of the core principles of investing: Let time be your biggest ally and compound your money for you. The game does start every investor/player out with the same initial principal of $100,000 of this pretend money, so it is fair in the aspect that you can’t invest more principal to get ahead. The only way to get ahead or to fall behind, are your investing choices. The game has a leaderboard that shows where you rank among all the players in the game based on the return you have been able to generate with your money. What better way to inspire people to be ambitious with their investments than to make it so blatantly an open competition!
In contrast, most people aren’t interested in being in open competition with their money, and that isn’t how I’m “using” the game either. Notice how I said “using”, rather than “playing” the game. The game can be played for fun, to compete in a risk free environment to test out new or bold investing techniques. However, I prefer to “use” the game to get insight on how my more reasonable investment decisions would perform in the market which would more accurately reflect my investment decisions with real money. That’s just how I play, there is no right or wrong, but I pretend that the pretend money is 100% real. It trains my psychology to be stronger when I really feel those losses and have to remain strong in my strategy, or when I really get excited over a big gain and have to remain grounded in my long term outlook. After all, investing is more of a psychological game than a numbers game and that is why I am training my psyche like it's the real deal.
I am writing this piece to bring awareness to the site “investopedia.com” and its game “investopedia stock simulator” so that more people can educate themselves on the subject of investing. Education and experience are the best ways to ensure a better chance of success with your money in the long term, and this site is one of the best resources I have found to provide both. It is also an entertaining way to learn and take the edge off a very serious subject like money management. I employ you to visit the site and sign up for the game no matter what your investing experience is, and I can almost guarantee you will love it as much as I do!
As a concluding note, I would love to hear from you about your interactions with the game or any trades you make within your portfolio (real or fake). Communication and sharing of ideas is another fantastic way to learn and further yourself on your wealth creation journey. I will be sharing my trades and some reviews of what I have been doing with my portfolio in future posts. I hope you enjoyed reading this and take action by going to the site to sign up right away!