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Practice stock trading with fake money app

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Admin

February 4, 2019

Start Practice stock trading with fake money app  – Trading in virtual currency is highly advisable before stock trading in real time and currency. A virtual stock exchange or trading simulator can help you practice and fine tune your skills before moving into real money. Spending time to study stock market games as well as stock prices and broker offers ensures you will be ready to enter the world of buying and selling shares for real.

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What it is a fake money trading app?

Fake money trading apps are what is often referred to as demo accounts. A demo account is a trading account that allows you to trade with all the features, tools, and applications of actual trading, but without the risks involved and in a safe environment.

Many seasoned traders recommend using such trading before hitting the ‘real-world’. In the real world of real money trading – adrenaline and pressure kick in and often distort the trader’s way of thinking. Consistently trading on a ‘fake’ trading app, allows the newbie trader to pave his way in trading, learn his own capabilities and shortcomings, and doing all that without carrying any of the risk.

Benefits of opening day trading demo account

A demo account will not offer the same risks that trading real currency does but it allows for developing strategies and tactics. You can develop your confidence in the trading world of your decision making without penalty for mistakes.

The simulators today, more often than not have real-time market data allowing for the continuous monitoring of the market to illustrate real-time scenarios. This gives the trader the illusion of real time trading and so prepares them for this world. What they see in the simulator will be extremely beneficial to them and they can explore all the options that present themselves by studying market trends or viewing currency rate changes and the knock on effects that this might start. They may even pick up a unique skill or develop a sound strategy that they can test over and over all at no risk and decide if it would be profitable to bring this into the world of real time trading using real currency.

Why choose to participate in our Demo Challenge and trade real time market data on a demo account

Tradenet offers all demo participates a trading balance of $10,000 whilst setting challenges with the hope of maintaining a profit of $500 at the end of each trading day.

Note: The trader must use their fake money in at least 3 active trading days out of 5, have at least two trading days with a profit of $100 or higher and their total daily loss must not exceed $100.

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How trading challenge works

This program gives the trader great insight into the trading world and to practice trading. The virtual trading without concern of real loss inspires belief into the user that they to can belong with the traders of wall street. It is imperative that the trader develops emotional control, stress management and decision making skills and the virtual world of trading allows for this. Finding a balance between making moves and controlling your senses will give you the best chance for success and you can practice this over and over using virtual trading. It is no good to be able to analysis technical information if you are prone to making rash decisions, more often than not, in the long run you will be caught out. This is why fake money is being used by traders all over the world, it gives them the chance to have the best possible chance of a successful experience in the trading world.

Benefits Tradenet challenge demo accounts

 

  1. Stock market simulators allow you to become adept in getting started, buying, reviewing and executing any trades you may wish to make. Familiarising yourself with stop-loss orders and limit orders in a virtual capacity will serve you well as part of a risk-management strategy in real-time.
  2. Trade thousands of stocks and ETFsfrom nasdaq and NYSE!

There are free demo accounts available for you to try with fake money. It’s in the user’s interest to get to know the platform and its functions to adapt your style.

Did you like this article? Join our live day trading chat room for free to get watch Meir Barak trading live every day , ask questions, and share your knowledge. Become part of TradeNET community today!

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