New investors can learn the ropes risk-free
Posted on July 1st, 2016 by OWLinsightseducation
New to investing? Whether you’ll be working with an advisor or finding your own way, a little education can help you trade effectively and make better decisions. Ustocktrain is a fun, safe way for novice home traders to get their feet wet, “a risk-free trading simulator that uses real-time market data and virtual currency to buy and sell stock.”
The site is built to simulate Ustocktrade , a low-cost online trading platform geared toward everyday folks, but the experience and confidence users build in Ustocktrain would be valuable on other platforms or when discussing investments with an advisor.
First time users just need to sign up and choose how much virtual cash they’ll work with, then can start their simulated trading. A series of six training videos, totalling about 15 minutes, make it crystal clear how to use the already intuitive site, so there’s no excuse not to hop in and play.
Users will gain a basic working knowledge of online stock trading, from terminology to buying and selling to setting strategies. The service makes no attempt to provide advice or education on how to assemble a good portfolio (I themed my test portfolio as “companies that have not fired friends of mine,” but you can select from the available stocks more thoughtfully, if that’s the way you roll); it’s simply a learning tool that, paired with Ustocktrade, is meant to help democratize investing, something we at OWLshares are passionate about.
We also like Ustocktrade because it was founded explicitly to support the charitable works of the Cainan Foundation, which funds education for underserved children worldwide. Of course, some users may find that another online broker fits their needs better. This comparison chart and article at NerdWallet (which doesn’t include Ustocktrade) can help match you with a fitting service.