Practice Day Trading With TradingSim
No doubt one of the best ways to learn how to trade stocks or test out different trading strategies is through paper trading or virtual stock trading. These simulators will let you practice trading without actually risking any money.
Recently TradingSim launched a free trading simulator that is specifically geared for day traders.
Day trading is unlike other trading strategies in that all decisions must be made quicker, and you have to rely on strict rules to protect yourself from monumental losses. TradingSim aims to help traders learn and practices this type of active stock trading without risking any money.
More about TradingSim
TradingSim streams tick data through their web interface, allowing users to practice/fine tune their day trading skills through a historical market replay. They store the last 5 weeks of trading data for all Nasdaq symbols so users can trade any symbol they want for any of those days. The app has been taken one step further and offers the time and sales information as well as the level 1 info.
How To Use TradingSim
TradingSim is pretty easy to use and is a fun resource to play around with.
- Pick a stock and let it stream.
- Based on the current setup, determine what the proper trade would be.
- Once you have made your decision, fast-forward the streaming chart and see what the actual result was.
Tradingsim requires no downloads and is completely web based (as compared to the other apps which force a download). Additionally, there is no need to have a brokerage account. You just have to create a free account to actually transact through the simulator (its for legal reasons)
Best of all, the app is completely free to use! Try out TradingSim.