by CI Staff
Simulate trading stocks listed on U.S. exchanges.
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Many investors avoid investing in stocks out of fear of the market. That is why many professional traders suggest “paper trading,” or simulated trading before committing actual money. The Stock Market Simulator Android app helps novice stock investors acclimate themselves to the financial markets by allowing them to buy and sell stocks without having to worry about making a mistake that will cost them real money.
If you are an experienced investor, you can also use the simulator to build virtual portfolios to track their performance over time.
If you are interested in penny stocks, a “plus” version of the app is also available at a cost of $1.99.
After you install the app from Google Play, you begin by setting up an account and then you are ready to start trading. The app starts you off with $10,000 in your account and you can search for stocks by ticker or company name. The app offers basic stock information, such as bid/ask, dollar and percent change for the latest trading day, volume, and market cap. You also have access to a Yahoo! Finance line chart covering the last day, five days, three months, six months or one year. The app links with news items from outlets such as Forbes, MarketWatch.com, Yahoo! Finance and more. Once you find a stock you want to buy, tap the Buy button and you are able to place market and limit orders. You can also set stop orders on the sell side. The order screen provides the 20-minute delayed bid and ask prices and, for added realism, the app deducts a $5.00 commission for each trade.
After you start placing trades, the home screen or Portfolio Dashboard lists your current holdings as well as pending and executed trades. The Current tab lists the number of shares of each stock you own, the average purchase price, current price and dollar gain or loss on each holding. The Pending tab displays both the pending buy limit orders and stop sell transactions. From this tab you can also cancel any pending orders.
Beyond helping you learn how to trade, Stock Market Simulator lets you compete against other users. The “Battle” screen ranks users by percentage and dollar gain.
The app’s Profile screen provides your return on investment for the day and since you opened your account as well as the number of trades you’ve placed this month and since you started. At any time you can reset your profile to start over.
Overall, the app is an excellent way for stock market novices to get their sea legs without having to risk their own money. For the competitive types, the app also allows you to test your investment savvy against other users.
If you are thinking about trading stocks but are worried about the risks, this is an app worth trying out.