Trading on the faux stock market
Until I read this book, I believed that individual investors shouldn’t be buying individual stocks. Jumping into the market can be daunting, especially this particular bear market.
So if you’re interested in learning more about buying and selling stocks or still learning like me, then here’s an excellent site that simulates the online trading experience. It’s called WeSeed and it’s designed to help people develop their investing skills without the risk of losing real money.
Everything else about it is real:
WeSeed has real stocks, real prices, and real companies. It’s the money that isn’t real, which means you don’t have to worry about that pesky thing called risk. By creating a safe, risk-free area that has all the other real parts of the stock market, WeSeeders can explore and feel free to make mistakes.
They encourage you to start with something you know and the home page breaks up companies into mini-markets:
Do you like video games, movies, or fine dining? Begin in that mini-market and use what you know to wade into the world of stocks. Or just look up the companies you like and — what the heck — buy some shares. By using what you know, everyone on WeSeed brings some knowledge that can be used to give us a leg up on Wall Street.
Why would I ever do this?
Because it is good for you. Owning a share of stock makes you smarter, more plugged in and in tune with the economy. It is like brushing your teeth or going to the gym. Good financial hygiene is an important thing. It will make you a better human being. No kiddin’.
I’m not totally convinced about the better human being part, but it certainly helps newbies build a skill set and gain confidence with buying and selling individual stocks.
Has anyone tried it?
Photo credit: stock.xchng.