There are lots of websites, books, videos of leaders from stock market where one can learn about the stock market but without practical knowledge, it is difficult so there are lots of simulators or say the virtual trading platform where one can learn practically and identify how strong there technical analysis is.
But before moving ahead one has to know the meaning of stock market simulator and how these things work and useful in our learning process.
Meaning of Stock Market Simulator:
Stock market Simulator is one kind of application or system where one can practice trading without investing any real money instead that application or software try to duplicate the market and show same data or prices as the market present.
Stock market Simulator is also called virtual trading or demo trading. in past days, traders learn by paper trading. in paper trading, trader writes prices in the paper that happen in the stock market where they do not put their real money. similar to that system here also people do not have to invest real money.
As you know the stock market becomes gambling if you don’t learn about the market and in this process, paper trading was used by people and many uses today also but because of evolving technology, application and software are developed that help us so much that one do entry of buying and selling as alike they doing in actual market.
below is the list of simulators that can be used for Indian stock market.
Top 8 Stock Market Simulator:-
This is one of the best virtual trading game from MoneyControl.com with lots of details. here one can create their portfolio and if one can be getting virtual profit then he/she can be shown on the leaderboard. here one can interact with other with other players and one can get the basic knowledge from “GYAAN” corner. here one has 1,000,000 in their account and can be traded and investment in different securities like Intraday cash, Delivery, Bond, FD etc…
This is my favorite one and I am started learning about the stock market from this stock market simulator only. Basically, this stock market challenge is provided by DSIJ – Dalal Street Investment Journal which is a very popular magazine on the stock market and also with collaboration with Bombay Stock Exchange(BSE). This stock market Simulator also provide same cash balance as MoneyBhai and it is 1,000,000/- but here one can trade only in equity. Same as MoneyBhai, Stock market Challenge also display leaderboard but at here the menu name is Ranking.
This Stock market Simulator is a Different type of simulator in which chart analysis learning is possible. in this stock market simulator, one has to predict stock movement by putting different indicators use on a chart. this simulator does not display how many quantities to buy and at which price point because it only testing how your technical analysis and prediction in the stock market is strong. in this stock market simulator, they use one of the stock from Indian market but not display the name and plotted their historical movement in the chart.
4) in.tradingview.com – PaperTrading :-
In my old blog (Top 8 websites for technical and charts analysis), I have already discussed of this site ‘tradingview.com’ so reader know that this site is popular for their chart but if you logged in in this site and sign in is free one can unlock one corner and that is called Paper trading which can be shown at bottom. Paper Trading is a name only but as it is an online platform and data of prices on which one buy and sell are online so it can say stock market simulator and here one can buy Indian stock also. From Buy and Sell Boxes that show on above chart display one can get their virtual position in that particular stock.
There are lots of foreign websites but no one supports Indian stock market but this is the only website which supports Indian stock market. Investfly is the best site that can be used as a stock market simulator. In this they hold some contest and also the player can create ‘stock market game’ in which other players participate. This platform provides lots of screeners, Technical analysis and other stuff that make more interactive to a player.
6) Stock Trainer:-
This is not a website but it is an application that can be download from Playstore for free. Like other Stock market simulator like MoneyBhai and Stock Market Challenge (DSIJ) similar to that website one can buy and sell from this stock market simulator also. here cash margin is 500,000/- is provided.
Stock Trainer is also free to use an app and one can trade in equity cash by this application. This app is in their starting face and they will do changes in this app in near future as they write.
7) Trader Trainer:-
This is also an Application and this also can be downloaded from play-store without any chart but this is not also like other stock simulator but is similar to Chartmanta from EconomicTimes where one has to predict market by some indicators like Simple Moving Average, Exponential Moving Average, Donchian High/Low, and Bollinger Bands and choose an oscillator like RSI, Stochastics, MACD from a simulator.
8) Stock broker’s market simulator: ICICI virtual demo a/c:-
Some of the well-known brokers also provide demo trading or say Stock Market Simulator. one of the known stock broker ICICI security provides their ICICI virtual Demo ac where do you not require to open Demat ac. Likewise, I think as ICICI, other will be created their virtual Demo or say Stock market simulator, As I hope or don’t if any other stockbroker provides demo trading if anybody know please comment me below.
Some other sites who also wrote on this topic:
Advantage and Disadvantage of Stock market Simulator:-
- Don’t need to remember that where kept paper use in paper trading because in past days I always lost my papers and forgot where I write my script with a target and stop loss.
- “Practice makes man perfect”, this represents that before the start in an actual market one has to keep a practice in virtual/ demo market.
- Give judgment: not give a judgment about stocks but judgment about yourself. If you fail to predict the market so many times then you have to first learn other things like indicators, candle pattern tec.
- One of the biggest disadvantages is that all of the stock market simulators give higher margin like 1 crore, 50 lakh etc but in actual life when one entre in an actual market they do not have that much money.
- Not any stock market simulator present exact like the software of broker because of that after so much practice in demo trading one still confuse how to trade in actual software.
- Not present option trading or future trading in a simulator.
- After few days only, one leave this as they bored because they don’t get a real return.
Mr. Keyur J Ghadiyali,
From, Absolute FinPlanner (absolutefinplanner.com)
Mail Id: firstname.lastname@example.org
Contact number: 8238418279