For many people, they’ve thought about one day investing in the stock market. They understand that it is a place to make returns on their hard earned money and potentially strike it even richer. The problem most people come across is that it can be overwhelming, confusing, and complex to those who don’t know what they’re doing. Many people do not invest because they don’t know how it works and that makes it riskier for them. Luckily there are both simulated and real apps that will assist in a new investing approach.
Virtual Apps
The best way to get good at something is to practice. That seems like an impossible venture for those worried to invest in the stock market. If you don’t have a lot of expendable money or want to make risks, you can use pretend services as if you were really investing. Here are some of the apps that offer just that.
- We Seed: A directory app that is one of the best stock market games on the Internet. It is a free application that allows you to invest with virtual pretend money, with zero risk. It’s a premier teaching app. The money is of course fake; trades are virtual but based off of real stock exchange conditions. You’ll be able to build a portfolio and practice varying investing strategies without having to use real money.
- Wall Street Survivor: This is another fantasy stock market game. It uses a realistic learning platform to make trades on and signup is as easy as We Seed. The stocks page is where you create you and manage your trades. All the user has to do is enter in the stock symbol, quantity, action and order type to facilitate a trade. On the app is also a portfolio page to view current and open positions or initiate a sell off to close a position.
The idea behind both of these is to conceptualize real trading without the real risks. Once you are comfortable you can begin trading and utilizing the resources to put this into real practice on the open market with your money.
News Sources
Veterans and newcomers alike need a good source of information. Money Morning is a great source for looking at real time updates on major indexes and reading a host of helpful analyst’ articles. There are apps out there and news sites like Bloomberg and CNBC. They all provide daily coverage with real time stock quotes, access to videos and full-length programs. Each app is easily navigable and streamlined so you can utilize the features you need and want.
Educational Investing App
Once you’ve made the transition to real markets from virtual ones, you don’t have to jump into the stock market unguarded. There are applications that both help you invest real money and educate you along the way. Think of this as taking off the training wheels, but still having a directed path to maximize investing returns.
- SigFig: Unlike other investing apps, SigFig lets investors manage the entirety of their investments. Right when you begin, the application will give you a set of personalized investments. There is a minimum of $2000 to start an account and put you on the right investing track. If you don’t want to direct any of it yourself, there is a 0.25 annual fee that SigFig will take out to manage your account for you. Along with the management guidance, SigFig also educates you through current news and latest research.
- Acorns: The foundation of this app is built around the idea of investing your spare change to get you successfully into retirement. The company calls this approach micro investing. Anytime you make a purchase, the price is rounded up to the nearest dollar and the difference is put into your acorn account. It’s a simple concept and can help you save while your investments have the potential of growing. There is a $1 a month fee for accounts under $5000 and 0.25 percent over $5000. Don’t make this your main retirement fund, but check it out.
Jumping in the Market
Once you’ve dabbled around with virtual games and invested a small amount of money, you’ll probably be ready to invest fully. Education is the name of the game for beginning investors. Knowing what and how you’re doing things can lead to more advanced strategies and being able to turn a profit in the market. You’ll be able to call yourself, an investor.
Amelie Holt jumped into the stock market several years ago, and soon got her fingers burnt. Since stepping back and slowing down things have been going much better! She shares her knowledge with others who are new to the trading game.
