Probably the most popular paper trading platform is Wall Street SurvivorWhen it comes to trading stocks there really isn’t any risk.. okay, so maybe a little, but what other type of investment or income source allows you to practice, practice, and practice until the risk is quite minimal?
Ask anybody who doesn’t trade why they don’t and odds will be that they say its too risky. While they aren’t completely wrong, they aren’t completely right either.
What other investment opportunity allows you to practice as much as you want until you feel comfortable executing real-life events?
There is no safe way to practice buying and flipping houses. Sure you may go to school, but there is no safe way to simulate on-the-job experience. On the other hand, with stock trading you can practice over and over again until you feel completely satisfied and trained with what you are doing… overall making your risk in the stock market a calculated one not dangerous.
I’d be stupid to sit here and tell you that there is no risk trading stocks whatsoever, but, again, where isn’t there a risk? Obviously, at the end of the day, if you are happy with the 1.88% interest rate your bank offers, then, by all means, go after it.
Personally, I always look at risk based on the consequences of an action, and the less you know about that action the greater the risk. Regardless of the event you choose, there will always be some type of risk; however, understanding the process and what needs to be done to successfully execute will help drastically lower the risk.
If you never ran in your life and you decide to run 1 mile, then the risk of passing out before completion is probably high. That being said, if you have experience running 1 mile, then the risk of you passing out on 2 miles is significantly lower than somebody who never ran before trying to complete a mile. Reason being, that you have experience and know what to expect and how to pace yourself.
While stock trading might pose enormous risk to those not accustomed, experience and practice will quickly have those people seeing opposite, and what better place to practice than with the stock market?