#TuesdayTip- Practice first

The main problem with trading in stock markets is that we are fearful of losing money.

And this is a valid fear. A newbie with no knowledge who starts trading because everyone else is, will most certainly make losses.

So how do we remedy this? Practise!

But how to practise without money? How can one buy stocks without making losses?

That's where the concept of virtual trading comes into play.

Virtual trading is nothing but a simulated environment where you can buy and sell stocks without actually ever making or loosing money.

You can think of it as a game. You remember playing Monopoly as a child?

You are given some money and allowed to buy cities etc. You don't really own anything. But you can get the feel of it.

That's exactly what virtual trading is.

I have tried many such virtual trading websites. Just google search and you'll find many.

There's a few reasons why I prefer it over all others.

1. It has a mobile app. You can trade from your phone.

2. It has all the indicators which I am showing you how to use.

3. It even has Bitcoin, Etherum etc.

4. It has a very professional interface.

5. No advertisements.

However, there's one slight issue. It's based on US stocks. So you'll be trading stocks like Apple, Nike, McDonals and Amazon.

The account is free. There's an option to use real money as well. Please don't click that. I haven't tested it.

Here are a few screen shots from the app.

I am not getting paid for promoting this app. I have no affiliation with it whatsoever. You may use any other virtual trading app as well.

What is important is that when you use the app, you treat it as being real. That way you'll be careful and trade seriously.

Practise the strategies on this application. It will build up your confidence and make you a better trader.

You can revisit my Strategies by clicking here.

You can revisit the basics and other categories by clicking here.

I hope you found today's tip useful and do take up virtual trading.

Thanks for reading! See you next week where we will discuss types of orders etc.

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