As you might imagine, I get emails about all sorts of market related tools, services and other various whatnots. I'm sure a lot of the other bloggers get the same emails.
I got one email from a service called TradeOver that allows for setting up a fake portfolio to follow and monitor whatever you are interested in. You get $1 million of fake money to deploy across stocks, world indices, currencies, commodities and treasuries.
For now there are very few individual stocks to choose from. The proprietors are looking to have their platform available through other sites and at that time there would be more equities to choose from (and currencies too).
For now it is a neat thing that hopefully will be more useful in time.
A similar service is Marketocracy. Despite the limited choices at TradeOver, I find it is much easier to use and the program seems to be more sophisticated.
I get a lot of questions from people asking about how to get started managing money. A site like TradeOver or Marketocracy allows someone to build a track record of sorts. Obviously a good year or two will not get you hired at Fidelity to run a mutual fund but it might be enough to get you started with some friends and family which is how most people get started.
And no, I am not being compensated in any way for the positive mention.
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5 comments:
There's also http://www.collective2.com/.
But, they do charge a fee for listing.
MT
..."paper-trading" as they used to call it in the late '90's is very, very different from using real money.
g
Michael, thanks for the other name id on't know that one.
George is 100% right. My thought was it might help convince someone that is generally inclined to give you the benefit of the doubt the nudge they need to give you a shot-as applies to someone trying to get started.
Paper trading IS very different but if you have a set of rules that your theory is set behind, it's a good way to test/show it in action. Fact is many mutual funds are set up and are allowed to trade but only the best performers make it to the public market. Thus they have awesome track records to show the public when they start advertising.
I've not tried either of these. But, for currencies, you can use http://www.oanda.com.
Great site that I actually use as a live broker. When trading gets tough, as it sometimes does, I use my demo account to trade. It helps me get my game and confidence back up in order.
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