how to practice stock trading online?

a friend of mine had an app on his iphone called "millionaire" where hes given 0,000 (of course fake) and he would be able to invest that money into stocks with real time market speculation and see how he would either grow or fall.. unfortunately i have a blackberry is there anyway i could do this online?

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August 25th, 2010 at 11:02 am
You’re talking about a simulator.
http://simulator.investopedia.com/Home.aspx
This is also a good reference for finance terms and defininitions.
In order for this exercise to be useful and learn something from it, you need to read a few books and develop a trading plan, complete with money management techniques like stop loss orders, setups and triggers and targets. This would also include a risk analysis of how much you are willing to lose in one trade whether a set percentage or dollar amount or part of gains. For example, one rule should be "Never let a winner turn into a loser."
Otherwise, you’re just playing another video game; entertaining, but useless in fact.
Start by reading the Investing for Dummies series.
"Which Is Better, Buy-and-Hold or Market Timing?"
"Do You Have What It Takes to Be a Market Timer
Droke, Clif – Technical Analysis Simplified
O’Neil, William J.- How to Make Money in Stocks
Lefevre, Edwin – Reminiscences of a Stock Operator
about Jesse Livermore
Schwager, Jack – Stock Market Wizards
Sperandeo, Victor – Trader Vic-Methods of a Wall Street Master
Wasendorf, Russell – All About Futures
Slutsky, Scot and Darrell Jobman – Complete Guide to Electronic Futures Trading, The
Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay
The Intelligent Investor, by Benjamin Graham
One Up on Wall Street, by Peter Lynch
Common Stocks, Uncommon Profits, by Philip A. Fisher
Stocks for the Long Run, by Jeremy Siegel
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered, by Gallea
Trading for a Living, by Alexander Elder
From Riches to Rags, by I.C. Freeley
Millionaire Traders, Lein & Schlosberg
You can get any or all of these books at your local library through the Interlibrary Loan system.
August 25th, 2010 at 11:02 am
Try an online demo with these guys:
http://www.saxobank.com
They focus on FX, but you can do stocks and other things as well. I bet they have way better gizmos than an iphone app.
Just dont get tempted to do it for real money of you’ll get real poor, real quick
August 25th, 2010 at 11:02 am
Just use the msm money portfolio manager. You don’t get a specific amount of fake money (invest as much as you want) but it will keep track of all your gains and losses (doesn’t keep track of the stocks that you don’t currently hold unless you change the default setting). For example if you completely sell off a stock, it will not show losses or gains for that stock in the portfolio manager unless the default setting is changed. You’ll also have to make entries for dividends if you want to keep track gains from dividends when paid (doesn’t do that automatically).
http://moneycentral.msn.com/investor/home.aspx
You can use the following web site to determine when dividends are paid and the amount paid per share. Dividends are paid only if you held the stock on the ex-dividend date. If you held the stock on the ex dividend date, you will be paid the dividend on the pay date whether or not you hold the stock after the ex dividend date.
http://www.dividendinvestor.com/
When you indicate a buy or sell in the portfolio manager, the default price is 15 minutes delayed.