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Does practice make perfect? Yes, it does. But what about practice in commodities trading? Well, this is something where only theoretical knowledge is not enough. Rookies do not have enough practical experience in trading commodities, and it is not a good idea for them to jump into the real field at once. That is why commodities trading simulators were created.
It is hard to find a decent commodity trading simulator, so we have decided to prepare a list of 5 best free services for our readers. These include some of the necessary details in this field and offer a realistic simulation of the market.
The Wall Street Survivor is a complete stock market simulator where users have full access to the tools they might need in a real trading session. It has been created a while ago and is considered to be one of the most trusted and useful platforms not only for newcomers but for experienced traders as well.
The website offers some excellent guides and educational materials. The best thing about it is that the knowledge acquired there can be used immediately in a simulation. You can find a significant number of available commodities stocks and see how your strategies work with them.
An interesting thing about The Wall Street Survivor is that a lot of contests are held regularly. They often offer such prizes as eBooks, subscriptions, even real money sometimes. So it is the right choice if you decide to learn, test, and improve your skills.
PocketOption is a website that allows users to test their trading skills without downloading any software. Only creating an account is required. The demo account gives $10,000. Four types of commodities can be traded here:
The price changes can be shown in areas, lines, candles, bars, or Heiken Ashi. This can help the user to set the look of the graphics according to the brokerage service he plans on using. Signals are available, as well.
When a trade is being made, the exact price and selling or purchase time can be set. The approximate profit or loss is shown according to the graphic movement.
VSE is an online game that simulates the stock market. Lots of commodity stocks to work with can be found here. The service allows you to join discussions with other players, create strategies, create your own game, and compete with your friends.
At the beginning of the game, you choose a couple of stock symbols to trade. As we are talking about commodities, you should select only them. After you decide what to work with, you develop a Watch List after what you can start using various orders.
The greatest thing about the MarketWatch Virtual Stock Exchange is that you have an opportunity to communicate with other traders. There are a lot of experienced users there who will share their experience a give you a piece of advice in anything you ask for. At the same time, you will develop your investing skills and become a better trader.
Commodity Challenge is an online web-game that simulates the grain market. It is managed by the Center for Farm Financial Management at the University of Minnesota. In this simulator, users participate in games that imitate the real crop market. Here users can learn about the usage of futures and options quotes for various crops, ways to make profits, and improve marketing skills.
This simulator is quite specific and requires knowledge of the field. It is a good option if you plan on working only with crop trading and agricultural stocks in the future.
The Commodities Game by active history is a simple online simulator with fundamental details. The main idea of the game is that you have received 90,000 pounds from a will and decide to become a trader. You have different goods and can change them as you wish.
When you proceed, a news panel appears and informs you about something that is happening in the world. According to this information, you must trade your goods to minimize losses and maximize profits. The game is short and lasts for ten years (which are ten turns).
This simulation is useful in a way as it teaches you to pay attention to details and use the news as a source of value prediction.
We have had a small look at the five best commodities trading simulators. These are:
All these offer an exciting and valuable experience for users of all skill levels.
We recommend trying out at least one of these simulators before investing real money.