Saturday, June 4, 2011

Virtual Trading Account- An Investment Lab

Today I opened up a Virtual Account at OptionsXpress. They start you off with virtual account balance of 25,000 dollars. I recommend opening a Virtual Account because you can learn the basics of trading and investing without risking your real money. It's A great Training Ground or Stock Investing lab if you will.

Starting next week, I will start using the strategy of covered calls on the Silver ETF (ticker symbol: SLV) I am excited about doing the covered calls on the SLV because it will provide an opportunity to earn weekly income through the weekly options. If you do not know what a covered call is please read What are Covered Call. While I am building up the balance in my actual account, I will practice my theories in the virtual account.

Robert Kiyosaki has a board game called Cashflow 101. He says the best way to learn a skill if you can not actually do it is to simulate or practice it through games. We learn by hearing, seeing, and/or doing (or Auditory, Visual, and Kinesthetic learning) Practicing in a Virtual account provides all three types of learning in regard to investing for income.

If you have any questions or comments please post them in the comment box below.

That's all for now. Have a Great Day. Let's eradicate poverty and build wealth through financial education.