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For every trader who aspires to become a pro, a useful options trading simulator is a great learning tool. They resemble actual trading conditions closely and show how the options and stock markets operate in real-time. It allows traders to see the results of their decisions. Simulators are excellent training resources for beginners looking to begin their online trading career, especially if you are interested in trying more advanced options strategies like calendar spreads. Be it the Dow Jones, NASDAQ, the New York Stock Exchange, or even other markets, you can choose and learn to trade options available in any of these exchanges. Options traders can also get valuable examples from options trade alert services, and other options trading tools.
Best options trading simulators in 2024
10 Best Options Trading Simulators In 2024
Power E-TRADE
The Power E-trade trading platform can be helpful if you are a beginner in options trading and is known as one of the best broker. This trading simulator offers a wide range of educational resources to newbies and has much to offer to an expert options trader. Traders can use it to carry out several tasks, including determining the likelihood of risk and reward, using a screener to filter stocks, learning about plain-English translations of industry jargon, and creating exit plans. Traders can also access more than 100 technical studies or determine a stock’s expected price movement or average implied movement. Visit eTrade.com to learn more and to open a trading account to begin to trade stocks.
TradeStation Simulated Trading
If you are an experienced options trader, TradeStation Simulated Trading could be a suitable platform. It is an excellent option for day traders, options, and futures traders. Its professional analysis tools comprehensively look at the markets and help traders execute trades that match their proprietary strategies. Besides, you can also use simulated trading to test your theories and check how the market responds to your choices. Some notable features of TradeStation include educational and analytical tools, commission-free trades, account minimums from $0 to $2000, etc. You can transfer your portfolio to TradeStation or build a brand-new portfolio.
Wall Street Survivor
The Wall Street Survivor platform is for traders who already have a trading strategy but still want to practice. It has desktop and mobile versions and includes features like educational tools, quizzes, experienced instructors, and a league system that lets the traders compete against one another and win real money prizes. This is a great tool to validate your option strategies. If interested, you can open an account with $100,000 virtual money by visiting WallStreetSurvivor.com.
TD Ameritrade “thinkorswim” paperMoney
TD Ameritrade’s paperMoney options simulator, thinksorswim, is another exciting learning tool for traders that supports virtual trading on options, futures, or forex. Traders can also use it to gain insights into the charting indicators and studies without risking any cash while using this platform. It is a great place to practice one’s trading skills, especially if they don’t have the necessary funds to start trading stocks in the real-world or if you have the money but feel you need more time to be ready. Besides, this simulator is also beneficial for traders with experience who want to test their newly constructed strategies before paying any commission to their brokers for making a trade.
Options Industry Council
The Options Industry Council was formed to provide information and educational resources on trading options. The website has numerous educational resources, including a trading simulator. Its unique virtual trading simulator works like a data center. It lets the traders change the data and check how their trading strategies will perform under various market conditions and different time frames. Moreover, this trading platform also explains the multiple factors involved in options pricing and how they impact the prices when they change. If you are trying your hand at options trading, it can be very beneficial.
Investopedia
Over three million educated investors trust the Investopedia platform for the high-quality information it offers. Besides having an impressive content library that can help you ace your trading craft, it also boasts an excellent options trading simulator. The learning process here is less stressful and more fun, and traders can participate in trading challenges with other members. The notable attractions in this include $100,000 in virtual cash, the scope to learn trading methods and investment strategy from over 700,000 traders, and the creation of trading challenges to sharpen your trading skills.
OptionsXpress
OptionsXpress was acquired by brokerage Charles Schwab several years ago, and since then, several new tools and options have been added to this platform. OptionsXpress is an online broker with several unique tools and is undoubtedly one of the best options trading simulators available in the market. OptionsXpress has an easy-to-use interface and organizes its tools according to the experience level and type of the user. Traders can access multiple order types and buy options contracts. Moreover, it also has IRS, a notification assistant providing option trading alerts, updates to tools, and trade notifications.
eOption
eOption lets traders practice options trading with $100,000 in virtual cash. With both its desktop version and mobile app, it strives to improve one’s option trading abilities through its unique features. These features include a probability calculator, viewing options chains, generation of watchlists, and access to professional research. So, if you want to practice your option trading strategies including spreads, call options, put options and more risk-free without involving your hard-earned money, this options trading simulator can be extremely helpful.
ETNA Trading Simulator
The ETNA Trading simulator is quite popular and is used by many U.S. universities, educators, and brokers. The trading platform provides life-like execution for ETFs, equities, and options to the traders without having them put in their hard-earned monies. Features like charts, news, and watchlists further increase the attractiveness of this platform. Advanced trading features like options chains, multi-leg combo orders, and real-time trading with Level II quotes are also available. To learn more about it, visit ETNAsoft.com.
Bull Bear Traders
Anyone who wants to practice options trading with a tool that provides more educational resources can try out the Bull Bear Traders platform. The platform boasts an extensive list of options trading features like In-depth virtual options trading classes for both beginners and advanced level traders, level 1 data for options trading, customization of tools and indicators as per user’s needs and trading style, and a seamless transition from virtual trading to live to trade. This simulator does not come for free, but one can opt for the free 14 days trial to check whether it is worth it.
This Options Discord Chat is The Real Deal
While the internet is scoured with trading chat rooms, many of which even charge upwards of thousands of dollars to join, this smaller options trading discord chatroom is the real deal and actually providing valuable trade setups, education, and community without the noise and spam of the larger more expensive rooms. With a incredibly low-cost monthly fee, Options Trading Club (click here to see their reviews) requires an application to join ensuring that every member is dedicated and serious about taking their trading to the next level. If you are looking for a change in your trading strategies, then click here to apply for a membership.