Picking stocks in the stock market is both a science and an art best left to the minds of “experts”. At least that is the conventional wisdom in modern times.
“Experts” come in many forms ranging from professionals on Wall Street to astrologers consulting their charts, with a whole lot of steps in between these very opposite ends of the spectrum. There is something to be said for understanding some of the very general concepts of investing, such as short-term versus long-term investing. Stock trading tends to be a short-term strategy with lots of potential immediate rewards, but hand-in-hand with the greatest risks. Let’s face it: day-trading on the stock market is gambling.
So how do you think you would do choosing stocks? Well, there is a website that will let you play the stock market for free. Smartstocks.com is a website akin to a “fantasy sports league” (if you don’t know what that is, just Google it.) You get all the fun of picking stocks ($1 million dollars worth) without the risk of losing any money. You won’t make any dough either, but that’s not really the point.
This is an excellent and convenient way to test your own “prognostication” skills. Use whatever methods you want – take free professional advice from any “expert” you want, or consult tarot cards and moon cycles, or base it on what you had for breakfast, or let your 5 year old kid pick them for you.
I have not yet created an account, but I will be creating one by March 1. If anyone is interested in playing along or perhaps starting a league with me, please let me know by email email@example.com or send me a message via Facebook.
“The game is afoot!” – Sherlock Holmes