I am and will remain the undefeated paper trading champ of Westconn! But to be honest I cheated, that’s right, CHEATED. Once you know how the system works then paper trading becomes a joke. I literally made like 2 or 3 big trades each semester and realized 30%, 80%, and 50% returns respectively, within 8 weeks.
I was part of the finance club for the last 3 semesters, and being part of the club meant having to paper trade, the idea was to learn how to invest, but how the hell can you invest with only 8 weeks? So what I did was throw in my whole account (all $1 million of it) into highly overextended plays, some honorable mentions were LAKE, DGLY, and GENE. With paper trading you don’t have to worry about getting bought in or paying crazy fees for holding weeks on end, you don’t even have to worry about size, because paper trading doesn’t take into account share size on the bid and ask. Needless to say the other teams were dumbfounded by my returns, they thought I was trading options lol. I did win a gift certificate to Amazon for winning so that was nice.
So would I recommend paper trading to those just starting out? Sure, but only to figure out the basics, like how to put in orders, etc. Once you’ve got that down you should definitely get some skin in the game, it’s the only way to really learn.