I had never played the stock market before. And, to tell you the truth, after the recent ups and downs and horror stories of people losing their entire retirement savings, I was scared to even try. That is, until a friend told me about the Young Money Stock Market Game. It’s is a lifelike brokerage trading simulation where you can safely learn the ins and outs of Wall Street.  But best of all, it’s free and anyone that plays can potentially win actual money.

I signed up to become a member and started to play. It only took me a few minutes to figure out how to buy, sell, and trade stock. I added stocks I was interested in to my WatchList, and even compared my portfolio to the S&P 500.

I made a few mistakes, but with 1,000,000 in virtual money I had more than enough to play with. Other games I looked at had a lot less money to start with than that.  But one of the coolest things is that you can enter contests where you can play against your friends, strangers, or even other investors. You can even start your own contest.

So I entered the Young Money/ShareBuilder Stock Market Game Contest. The winner is decided by the percentage gain within their portfolio during the two-month contest period. First prize is $1000 cash—in real money!

I definitely feel more confident about playing the stock market and I think I’m ready to begin actual trading on Wall Street. If you want a great way to practice a lifelike brokerage simulation for free then I highly recommend this game. It will not only help with maneuvering the sometimes complex world of stocks, but it will give you a chance to win up to a thousand dollars.

The most important thing that I have learned while playing the virtual stock market game is to diversify. You want to own lots of different kinds of stocks. That way if one of them doesn’t do well you aren’t completely sunk. I own some large, medium, and small cap investments. I also bought some domestic stocks and some international ones. I made sure that I spread my stocks across various industries: construction, energy, and telecomm to name a few. I also bought some companies that I had heard of and am interested in, such as Google and Bank of America.

It’s free, perhaps making this the one time you can play the stock market without any risk but still have the chance for some reward!

The Young Money Stock Market Game features real-time trading simulation and multiple contests. Beginning investors can practice stock market trading, compete with friends and investors, and win REAL money.

First Prize: $1,000 cash (1 winner)
Second Prize: $200 cash (3 winners)
Third Prize: $50 cash (5 winners)

Winners will be determined by the percentage gain within their portfolio during the contest period. The First Prize winner will be the investor with the highest percentage gain in a two-month period. Contests must enter by Friday, February 6, 2009 to be eligible to win. One portfolio may be created per email address.

Check out the Young Money Stock Market Game: http://www.youngmoney.com/stock_market_game