A paper stock-market game: two rounds, student journal and answers

Prepare 45 minutes and a common game plan

Allow five minutes for rules, ten for the start and first round, ten for a common decision, ten for round two and ten for reconciliation. Give each pair paper, a calculator and a journal with columns for event, count, price and cash after the event. The teacher reveals one price round at a time.

Companies A, B and C are fictional, and both rounds are predetermined teaching scenarios. We omit fees, tax, dividends and currency effects. Nobody borrows money or sells more shares than they own. No accounts, real trades or personal information are needed. Do not associate these prices with real companies; all amounts use SEK.

Starting card and round one: calculate every part

Each pair starts with a total value of SEK 3,000: 20 shares of A at SEK 50, ten of B at SEK 100, 20 of C at SEK 25, and SEK 500 in cash. Check that holdings cost SEK 2,500 and the remaining cash brings the total to SEK 3,000. The starting card already represents the common purchased portfolio.

In round one, A costs SEK 60, B costs SEK 90 and C costs SEK 20. Keep the counts and calculate the new holding values. Cash stays unchanged. Write one sentence explaining why A’s increase alone does not determine the whole result. Ask another pair to check that each count is matched to the correct company price.

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Common decision and the round-two answer key

After round one, everyone makes the same checkable decision: sell five A at SEK 60 each and buy ten C at SEK 20 each. Write a separate journal entry for each trade. Selling raises cash from SEK 500 to SEK 800; buying reduces it to SEK 600. Holdings are now 15 A, ten B and 30 C. Total value remains SEK 3,000 immediately after the trades.

Round-two prices are A at SEK 54, B at SEK 99 and C at SEK 22. The changed portfolio is 15 × 54 + 10 × 99 + 30 × 22 + 600 = SEK 3,060. Against the original start, that is +SEK 60, or +2%. Keeping the starting counts instead gives 1,080 + 990 + 440 + 500 = SEK 3,010, approximately +0.33%.

Trace the SEK 50 difference: the five sold A avoid a fall of SEK 6 each, totalling SEK 30, while the ten extra C gain SEK 2 each, totalling SEK 20. This explains the stated rounds. Different subsequent prices could also change the comparison’s result.

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Teacher notes: assess the journal and explanation

Round one gives A at SEK 1,200, B at SEK 900 and C at SEK 400. With SEK 500 in cash, the total is SEK 3,000. A total of SEK 2,500 probably omits cash. If total value rises immediately when A is sold, the same value may have been counted as both remaining shares and sale proceeds.

Ask students to show that a fee-free trade at the model’s same-moment price does not change portfolio value. They then explain what happens when the next round’s prices change. Assess a complete journal, correct counts and explicit assumptions. A favourable result over two predetermined rounds does not demonstrate an ability to forecast markets.

As an extension, students can find new round-two prices where the common decision produces a lower total than keeping the original holdings. Save reasoning on a short decision card before the outcome is revealed. For later digital practice, Investiq’s virtual-portfolio guide provides product context; the paper game does not promise particular teacher-management features in the app.

Free online alternatives for students

After the paper rounds, students can try the same journal habit online. Free or low-cost tools fall into three groups: paper trading inside charting sites, stock games built for schools, and virtual practice portfolios. Paper trading means placing pretend orders at real market prices without real money. The tools differ in who sets them up, what they cost and which markets they cover. The facts below were checked on each provider’s own pages on 10 November 2026 and can change.

TradingView describes its paper trading as a risk-free simulator with no fees, started from a chart with the Trade button. HowTheMarketWorks, run by Stock-Trak, Inc., says its stock game is free forever for teachers and supported by advertising. Its free version trades US stocks and mutual funds, and students join a contest the teacher creates. StockTrak, aimed at universities, lists student accounts from US$29.95 for up to nine weeks, paid by the student at registration or invoiced to the university. The Stock Market Game from the US-based SIFMA Foundation gives participants a virtual $100,000 portfolio, is offered at no cost or low cost, and requires registration.

Wall Street Survivor says it is free to use, with no subscription fee or credit card needed to open a practice account. Its footer says quote data is delayed by at least 15 minutes. Whichever tool a class uses, check the sign-up rules and any minimum age before students register. Keep the paper journal too: write the reason for each trade before the outcome is known, exactly as in the rounds above.

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