You've heard of fantasy football, even Fantasy Island but what about Fantasy Investing? Everyday, people are trading with pretend money to learn the ropes without the risk. But, Consumer Specialist Ric Romero says, just because you're playing with make-believe money, doesn't mean you won't get into trouble.

With the stock market trading at a historic high, many people are thinking about making their fortune on Wall Street. But, as we all learned after the stock market crash six years ago, the market can be risky. So what harm can come with trading for fun?

The world of finance: fast-paced and exciting. Investors trading huge sums of money in a blink of an eye. For the novice, it can be overwhelming. That's why more people are turning to 'Fantasy' or 'Virtual' Investing.'

"I thought that this would be a good way of getting more experience and more acclimated to trading, without risking money," explains Dr. Angelo Consiglio, Fantasy investor.

Dr. Angelo Consiglio started virtual trading months ago using an on-line simulator that mimics Wall Street. He practices investing thousands of pretend dollars. Many brokerage houses now offer virtual investing programs with the idea that clients will go on to use real-money.

"It became more natural to execute a trade and to feel comfortable that I was doing the right thing," explains Dr. Consiglio.

Angelo uses optionsXpress to place his pretend trades.

David Fisher, optionsXpress "It's great for novice investors. But, it's also good for experienced investors who maybe want to try out new strategies.

Sounds good, but critics warn even though you're playing with pretend money you can get burned.

Phil Demuth is a clinical psychologist and investment advisor. He says virtual trading can give people a false sense of confidence especially if they fake trade with large sums of money and win.

"It gets us used to throwing big money around. The net result of this is that when we shift into the real world, we're inclined to take greater risks than we should," says Phil DeMuth, Conservative Wealth Management.

You can trade all kinds of things with virtual investing including stocks, options, futures and foreign currencies. But, remember before you put in real money, make sure you understand the risks of investing.

By Ric Romero