Practice Trading Stocks at UMOO.com
Recently a co-worker told me that he was considering investing about $2,000 in the stock market. He had never purchased individual stocks in his lifetime. One thing that I highly suggested to him, among others, was to practice trading stocks for a few months with fake money so he could learn the basics and determine how he would perform.
One service that I told him to consider was UMOO.com to practice trading stocks. UMOO.com is a virtual trading platform offering users a chance to participate in real time fantasy stock-trading tournaments for fun or using actual money. You can practice for free or join real money games to win real money.
If you want to trade with real money, you pay a fee (buy-in) in order to enter a tournament of your choice, where you receive virtual money to build and cultivate virtual portfolios based on real-time stock market quotes in competitive trading tournaments.
The objective of the players is to earn the highest returns on their portfolios. Throughout the tournament, players are benchmarked against others in real time; at the end of the tournament the winners are those with the highest returns relative to the other traders in the tournament.
The winners receive cash prizes according to the payout structure of the tournament. Real-time market data and a variety of information and research/reference tools are offered on the UMOO platform to help traders make informed dynamic decisions while trading, as well as all the trading tools of the real markets, including limit and stop loss orders and the ability to sell short.
Below are some screenshots of UMOO.com of how to build a portfolio.
(Click to View)
Visit Umoo.com for a free trial or join real money games.
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12:09 am on March 3rd, 2009
Great article. Thanks for share.
1:21 am on April 17th, 2009
Our Trading Game is a Virtual Stock Exchange , with the goal of performing like a real brokerage but using virtual money. You can trade virtual shares using real market prices and get the practice you need before trading in real life! You may also want to learn about the stock market on Wikipedia.