Are you interested in learning how to trade online? Are you new to the stock market? or Are you a student with no money to invest, but you still want to gain some experience on the market and trading? Well you are about to read an article that will point you in the right direction.
It has been proven that people learn more when they have fun. Well using Umoo to learn about the stock market and how to trade online is more than fun, its addicting! I have personally spent countless hours online playing in tournaments on Umoo.com.
UMOO is a virtual stock trading platform that allows its users to take pat in real time stock market trading competitions. UMOO is a great tool that enables you to practice your trading skills, compare your abilities to others, and also win a ton of prizes and all without the risk of putting your hard earned money one the line. Best of all, its free.
UMOO is free to join and offers instant access to its platform. Tournaments run from 9am EST to 4pm EST and they offer tournaments that range from 1 hour long to a week long. For learning purposes, it is always best to play in the week long tournaments and play in multiple ones at a time.
There are two different ways to play on UMOO. You can either play in the practice mode, in which you have 1000 play dollars to use to buy-in to tournaments, or if you are the gambling type, you can play for actual money in the cash mode. For people interestedi n learning how the stock market works and how to trade online, it is best to play in the practice mode so that you are risking nothing and still having a lot of fun building your knowledge.
The trading platform mocks that of any of the top online trading companies such as Fidelity, Scottrade, or Charles Schwab. When a tournament begins you will be given 100,000 in virtual money that you will be able to invest in any stock available in the market. UMOO runs according to the exact prices of the stocks at any given time. Therefore, if you wanted to buy Microsoft, you will pay the exact price of the stock at that exact moment in time. However, you will only be able to invest 20,000 in any one particular stock which promotes diversification and the 20% rule.
The platform offers two options, buy or short. You buy a stock if you feel that the value of the stock will increase and you short a stock if you feel that the value of that stock will fall in the near future. Your portfolio value will increase or decrease according to how well your stocks perform. The person with the highest portfolio value will win the tournament. When you win or place high in a tournament in the practice mode you will be rewarded with fun money and your fun balance will increase. The platform also offers a trading floor chat which enables users to communicate and get tips from other players in their tournament.
UMOO is the perfect tool for anyone interested in learning more about how the stock market and online trading works. I would suggest this program to anyoine who is looking to learn about the market and have a ton of fun at the same time. This program is also a great program to use in the classroom at either the highschool or college level. I know from experience that a professor at Westminster College, in New Wilmington, PA uses this program and it has been very well received by every student who has used it.
UMOO also offers a lot of articles that are written by some of the top stock brokers on Wall Street. They also offer training videos and webinars. It truly is the best way to learn the stock market.