The beauty of virtual trading, also known as paper trading, is that traders can practice their trading strategy all without having to risk any actual money. While it is all good and safe, it can tend to get dull because any gains you actually make are obviously pointless and we start to consider “what if.”
Thanks to UMOO now you can still participate in virtual trading, while making real money through competitive stock trading tournaments.
Basically users choose a tournament game and are given whatever amount of money the tournament moderator has decided. Obviously the goal is to be the person with the highest portfolio account in the end. Tournaments can last weeks, days, and even hours, so there are really tournaments for all type of traders.
While you do need to pay some sort of entry fee to play in these tournaments, there are still plenty of FREE tournaments with REAL cash prizes, and if you want to create a tournament for just you and your friends, then create a private tournament.
Interesting game types. Double Up – top 50% wins. Mini and Massive – compete with just a few people or several. Knockout – top half keeps moving on to the next round.
Some cons of UMOO are that you can only practice trading stocks, not all stocks are available to trade, and some tournaments might end up making you take more riskier approaches than you normally would, which ultimately defeats the actual purpose of virtual trading.
That being said, if you are looking for a good place to practice trading stocks and making real money at the same time, then UMOO is a great place to start. The service is fairly new, but new features are being added all the time.
Sign up for a FREE UMOO account and start virtual trading and making money at the same time.