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UMOO Fantasy Trading
By plrprousers | February 12, 2010
Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is an enjoyable way to play the financial markets particularly if you would like fantasy trading as opposed to investing. Users choose to compete in fantasy trading games versus other users or the financial market on UMOO for cash rewards. There are tournaments that are no cost to play and those where a deposit is required. Competitions that need a deposit have higher prizes. The fantasy trading competition can be as brief as ten minutes or as long as a market session. There are fantasy trading games with stocks, forex, and commodities. All tournaments use real-time market pricing and no software installation is required.
There are two varieties of fantasy tradingtournaments playable on UMOO: Trading Tournaments and PIX games. In a Trading Tournament traders start by selecting a contest they desire to play. The tournaments are built in reference to three major indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments require users to choose stocks from the index in an effort to produce the highest percentage return possible using a pool of virtual money. In an S&P 500 competition for example traders design a portfolio of stocks in the S&P 500. Once the game has begun players may adjust their portfolio to better their position. All matches are day trades since none carry over into the following trading session. During the match traders can review their fantasy trading portfolios to examine how they are performing and check their effectiveness against the “benchmark”.
The “benchmark” notifies the contestant whether they are “in the money” or “out of the money”. “In the money” means that if the tournament ended right now they would win a prize and “out of the money” means they would lose. The “benchmark” also displays the number of rewards being given away in the tournament. One important detail however is that contestants cannot be awarded prizes in the no “fee” tournaments unless they have a deposit with UMOO. Tournaments that are not without a cost require “fees”. These “fees” are ordinarily a portion of what prizes can be rewarded such as a five dollar game will typically have a ten to twenty dollar prize.
The other type of competition is referred to a PIX game. PIX competitions are just ten to thirty minutes long and necessitate the trader to choose the one, two, or three best performing tickers from a specific list. For example, in a Forex PIX game the contestant may need to choose the best performing currency from a list of three. UMOO may offer USD/CHF, NZD/USD, and USD/JPY with a beginning time and ending time. The contestant can win if they select the currency pair with the highest performance in those ten minutes. In a PIX match contestants compete only versus the market in contrast to a tournament where they compete versus other users. All PIX games have fees and the risk reward ratio is about 2 to 1.
Bottom Line: If you are searching for fun with trading financial symbols and limited risk, fantasy trading on UMOO can be fun and financially rewarding.
Tags:commodities,dow jones,financial,forex,S&P 500,stocks,Straits Times,trading,UMOO,virtualRelated posts
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