UMOO Fantasy Trading
Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is an enjoyable way to play the financial markets especially if you are interested in fantasy trading as opposed to investing. Traders choose to compete in fantasy trading games against other players or the financial market on UMOO for cash prizes. There are contests that are free to play and those where a a funded account is required. Games requiring a funded account have higher prizes. The fantasy trading tournament can be as little as ten minutes or as long as a market session. There are fantasy trading games with stocks, forex, and commodities. All contests use real-time market pricing and no software installation is necessary.
There are two varieties of fantasy tradinggames available on UMOO: Trading Tournaments and PIX games. In a Trading Tournament traders begin by choosing a tournament of interest to them. The tournaments are assembled in reference to three primary indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments require contestants to select stocks from the index and try to generate the greatest percentage return they can with a reserve of virtual money. In an S&P 500 tournament for example traders build a portfolio of stocks in the S&P 500. Once the game has begun users may alter their portfolio to better their position. All tournaments are day trades since none carry over into the following trading period. During the tournament participants may check their fantasy trading portfolios to study how they are performing and check their effectiveness in contrast to the “benchmark”.
The “benchmark” tells the player whether they are “in the money” or “out of the money”. “In the money” is defined as if the tournament ended at that moment they would win a reward and “out of the money” means they would not. The “benchmark” also details the number of prizes being given away in the tournament. One important note however is that players cannot win prizes in the free tournaments unless they have a funded account with UMOO. Games that are not free require “fees”. These “fees” are typically a percentage of what rewards can be rewarded such as a five dollar competition will ordinarily have a ten to twenty dollar reward.
The alternative kind of competition is called a PIX game. PIX competitions are just ten to thirty minutes long and necessitate the trader to select the one, two, or three best performing tickers from a specific list. For example, in a Forex PIX tournament the player may be required to choose the best performing currency from a choice of three. UMOO may make available USD/CHF, NZD/USD, and USD/JPY with a beginning time and ending time. The user can win if they choose the currency pair with the largest performance in those ten minutes. In a PIX match users compete exclusively versus the market as opposed to a tournament where they compete against other contestants. All PIX games have fees and the risk reward ratio is usually closer to 2 to 1.
Bottom Line: If you are searching for fun with trading financial tickers and limited risk, fantasy trading on UMOO can be fun and financially rewarding.
