Rating: 4 out of 5 stars
Reviewing: UMOO Fantasy Trading
UMOO is a fun way to play the financial markets especially if you are interested in fantasy trading rather than investments. Users choose to compete in fantasy trading matches versus other users or the financial market on UMOO for cash prizes. There are competitions that are free to play and those where a deposit is required. Competitions that need a deposit have increased reward. The fantasy trading competition could be as short as ten minutes or as long as a market period. There are fantasy trading competitions with stocks, forex, and commodities. All tournaments use real-time market pricing and no software installation is needed.
There are two types of fantasy tradingcontests available on UMOO: Trading Tournaments and PIX games. In a Trading Tournament users begin by choosing a game of interest to them. The tournaments are arranged in reference to three primary indexes: the S&P 500, the Dow Jones Industrials, and the Straits Times index of Singapore. The Trading Tournaments necessitate players to pick stocks from the index and attempt to create the highest percentage return possible with a reserve of virtual money. In an S&P 500 tournament for example users assemble a portfolio of stocks in the S&P 500. Once the competition has initiated contestants may alter their portfolio if they wish. All contests are day trades because none extend into the following trading period. During the match participants may check their fantasy trading portfolios to review how they are doing and compare their effectiveness versus the “benchmark”.
The “benchmark” alerts the player whether they are “in the money” or “out of the money”. “In the money” means that if the tournament ended right now they would receive a prize and “out of the money” means they would not. The “benchmark” also shows the number of rewards being given away in the tournament. One critical note however is that traders 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 typically a portion of what prizes could be rewarded such as a five dollar game will ordinarily have a ten to twenty dollar reward.
The alternative choice of competition is referred to a PIX game. PIX games are only ten to thirty minutes long and require the user to pick the one, two, or three best performing instruments from a short list. For example, in a Forex PIX tournament the player may be required to pick the best performing currency from a list of three. UMOO may offer GBP/USD, EUR/USD, and USD/JPY with a beginning time and ending time. The player can win if they pick the currency pair with the highest return during those ten minutes. In a PIX contest traders compete only versus the market versus a tournament where they compete versus other players. All PIX games have fees and the risk reward ratio is usually closer to 2 to 1.
Bottom Line: If you are looking for fun with trading financial instruments and fixed risk, fantasy trading on UMOO can be fun and financially rewarding.
