Fake Trading With The UpDown
I have always wanted to do a site for fake trading stocks and options, but I get it started and just don't take the time to polish it up.
I recently found a site that does just that and has an excellent interface and layout. It is called The UpDown. Basically, you sign up and get a $1,000,000 of fake money and you can make trades. What makes this site different is the communication and analysis tools.
Why The UpDown Is Great
It almost feels like a real web brokerage with the various tools you can use to research the stock. It also allows you to post your analysis of the stock when you do a trade (or even if you aren't doing a trade). These short analysis articles by users are viewable by all and have a rating system. You can see the top rated ones for bullish and bearish perspectives. You also can see the other users' performance and portfolio values.
You Can Earn Real Money!
On the site, they describe how you can earn money fake trading. Basically, you have to outperform the S&P500 over a given time period and refer friends to use The UpDown.
I'm going to try my hand at it to see if I can learn more and maybe get paid out a few pennies here and there.
Areas Of Improvement
First of all, I live in Canada. I cannot trade any of the TSX stocks on there yet. Some of the stocks that are traded in both countries make it not a big deal (like the Nortels and the RIMs), but it would still make it a lot more useful.
Secondly, there are no options. This would be quite handy to test out more aggressive trading strategies.
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Category: Investing
Original Post: Friday, December 14th, 2007
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