Guide to Trading and Gamification Part 1

The trend of integrating two completely different fields to find a comprehensive solution to a problem is becoming commonplace. Scientists and researchers have experimented with it and have received positive results. Now, they are taking it to the next level. It might look odd to some of us but gamification and online trading integration is on its way.

In one of our recent posts, we reviewed the current trends of gamification in online trading and how it affects traders’ experience. 

Gamification

Gamification is a technique which applies game elements and mechanics on real-world situations. This emerging field has been able to capture the attention of many businesses because it produces the desired results for your business in less time by engaging your targeted audience to participate. Gamification is also used in many other fields with varied success rates.

Online Trading

The trading of securities online has become the norm after wider adoption and acceptance of internet. The popularity of online trading is on the rise as suggested by statistics and the trend is going to continue in the same fashion. Many new traders are also entering the market regularly after seeing the success their counterparts are enjoying in the field.

Integration

Efforts are underway and some positive results have also been achieved which will further speed up the process of gamification of online trading. Most traders who are experienced hang out in chat rooms and forums to keep themselves updated but they neglect the booming platform of social media. New traders, who want up to date information but do not know where to look for it and lack the required knowledge to succeed in online trading, will find this useful.

Using game elements or developing tools and technologies that could help online traders in their quest to success can play a crucial role. Social media can be involved to make things easier by sharing the latest news and articles to help investors make the right decisions. There should be a review and ratings method followed to rate forums which makes it easier for traders to select the best forum to get the knowledge.

Some people are in favor of gamification of online trading while others criticize it by saying there is a huge difference between real world and virtual situations. A real world loss could cost you money but a virtual loss would not hurt you that much. Irrespective of what both parties say, gamifying online trading has turned into a more engaging and enjoyable experience.

Many trading services, such as eToro, have experimented with social media and game elements. The flexibility to experiment in the game and learning different things without putting your hard-earned money at stake is the biggest advantage gamification of online trading can give to traders. Using virtual funds in games will help you learn and experiment with different things that could prove to be handy when you trade with real money.

Many people who don’t like games only look at one side of the picture to shape their opinion. They only focus on health issues and other problems associated with gaming and completely neglect the positive side of gaming. You can learn a lot regarding stock investing. There is even a social platform called Cloud Stock where you can test your investing skills while at the same time competing with friends. Recommend stock to your friends. Invest with your friends and see who can earn a better return.

If used properly, gamification can be used as an educating tool to teach new investors the tricks that could make them more capable of doing well when making investments in the real world.

Another common mistake made by traders who are new to this field is to follow the footsteps of famous traders who are earning more profits. This might or might not be fruitful for new traders because it purely depends on the situation.  This problem is solved by using gamified investor tools which can help young investors to check whether a strategy would work for them in particular situations or not without risking their money.

Now, you can easily get access to relevant material to get the help you need but you must know where to look for it.

 

Relevant Posts:

The Gamification of Online Trading 

How “Tradimo Play” ApS integrates Gamification and Trading