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Continuing from where we left with the first part, the second part will focus on different examples of online trading and gamification integration and some investor based games to give you a better idea. We have already discussed the advantages of using gamification techniques in online trading and also briefly discussed the point of view of the critics. If you want to know about the details, you can refer to the part 1 of these series.

Gamification became a mainstream trend since 2011, and as predicted by 2015 50% of organisations that manage innovation processes will gamify those processes by 2015. Whether this prediction came true or not, we can deduce from the trading industry that introduced already different investing games.

Now, let us look at the different investing games and tools that could reshape and open doors to endless learning for new traders as well as experienced ones. It is highly recommended to play these trading games at least once or twice to see what the hype is all about. Many multinational companies are also using gamification for educating their employees.

Benefits of Gaming and Gamification

Gamification creates engagement that leads to employee development. The chart below reveals the specific skills that might be developed by employee through gamification.

Source: VenueGen

The employees learn more quickly and have fun doing so. They are able to retain more information as compared to the traditional methods of learning. Research also points out the benefits of using games to eliminate anxiety and depression. Some might go as far as saying that game can produce better results than medicine. All the neuroscientists and researchers on the field agree gaming could increase the retention power and increase concentration levels.

Traders who play trading games can build a strong network which is important and you can get instant feedback and rewards. Gamification offers a lot of potential for business applications. For traders and businesses, gamification offers an easy way to train, monitor and motivate employees. Businesses can engage customers to participate and keep them engaged. Individuals can apply the same things they learn from games in real–life situation, such as anticipation, problem solving skills and creativity. Here are some of the games you can try to polish your understanding of different concepts used in online trading:

Flick a Trade

Start with casual games, such as flick a trade, which is a gesture based trading game for Android and iOS devices. The game allocates different gestures to different commodities currencies and indices. You can play around with virtual currency but you will have to take time into consideration. The graphics will appeal to you and the game play will keep the player engaged. Not only this, but you can also share the fun by challenging your friends in the multiplayer mode. View your performance and share it on social media to show your friends.

World of Tradecraft 

Truly inspired by one of the most popular multiplayer online games, World of Warcraft, this game offers traders and opportunity to experience gamification of higher degree. It is a full-fledged multiplayer online trading game. Similar to World of Warcraft, this game also give you an option to work collaboratively in a team towards a single goal or get involved in one on one competition. As you move higher, new challenges, rewards and territories are unlocked which will push you to play well and play more. New traders will get the experience which could help them in real world trading.

Investing Apps

Some of the best investing game apps that took advantage of gamification are:

Trade Hero

It is one of the best virtual investing apps and works as a financial literacy tool as well. It engages users to improve their trading by using gamification. Users can create a virtual portfolio and compete with one another. You can comment and share you score on social media. The app is free to download but uses the in-app purchase model to earn money. There are many other features you can explore.

Stox

Another app worth mentioning here is Stox. It has a series of small lessons to teach you how to create online trading accounts. You will have to go through quizzes after you have gone through the lessons. Stox focuses on traders who are new to online trading and don’t know much about online trading. Stox app is available for both Android and iOS. Take a look at different indicators and do your technical analysis with a touch of gamification with this app.

These are only a few examples but there are countless others as well. These apps and games can enhance your knowledge about financial markets and improve trading skills which is beneficial for traders in the long run.

Relevant Posts:

Guide to Trading and Gamification – Part 1

The Gamification of Online Trading 

How “Tradimo Play” ApS integrates Gamification and Trading

]]> https://mktplace.org/guide-trading-gamification-part-2/feed/ 0 How ‘Tradimo Play’ ApS Integrates Gamification and Trading https://mktplace.org/how-tradimo-play-aps-integrates-gamification-and-trading/ https://mktplace.org/how-tradimo-play-aps-integrates-gamification-and-trading/#respond Fri, 12 Dec 2014 07:00:31 +0000 http://www.tradersdna.com/?p=32660

“Games are the new normal” Al Gore

Many companies are now focusing their attention on developing useful applications by integrating two or more fields. Combining the concepts of multiple fields to solve a common problem has become quite common in this day and age. The companies who experimented with this formula have also attained success and that has inspired other companies to follow suit. This might look odd to many but it is effective and has proven its worth by providing brilliant solutions to complex problems.

Tradimo Play ApS

The latest experiments in the series of events are being done to fuse gamification with trading. A new company known as Tradimo Play ApS has developed gamification tools to take trading to the ever expanding gaming community and to anyone who wants to learn trading concepts. Tradimo Play ApS has also tried to cater to the people who prefer mobile devices by launching its mobile app for popular mobile platforms which has managed to gain the attention of major brokers and traders.

The company has diverted all its energy towards bringing something new to the market and has succeeded in doing so in the form of its latest gamification tools. Innovation and creativity is what they are striving and wants to give something unique and refreshing to their clients which is the right way to go especially in today’s competitive world.

Gamification

Gamification is thinking and applying game elements in non-gaming environment to solve major problems. The main purpose of gamification is to ensure user participation and it has succeeded in achieving that goal. It is used in many different fields, from education to entertainment. It is focused on main players and how they act in a game situation. A concept of reward is also there to motivate the player in achieving their goals.

Internet as a Medium

People who like to trade frequently are still using chat rooms and other instant messaging platforms to stay up to date with the latest happenings and indulging in discussion of hot topics. While the brokers have extended their reach and increased their customer base, many new traders are still not familiar with investments and stocks.

Online Trading and Gamification

Online trading has started to look more or less like role-playing games if you analyze closely. You will have to make decisions that could bring about a change, for example losses and savings. The popularity of online trading will grow in the years to come which will give an opportunity to companies like Tradimo Play ApS to develop gamification tools and capture a large market share with their handy tools for trading.
Social media has helped traders in interacting with the stock markets in a more reserved way. Times have changed and now you don’t need exclusive access to read experts opinion and predictions. Many traders believe articles posted on social networking sites such as Facebook and Twitter influence business and the trading decisions they take today.

Some might not agree with the idea of integrating real world with virtual world, especially when your money is at stake. They argue that in-game situations won’t match with real-world situations and both are completely different. A loss in the game would not hurt you but a loss in business and trading will hurt you bad because you will lose your hard-earned money in the process.

Trading decisions are still made on the basis of trade signals and not only on the articles which traders read on social media. Frequent traders know where to look when it comes to finding the latest news and to know more about trends but it might be a problem for new or part-time traders. Gamification elements could come in handy in rating forums for authenticity and credibility so that part-time traders could easily select the right trading forum to learn what is happening in the world of trading.

Social media has sped up the gamification process of the online trading market. It will take time but gamification and online trading together does have a bright future and could benefit many traders. Proper execution using the tools could even turn critics into supporters. People would be slow to react initially but with the passage of time things are bound to change.

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