<firstimage=”//static.makeuseof.com/wp-content/uploads/2010/05/money.jpg” />Have you ever thought that you may have what it takes to become a multi-millionaire through buying and selling stocks on the stock market? Lots of people have done it, so it isn’t out of the question, but how can you be sure that you have what it takes to make the right stock choices and trade wisely?
Here at MUO, you’ll find a lot of articles about making good stock market choices with websites like Stock Lamp, or the UpDown trading simulator that David reviewed. Well, now I’d like to present a popular mobile phone stock trading multiplayer game called Market Millionaire, created by Chicken Brick Studios.
Consider it a trial by fire, or a safe trial run with fake money – this online game has attracted a significant user base ever since it first started. When you sign up, you can play to compete with thousands of other players to make it to the top of the leaderboard by buying and selling stocks, and earning profits when the stocks rise (or losing your shirt when they fall). By practicing your hand through Market Millionaire, you can prove to everyone (as well as to yourself) that you have what it takes to become a stock market mogul.
In this article I’ll give you a preview of what the Market Millionaire mobile phone stock trading game looks like on the Android, but keep in mind that you can also download the iPhone version from the Chicken Brick Studios website.
Investing Like A High Roller
Everyone starts out on Market Millionaire on the same footing. You have $100,000 to spend, and many thousands of stocks to choose from. Choose wisely, and you’ll increase your cash value and race up the rankings. Choose poorly, and you’ll lose your shirt. Failing miserably is doubly embarrassing because this game is a huge social network of other investor enthusiasts who are competing against you.
From the main page, you’ll see your current cash value, the value of the assets (stocks) that you own, and your current position in the rankings. You can start moving up quickly enough by simply buying a few stocks. Don’t buy aimlessly. Click on the magnifying glass “search” menu option and type in a company name or stock symbol to look up companies that you know and admire, and would want to invest in.
This mobile game extracts the latest market data and display it to you in both numerical and chart format. You’ll see the current value, the daily change, daily high and low and a variety of other stock information. Does the stock trend look promising? Should you buy it? This is also the screen where you’ll sell the stock if you own any. Personally, I didn’t really like the look of Google, so I dove into researching health care investments and came across a stock that looked promising, so I clicked on “Buy.”
The buy screen is extremely simple. Simply type in the number of units you want to buy (or use the slider to quickly allot a percentage of your overall budget). The app automatically calculates the total cost of the trade or sale, and displays it as an addition or subtraction under your current balance. Once you’ve added a number of stock investments to your portfolio, your main page will look a bit different. Now, you have all of your purchases displayed on the main window.
Keep a close eye on these values every day so that you can react quickly to a profile by selling the stock and adding the profit to your cash balance. Or, if you see a loss, you can either hang tight or cut your losses and sell the stock. This main screen is your overview for the whole game – and it’s where you’ll go to obsessively check your current progress in the game!
Clicking on the trophy menu option at the lower right takes you to your area of the leaderboard. Yes, being number 25,000 may feel a little bit disheartening, but have no fear – before long you’ll be racing up the charts with your superior insight and your market intuition. Make just a few good trades and you’ll see your rank start to climb. Keep at it every day, playing the game with your mobile phone while you’re waiting in the waiting room or while you’re on the train, and before you know it you’ll be rising to the very top of the chart.
A tip for success – keep an eye on the green line. While this is by no means expert trading advice, one of the simplest ways to tip the odds a bit in your favor is to look for stocks with a current value that’s well enough below the projected earnings. As you can see above, CVH is projected to reach about 21.5, and today’s value is just a bit below that projects – so I purchased a bit of the stock. Obviously, you’d want to look for stocks with more of a profit margin – a wider gap between today’s value and the projected value – but this isn’t always an easy task. Spend enough time searching though, and you’ll find them.
One more tip – if you want to beat the leaders, you have to understand what they are doing to maintain such a high level of success. As you browse the leaderboard, click on any player’s name and you can see all of their purchasing activity – all stock purchases and sales. By observing the techniques of the leaders, you might recognize a helpful pattern or stock choice that could help you with making the right stock decisions.
As you buy and sell your way up the rankings and grow your cash value each month – once you attain stunning financial success – you’ll need to ask yourself one important question. If you can trade this successfully in the virtual world, then why couldn’t you do it in the real world?
Play this exciting and popular mobile game and experience the fun world of networked competitive games from your mobile phone. After a while, you won’t be able to stop checking your current balances, and you may very well prove to yourself that you do have what it takes to become a successful stock market investor.
Do you know of any other cool multiplayer mobile games like this one? Do you use any other apps to simulate the mobile phone stock trading experience? Share your insight or feedback in the comments section below.