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