Did you buy Facebook Inc. stock at US$38 per share thinking it would go Google on you and triple in the first year? If you're a stock market newbie, you might want practise with virtual investments through stockpools.com before you start buying securities.
Developed by Vancouver stock promoter Neil Currie, stockpools.com allows people with little knowledge of stock markets to do what many top poker players did – build up their chops online for virtual currency before dealing in the real world with real cash.
"Savvy investors are using the site too, because I'm providing them with new ideas," Currie told Business in Vancouver. "This can be the investor's watchlist, and they'll get new ideas from it."
Currie said investors like him spend a lot of time online playing fantasy sports pools and realized that picking winning stocks was a lot like picking winning teams in sports pools.
So far, the site has 3,000 players. It is free to join, and although no actual currency is used, players can win cash and other prizes.
Anyone who signs up is admitted to a pool that features 100 publicly traded companies – 10 in each of 10 categories, like gold producer or junior minor. Players pick one stock from each category. Each week a winner is announced, with the winner receiving $1,000 in cash.
"I've got three to four winners that are complete newbies – guys that have been going to school and are just completely amazed at what they've learned," Currie said. "We're constantly putting news in front of them. There's always a top story of the day."
In addition to playing in Currie's pool, players can create their own pools. Someone involved in the technology sector, for example, could create a technology stock pool.
Stockpools.com makes money through advertising revenue from sponsoring companies, which gain exposure through the games.
