Apr 7 2011
One thing about being the creative type is that I’ve acquired many skills over the years. From being able to code, do quality assurance, customer service, documentation, and any number of other tasks, I’ve always boasted a diverse set of skills. In some cases this has opened doors, in others it has rendered options unavailable. At this point in my career it’s become more than apparent that being a single clog in a large (increasingly meaningless) system, doesn’t work for me. This is a big factor in my fascination with start-ups. Since they are new creations and to work on them requires wearing many different hats.
On my somewhat circuitous career path, there’s one detour that I never took- finance. Although I love numbers and have always done well in math, I never cared for the buying and trading of stocks, shares, markets, graphs, bulls nor bears. They’re just not my thing. My interest in money is limited to cash flow, and all I know about that is you want more coming in than out. I’ve sometimes wondered what would happen if you were to create a stock index of my picks. You could probably make a lot of money by trading on the inverse of it. My lack of homage to the financial deities has at times wrought their wrath upon my portfolio. I’m not that great at making good investment choices.
How can someone like me, who more often than not is playing video games or doing other more interesting things, learn about the markets? After all, compounding your money is definitely the way to go to pay for the things in life that you want. As it turns out there is a way to learn how to trade like the professionals. InformedTrades is a free online resource whose main goal is to teach novice traders everything they need to know to be successful. And what’s more? They made it into a game.
InformedTrades helps you learn to trade forex, stocks, and CFDs. The game takes the flavor of a role playing game where you register, find a quest, earn badges, and ultimately get a score. Your score comes in the shape of InformedPoints. You can also unlock new privileges within the InformedTrades community as you progress. One unique focus it has is to teach you how to maintain the right psychology. To help you with this they came of with the InformedTrades Challenge, which is a special type of quest that includes actual financial investment. Nothing like putting your money where you mouth is to keep you on track with your financial education.
The quests are some of InformedTrades core training tools. They include beginner, budget, central banker, portfolio, and daytrader quests. It pretty much gives you a full tour of the trading world. Also of particular interest are the aforementioned InformedPoints. These are the currency of InformedTrades which can be bought, sold, earned, or cashed in for items via the InformedShopping network. InformedTrades is truly a full and diverse ecosystem of commerce.
Holding to their purpose of providing people the tools needed to grow are many courses that people can pursue. One of these is top dog trading. It contains four modules each with a series of subtopics that discuss various approaches and strategies to trading. These are largely short video courses making it easy to learn in a short period of time. One interesting title that caught my eye was, “Day Trading and Einstein’s Theory of Relativity.” Creative presentations are almost always best for conveying information.
InformedTrades resources aren’t limited to quests, courses (both free and premium), points, and trading. It also has forums, a chat room, blogs, journals, and product reviews. The forums and chat rooms are great places to go to get tips from experts. The only admonition there is to only submit information you’re comfortable sharing online. If you find that you would like personalized and private feedback, then you can seek an Oracle. These are the fancy term for consultant advisors who can help you with whatever question you’re seeking. An example of a product review is INO TV. It’s a paid video tutorial service that features some of the big names in the trading industry. InformedTrades discusses the pros and cons of their service. See clip above.
InformedTrades is a well thought out site that takes the complex world of financial investments and makes it accessible to anyone. People can learn at through the many free resources. The quests and the InformedTrades Challenge make it a fun way to learn. It not only teaches you everything you need to know about trading, but also make it interesting. With it, perhaps even an investor of my caliber can make better trading decisions. Here’s for hoping.