Stock Market Games in Education
Many schools, universities and institutions have started teaching their students about Stock Markets using Stock Market Games. These ‘games’ come in various shapes and sizes. Some are online games, others are downloadable applications, some use real stocks, and others use fantasy stocks. Are these games an effective teaching tool? and how can they can they help students learn?
Stock Market Games
There are many types of stock market game available today. Some are exclusively aimed at educational institutions and others are available for everyone to use. Many of these games have different formats. Let’s examine some these games:
Virtual Stock Exchange
The virtual stock exchange does exactly what it says on the tin. It simulates a real-life stock exchange using play money. Generally these applications will utilise real stocks, and prices. However, those that do will run on a delay ticker to ensure no illegal activity can take place and no financial gain can be made. These applications allow users to practice trading as they would in the real world, some allow users to test investment strategies and monitor their effectiveness of any given time period.
Fantasy Stock Games
The fantasy stock market game usually has fake stocks and prices but works in the same manner as a real-life stock exchange. These applications also utilise play money but have no need for a delay ticker as no financial gain can be made through them. Some fantasy stock market applications will even trade commodities not normally seen on the stock market. For example; musicians, films, actors, and books. These allow users who may not normally have an interest in the stock market to learn how things work. Another popular example of fantasy games uses sports. Teams, and players are traded as commodities. This again is useful in teaching people who have very little knowledge about the stock market.
Are they effective?
In my experience Stock Market Games are a brilliant teaching tool. I remember reading an article by a Wall Street Journal writer who taught his son about the stock market via these games and how they applied the knowledge gained into a real world scenario and made a profit. I’ve seen people who have absolutley no knowledge about stocks learn a whole new skillset via the fantasy games too.
How can they help students learn?
There are countless ways these tools can help students learn about the stock market. The fantasy of making large amounts of money is appealing to people of all ages and backgrounds and really gets people interested in these games. Students can practice trading strategies, learn about all the different trades they can make, learn about different commodities, stock exchanges and so much more.
I really would recommend stock market games to anyone looking to teach their students how stock markets work. People always want to know which one is the best. Well, I’ve tested a lot of them over the years and it really depends on the students but overall I would say the best developed software available to everyone is StrategYard. Give it a try, it’s FREE to download and really fun to use!