Research topic: Virtual Investment
Prepared for:
Mr. Rodney Lim
Prepared by:
Jee Kar Jung 4200519
Alvin Foo 4196406
Executive Summary
The purpose of this report is to highlight the revolution of investment from traditional method to online investment. Firstly, we briefly go through the situation of 1990’s bubble burst that influences people behaviour in buying stock. Due to wrong perception of e-commerce and invest a lot of money without any knowledge have caused this bubble burst to happen. Besides, people perceive the value of investment as a form of gambling. There are a lot of people suffer huge amount of loses.
In addition, we identified several of virtual investment such as GCI Financial, Saxo Bank and etc. These are a few of example that initially build up the trend of online investing. There are other platforms for students to participate for the investment challenge to gain better knowledge or techniques of investing such as OSK Investment Challenge. Saxo bank and others do provide platform for public to have both live and demo account.
There are several benefits of virtual investment such as easy access, eliminating middleman and brokerages fee, rich information source, and quick commerce. However, there are a few challenges to prevent such as technical reliability, invest alone, and forgetting of real money. From this topic we choose, we search and analyse some of our findings regarding to difficulties of making investment decision, reason to trade online, people that influenced investment decisions and etc.
Furthermore, we are able to stress some of the impact of virtual investment, privacy and security issues, and future of virtual investment. We like to summarize that there are possibility of the traditional investing method is going to change to more modern method of investing.
Table of Content
Executive Summary
1.0 Introduction
2.0 1990’s bubble burst that influence people behaviour in buying stock
3.0 Various virtual investment
3.1GCI Financial
3.2 Saxe Bank
3.3 Virtual Trader
3.4 EuroInvestOnline.com
3.5 Investment Game ‘10
3.6 OSK Investment Challenge (OSKIC)
4.0 Advantages of virtual investment
4.1 Easy access
4.2 Eliminating middleman and brokerages fee are possible
4.3 Rich Information source
4.4 Quick commerce
5.0 Challenges of virtual investment
5.1 Technical reliability
5.2 Investor is alone
5.3 Forgetting of real money
6.0 Findings
6.1 When trying to make investment decision, what were the
top 3 most difficult stage among the following?
6.2 Why people choose to trade online?
6.3 When you heard big news on stock market about something
that concerns or interests you which are the top 3 places
you go for clarification?
6.4 Top 3 that influenced of your investment decisions?
6.5 The reasons of not participating in online stock market?
7.0 Impact of virtual investment
8.0 Privacy and security issues
9.0 Future of virtual investment
10.0 Conclusion
11.0 References
1.0 Introduction
Investment is the commitment of money or capital to purchase financial instruments or other assets in order to gain profitable returns in the form of interest, income, or appreciation of the value of the instrument. Investment is related to saving or deferring consumption based on mapsofworld.com. When seeking information in the financial marketplace, individuals have many choices. Some individuals turn to financial information sources such as stockbrokers, financial planners, financial counsellors, books magazines and the Internet to help shape financial knowledge and behaviours (Bei, Chen, & Widdows, 2004; Lee & Cho, 2005). There a various type of investment such as stock investment, bond investment, real estate investment and so on. Growth of investment is significant and bank or stock exchange are finding new platform to attract more potential investors.
Virtual investment is about doing investment online. It’s like a platform at where it enables people to buy stock in the virtual environment base on real stock market exchange. Virtual investment allows trader to make live trade with real stock market situation in virtual money to learn about the fundamental of trading and some investing skill in virtual environment without using real money (OSK, 2010).
With virtual investment, a lot of potential market from the medium or lower income group can actually get to learn and test their investing skills as the high cost of intermediaries have been eliminated. Also with the virtual game contest held by various stock exchange company have also encourages people to start investing online by giving them free virtual money to start offs. Once they master it, they can deposit their real money to play. Stock exchange Company like Forex advice its member to trade with a demo account to test and master their investing skills before opening a live account with real money (Forexmalaysia, 2010). Besides, let online resources help with investments and use these helpful sites to keep track of news, portfolios, mutual funds, and bonds ( Urology Times, 2003).
2.0 1990’s bubble burst that influence people behaviour in buying stock
During the late 1929’s, USA stock market has collapse leading to the world most worst global recession in the 20th century. During that time, industries sector mainly canals, railways, shipping and electricity has arisen. A lot people thought that it will improve the economics and the market could support higher share prices. Many new start-up companies during that time were not making any money, and their inflated share prices were justified by expectation of what they might make in the future (Nick Foster 2005). Followed by the 1980’s incident at where Japan stock market burst due to misbelieve that the Japan industry and management techniques were going to dominate the world and 1990’s incident at where Hong Kong stock market burst due to assumption that the territory would become main gateway into China after handover in 1997(Shiller, 2000).
In the 1990s, with the fast moving pace of information age, a lot people belief that the virtual or e-commerce would quickly reach out the market globally. The stock markets of the dotcoms company have risen dramatically. According to Nick Foster 2005, there were little solid evidence showing that most of the new start-up e-commerce companies were offering anything that was truly innovative, in terms of the goods and services they provided. A lot of people invested a large amount of money even thought those companies were simply financed based on future market projection with no assurance that they can actually achieve it. Some companies didn’t even publish the business plan and financial forecasts. Emma 2000, said that this people make a harsh decision without even learning about the rigors of the market. Even with high investment on the stock of the dotcom companies, those companies still contribute to a tiny proportion of national gross domestic production around the world. A lot of dotcom companies forgot the basic needs that they still need to provide good products and services and maintain good relationship with clients and customer (Nick Foster 2005). According to Emma 2000, Many companies that should never have been made public came to the market just to follow the trends, more effort was put into building stock prices rather than the companies itself. Many big dotcom companies such as Liberty One, new Tel, and Lucent Technologies went burst due to little profit earning. Investor watch their accumulated stocks become virtual worthless. The dotcom crash have left some 500,000 people in USA and Europe unemployment for the next 18 months causing inflation and also recession loom from the ripple effect of the crash around the globe. This incident has left some lesson to those who think that the e-business is simply about investing in the right technology and software only. Companies must not forget the core value of a business too and not thinking that e-business is only about computers and internets as they are just some add on devices that can help bringing business into new marketplace, delivering value product and quality services to their customers and clients as efficiency and profitably as possible (nick foster 2005). Based on Emma, the internet stock boom was also mainly due to putting a team together, spinning a story, hitting the market and hope to get rich quicker. According to research done, companies in US spent more than $1 billion on television and radios advertising just about spin causes public’s hunger for internet stock. Although some academics, investor and a small band of “hi-tech heretics” warn about investors about the danger of overvalued internet and technology stocks its seem that it can’t convinced the rash students from business schools such as Columbia and Harvard from dropping out MBA programs or turning down jobs with top consulting firms and banks to run their own internet business start-ups (Emma 2000). There also some who actually gamble their tuition loans on the stock market and pays their degree with credit cards hoping for earning in the stock market. Few professional and retail speculators that survive the crash eventually go back to the old way of investing based on company turnover and profit.
According to Charles Darwin, “many speculators are attracted by the gold rush aspect, the idea of get rich quickly”. A very few would likely to survive, as there is no doubt that most money that being throw at the Internet is a huge gamble and only few will be lucky enough out of the 500,000 to be able to collect money and everyone else losses money (Charles Darwin). Charles also mention that if the internet bubble burst is slow, investors might still have time switch their investment to a safer and proven companies.
3.0 Various virtual investments
3.1 GCI Financial
GCI Financial is a securities and commodities trading firm, specializing in online Foreign Exchange (“Forex”) brokerage. In addition to Forex, GCI is a primary market maker in Contracts for Difference (“CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services (GCI Financial, 2009). GCI is one of the premier foreign exchange market makers and profession in industry research and analysis. GCI is recognized in many press such as FX Week, March 2003 and Canadian Economic Press, February 18, 2008. Besides, there are many well recognized organizations and major financial portals such as Global-View forex forum, and www.ino.com recommended GCI Financial. GCI delivers one of the most important factors in financial industry which is assuring client fund safety.
3.2Saxo Bank
Saxo bank is a global investment bank specialising in online trading and investment across the international financial markets. Saxo bank has emphasised technology as a vital element for being competitive in the online trading industry and recognised for excellence in service and technology. Safeguarding client information and securely controlling, executing and managing real-time internal systems is of utmost importance to the bank (Saxo Bank, 2010). Saxo bank designed this platform to meet the varying needs and demands of modern financial investors and traders for example browser-based SaxoWeb Trader, downloadable SaxoTrader and the phone-based Saxomobile Trader. Saxo bank offers forex strategy, education, and various of analysis.
3.3 Virtual Trader
Virtual Trader is the UK’s largest and best Stockmarket simulation game. It is free and there are strategies, trader tricks, knowledge of basic investing and even dictionary. This is a learning platform for learners to try investing without any risk and it is totally free. There are prizes and ranking are awarded every month.
3.4 EuroInvestOnline.com
EuroInvestOnline is a short time, reliable, and secure investment program, run by a group of investment professionals that especially made for everyone who wish to have a better future and better income without working hard. EuroInvestOnline invest finances in a various types of e-commerce activity. They are expert in reducing risk and rising profits so customers delivered profits from real analytical work. Its benefits are instant withdraw, fix rate of deposit-guaranteed interest, no hidden fees, DDOS &SSL protection and free signup $ easy access.
3.5 Investment Game ‘10
Investment Game is a real-time stock market simulator allowing players to manage their portfolios by making virtual investments on the 6 Stock Exchanges: Latvia, Lithuania, Estonia, Russia, Sweden, and Finland. The original and durable idea of the game was to provide an opportunity to get a hands-on approach on the stock trading without taking any tangible risk. The event is organized by the Investment fund board elected annually from SSE Riga students (IFund, 2007). This game offers tutorials about investment strategy and tactics, forum and market overview.
3.6 OSK Investment Challenge (OSKIC)
This game is a system that creates a mirror version of the live Bursa Malaysia environment. In this virtual environment, players make live game trades with virtual game money and watch as their investing decisions mature. Most important of all, players are able to test and hone their investing skills in a virtual environment without using actual money (OSK Holdings Berhad, 2010). It is simply a campus edition for students to participate and being educated to gain knowledge about investment skills. This game offers daily highlight about recommendations and news of stock. There are several seminars or talks through out Malaysia to give tips on picking stocks.
4.0 Advantages of virtual investment
4.1 Easy access
Online stock brokers can easily access with internet as all they need is to have an online stock trading account. The traders can check out real time stock quotes and stock trends up to three four years before. They can even access the market analysis and do own research on any listed companies. Besides, the latest value of online investment is the interactions between online brokers via video calls or chat rooms or even forums.
4.2 Eliminating middleman and brokerages fee are possible
This is one of the biggest advantages that online traders can benefit of. Normal brokers would charge high fee while they handle your investments. Online brokers will offer low commissions and more profits will be earn. This allows the traders to invest wisely and make buying and selling to be more flexible. Furthermore, online traders can directly contact with online brokers anytime and at any place. Online stock trading is much more economical then getting assistance from the traditional brokers whom always looking for chance to make money from the clients.
4.3 Rich information source
Online stock trading has allowed online traders to be more close to the information of stock trading with the help of internet. Fully utilise the information in internet can help to gain any kind of information that related to stocks such as latest price, trends and even strategies. There are different types of social networks that provide a lot of information about tips for trading such as forums, blogs and etc. People tend to exchange information or views towards the stocks. Latest news is always provided in social network because it can share to a lot people.
4.4 Quick commerce
Online stock trading speeds up the process of e-commerce. It makes all things accessible and available to traders and decreased time of all procedures. Recently, introduction of M-Investment is less aware by people but it is very convenient and easy than using computer. Since Apple iphone and Blackberry are very popular, more and more people can try to use mobile investment.
5.0 Challenges of virtual investment
5.1 Technical reliability
Internet connection problem is one of the greatest challenges faced by all online traders. A lot of problem might occur because internet can go failure to log on, power failure, traffic overload and so on. People can gain a lot from online investment but they can lose a lot too when technical faulty happened. Traffic overload is very common because they are too many people participate online investment. The websites are not able to load quickly and the stock price appear on the screen might not change. This cause the price you selling might not match the stock selling price.
5.2 Investor is alone
Own research and analysis might not enough for stock trading because news and share experiences are very important. Stock brokers may give bad or wrong comments but their profession is to recommend stock to clients. This is the reason of collecting more commissions for premium analysis and strategies. Novice investors will have no or little knowledge about investing skills and this will make the wrong decisions. Hence, online stock trading website provides demo account or simulated games to educate novice investors.
5.3 Forgetting of real money
This is very common that trading online might forget they are using own real money. When I participate in OSK investment challenge, I keep forgotten that I spend too much money when I have more money at hand. Investors that change from traditional investment to online trading make take too quick decision because of technology advancement. Although it is virtual money in online investment but it will be real money when it is transfer out.
6.0 Findings
6.1 When trying to make investment decision, what were the top 3 most difficult stages among the following?
a) Identifying a good company
b) Gathering company's info
c) Interpreting company's financial data
d) Deciding on the right trading price & vol
e) Evaluating how risky your decision
f) Finding the right time to buy & sell
g) Monitoring & evaluating portfolio
h) Other
Participants were asked to list their top three most difficult stages when trying to make investment decision. From the chart above, finding the right time to buy and sell is the most difficult stage followed by deciding on the right trading price and volume. Thirdly, identifying a good company, gathering company’s info and interpreting company’s financial data are the difficult stages after the top two. There are the top three most difficult stages to decide when making investment decision. There are other reasons such as evaluating how risky the decision, monitoring and evaluating portfolio and etc.
From my own experience, finding the right time to buy & sell and deciding on the right trading price & volume are the most difficult stages because it happens frequently and the decision needs to make quickly. I would like to analyse on the behaviour during making investment decision that they do not want to earn less if the time to sell or buy is not accurate. Besides, investors need to decide on the amount of stock need to sell for other considerations.
6.2 Why people choose to trade online?
I conduct a survey and found out that the main reasons to trade online are convenient and low brokerage fee. Convenient for online investors are easy access, easy to manage, and waste no time. The second main reason that is low brokerage fee helps online investors save a lot of money. Some of the participants think privacy is another reason to trade online.
It is very convenient for the investors to own an account and able to trade anywhere and any place. There are more and more people prefer more convenient ways of doing something to save time and money as well. From my analysis, brokerage fee can cost a lot include both buying and selling process. Some of the participants think it is more private when trading online. All the transactions are secured and certified by banks. There is black and white for all the transactions.
6.3 When you heard big news on stock market about something that concerns or interests you which are the top 3 places you go for clarification?
a) Friends & families
b) Search Engine
c) See what others comment on social networks
d) Search the blogosphere
e) News website/ Newspaper
f) Television
g) Other - Please Tell
People concern about something and wish to clarify from the list of options. The most places that people will go visit first are newspaper or news websites. Newspaper gives the most reliable news about the stock market followed by social networks and other place to clarify. News is spread fastest in social networks nowadays because people tend to post the most concerned news to share to everyone. They tend to clarify the least from friends and families because friends and families might not know or not very sure about the latest news of stock market. There are other places to clarify such as blogs, search engines, television and so on.
6.4 Top 3 that influenced of your investment decisions?
a) Family
b) Friends
c) Tutors/Lecture
d) OSK Analyst Report
e) External Analyst Report
f) Online Community including forums, blogs and newsgroup
g) Press include online & offline newspaper and magazines
h) News Channels
i) Other
Based on the chart above, the top three influenced of investment decisions are the press include online & offline newspaper and magazines with 18 people, external analyst report with 12 people, OSK Analyst report and friends with 9 people each. We can determine that the news in newspaper either online or offline actually provided a lot of useful stuff regarding to what the big company next project going on, what are their company direction, how is their stock price going and so on. This report will show their company financial statement, income balanced sheet and so on which provide more evidence and confirmation that those news is true as some company might just want to blow up story to boost their stock prize. All this sort of information is influencing enough for their investments decisions. The less of influencing of investment decision comes from the tutor/lecture with only 1 people. This might because of not many lectures are interested in the virtual investment stuff. However those 6 peoples who choose others might be influenced with other type of information such as the internal news. Internal news is news that could be obtained if you have good relationship with the internal people of that particular company. As they work within the company, they are clearer regarding to the trueness of the news spread out.
6.5 The reasons of not participating in online stock market.
a) No knowledge about stock market
b) Perceive stock market as gambling
c) Not aware of it
d) Too complicated to understand
e) No time for it
f) Not interested
Based on the survey, 10 people which was the most to choose not aware of it as the reason why they do not participating in online stock market. Although a lot of online stock market company have been set up, a lot of people are still unaware of it. This might be due to most of the time, people tends to go online for personal things such as playing game, visiting social networking site, downloading music and so on. They don’t search for those investing stuff as it is not their interest. Stock Exchange Company has tries to held contest with attractive price to attract move people from different ages to try out the virtual investment. However, it is still not so successful. Hence, in future a lot of campaign and advertising need to be launch to increase awareness for the online stock market. Besides that, those companies should also try to educate more clearly and give details tutorial regarding the online stock market as there are still 3 peoples chooses no knowledge about stock market and 5 peoples chooses too complicated to understand as their reasons of not participating in online stock market.
7.0 Impact of virtual investment
1. “Virtual” brokerages will replace full service traditional brokerages over the long run
• The main reason of no or low brokerage fee attract people to invest online. Sooner or later the traditional way will be replaced.
2. Creating a platform for more buyers and sellers to come together to carry out transactions
• People tend to follow the trend of using internet as a platform to learn or do trading. There are many platforms such as gaming, investing, education and etc.
3. Provide wider help in educating new investors
• There are advisor in the platform to give tutorials or recommendations to assists new investors.
.
4. Improving the speed and conveniently for people to trade
• Stock price or news are easily spread out to greater coverage and this is another reason people want to invest online.
8.0 Privacy and security issues
The privacy and also security issues needed to be taken into account when people going for virtual investment. This factor can also influence people decision into going back the traditional way of investing at where the brokers will invest for them. In order to keep people aware of internet fraud and scammers, U.S. Securities and Exchange Commission have come out with an article educating investors how to avoid internet investment scams. They even have so-called internet police the Security exchange commission to track fraud or investigating companies that have suspicious action.
Fake online investment newsletters are one of the most commons fraud used by the fraudsters. The messages of fake newsletter can looks really real and credible. Furthermore, this newsletter is provided free of charge unbiased information regarding to the featured companies or recommending potential stock pick based on monthly basic. Even though it’s hard to differentiate between the fake and real newsletter, there are some other important information that can be obtained on those newsletter. Based on the U.S Securities and Exchange Commission, it is require that the newsletter must disclose who paid them, the amount been paid, and type of payment they received. Most fraudsters will try to cover this information by lying about the payments they received, their independence, and their so-called research, and their track records. They will always falsely claim to be research the stock they profile independently and make some false information and promote worthless stock. They made money if they get to convince investors to buy or sell their particular stock on hand. Some fraudster even sold their own holdings at high price to the investors based on their baseless recommendations. Several steps can be taken to check whether those newsletters are true or fake. First of all, take note what you have been told and ask more question regarding the information received. Question to be asked based on the U.S Securities and Exchange Commission are the following:
• Is the investment registered with the SEC and the state securities agency in the state where I live or is it subject to an exemption?
• Is the person recommending this investment registered with my state securities agency? Is there a record of any complaints about this person?
• How does this investment match my investment objectives?
• Where is the company incorporated? Will you send me the latest reports that have been filed on this company?
• What are the costs to buy, hold, and sell this investment? How easily can I sell?
• Who is managing the investment? What experience do they have?
• What is the risk that I could lose the money I invest?
• What return can I expect on my money? When?
• How long has the company been in business? Are they making money, and if so, how? What is their product or service? What other companies are in this business?
• How can I get more information about this investment, such as audited financial statements?
Beside that, investors are increasing in using bulletin board as a platform to share information about various investment opportunities. This is also a place where fraudsters like to scam people moneys by pretending to reveal “inside” information about upcoming companies event, new products, or big contracts making company to invest in worthless company. Investors must be careful when trusting all this information, as bulletin boards allows user to hide their identity behind multiple aliases. They can be competitors paid promoters, company insiders or even the large shareholders who try to create the illusion of widespread interest in a less traded stock posting a series message under various aliases. This type of fraudster is known as the “Pump and Dump”. After investors were convincing about the inside information they will start buying the stocks. The fraudsters’ then gain by selling their shares after the stock price is pumped up by those victim investors. Once all the stock in the Fraudsters hand are sold, they will stop promoting those stock they claim to be good at first, eventually the stock price will fall and investors lose their money. Investors should go for the following question before taking any step to invest their hard earns money.
• get financial statements from the company and be able to analyze them
• verify the claims about new product developments or big contracts
• call every supplier or customer of the company and ask if they really do business with the company
• Check out the people running the company and find out if they've ever made money for investors before.
Lastly, the most commons scam used would be the e-mail spams. Actually a lot of people are aware with it yet some of them still believed the information in hoping to make big money out of it. They were simply overwhelmed by the greedy thoughts of making big money. There were increasingly fraudsters using email spam to find investor for bogus investment schemes or spread false information about the company due to its cheap and easy to create. This way, fraudster can also personalized messages to millions of internet users at a time. It is far more effective compare to cold calling (unexpected calls) or mass mailing (same email content).
9.0 Future of virtual investment
In future, we might have some innovative company making virtual investment into more interaction with those investors who do investment virtually. We may see something like the second life is doing. Investors get their own avatar, walking into a virtual community where they can interact and share knowledge and information with others investors. The stock exchange company might open up a virtual company inside the virtual world. They will have their virtual workers working inside to guide those virtual investor and give them financial advice regarding to buying stock. Other stock listed companies can set their virtual company too. For example, BMW is setting up their company virtually. Investors get to use their avatar and explore those companies. Information like the companies annual reports, company background, pass history and so on which will relate in promoting the company stock should be available. There will also be a commission set up inside to track those scammers, and bans those user that spread fake company information.
10. Conclusion
In conclusion we found out that investment is no longer unknown in the world today. Investment contributes to major part of the economy which helps in developing country like Malaysia. It has evolved form the traditional way of trading stock to the online stock trading today’s. More and more stock company are trying to create platform for people to learn how to invest using the virtual investment contest. We have highlighted the benefits and challenges in virtual investment hoping that through this study we can help to create awareness of virtual investment to give people more knowledge about doing investing online which will indirectly help makes our country prosperous and powerful. With the appropriate ways of promoting investment, people will no longer have negative perceptions or misinterpretation regarding investment. This is due to the fact that people will have a clear understanding of the benefits and challenges that investment has to offer. Hence, stock exchange companies should make good use of the social sites and other communication forms in creating awareness of trading online.
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