FAQ - Uncommon Cents (UC) Mock Investing Training Program (MITP)
Who is Uncommon Cents?
Uncommon Cents (UC) was founded by Victoria, B.C. resident Dean Costas. After being raised in Southern Ontario, Dean moved to Victoria 20 years ago where he spent about 10 years as a financial representative specializing in young families. That experience led Dean to realize that Canada consumers want a source of financial education that is not tied to the sales of financial products. Dean began to develop Uncommon Cents in 2004 and left the financial industry in 2007 to launch the company.
The teachings of Uncommon Cents are based on objective analysis instead of Dean's personal opinions. Uncommon Cents is the 'financial user's manual' that no one ever provided us. Additionally, Uncommon Cents operates with Dean's belief in tuning down the marketing noise. UC does not send out group emails, does not share personal information with others, does not allow external advertising on the web-site and does not contact members or clients for any unsolicited reason.
MITP is the latest UC innovation. There are a lot of sources of stock investing information but most of it seems to be written as though the reader already understands the subject matter. This mock investing or paper-trading program teaches from the ground up in an easy and comprehensive manner.
Members have a lot of great things to say about Uncommon Cents but the word heard most often is "Finally!" Dean goes against the grain by under-promising and over-delivering. Click on UNCOMMON CENTS to open the UC home page if you would like more information about UC or read the Founder's Message. Do you have comments or questions? Email Dean directly.
What is Mock Investing?
Mock investing is also known as paper trading. Simply put, it is a risk-free system that allows you to simulate stock trading with virtual or ‘make-believe’ money as an educational tool.
Can I try MITP for free?
Yes! Click on REGISTER and use Promo Code: 7DAYTRIAL. You'll have full access for one week without providing payment details. After 7 days, you'll receive an email with the option to purchase your one-year subscription.
Is MITP difficult to use?
No. In fact, MITP was designed with this in mind. It is sleek and simple. MITP can be easily and effectively mastered without any prior investing knowledge or computer savvy.
What is the cost of MITP?
This beginner's verion of MITP is included with Uncommon Cents Membership. The retail cost is $49.99 plus G.S.T. for a a total of $52.49, unless you have a promotional code. The subscription period is one year.
What is included with my subscription?
With your one year subscription, you will receive ten Standard Tutorials. You will also receive Supplemental Tutorials covering more specific subjects, discounts on additional investors, twenty-four virtual equity purchases, ten chances to win one of three monthly prizes, access to the transaction histories of all subscribers and a discount in the amount of your original subscription payment if you decide to attend an Uncommon Cents Presentation.
Does UC offer group discounts?
Yes. Compete with a group of friends or offer MITP to your employees as a team building and retention utility. Group discounts begin at packages of twelve. To receive maximum discounts, all subscriptions should be purchased with one payment.
What makes the UC MITP (beginner’s version) different than other paper trading?
The four most important differences are as follows:
1. The UC MITP is designed such that you don’t need any prior knowledge to use it. You don’t even have to know what a stock market is. The screen is simple, uncluttered and the functions are easy to use.
2. You are allowed to trade commodities directly. Normally, this is not possible. For example, you can buy a barrel of oil. This aids in the education of the ebbs and flows of the economy which leads to successful stock investing.
3. The UC MITP is written by ‘one of you’. Uncommon Cents is not affiliated with any financial company, product or strategy. Uncommon Cents relies on research and opinions of experts but is written and designed by the Uncommon Cents Founder, a ten-year veteran of the financial industry, and his team.
And MOST IMPORTANTLY...
4. The UC MITP is structured for maximum education by allowing you to witness the trades of all subscribers. Subscribers use a ‘handle’ instead of their real name so anonymity is assured. However, you can see the rankings of every subscriber who is registered and click on their handle to see which trades they made. Having this hindsight in invaluable. You can look at the transactions of the most and least successful investors to see what each of them did to get there and you can learn from each. Note: You can view the RANKINGS page above but you can not see transaction histories unless you are a subscriber.
What will I gain from being an MITP subscriber?
1. First and foremost, it's a lot of fun. Compete with friends and family or with fellow subscribers. It's the perfect pass-time for those who would like to hone their investment savvy, especially on a cold or rainy day.
2. You will have more confidence in having a hands-on approach in your investing, even if you invest in mutual funds.
3. Knowledge. There is no substitute. The more you have, the better off you'll be. You will even learn more about companies that you support on a daily basis.
How does UC MITP work?
Once you log in, you’ll receive your starting balance of $100,000 virtual dollars. You can begin buying stocks or commodities right away or you can research them first and take your time. As soon as you log in, you can click on “Rankings” and see what others are doing.
Your subscription for the year includes 24 transactions. A transaction is defined as one purchase plus one sale (both together count as one transaction). Additional transactions can be purchased for as little as one dollar each. You also have the option of purchasing additional identities within the same account. Additional identities are useful for two reasons. First, you can use different strategies for each identity to see which strategy pays off the most. Also, because additional identities are cheaper than new subscriptions, family members can use this feature to save money.
Since this is a beginner’s version, you only need to choose from 200 stocks and 15 commodities. The 200 stocks are the top 200 TSX stocks as determined by MoneySense on tsx.canadianbusiness.com, give or take a couple of exceptions. At any one time, you can own a maximum of 10 stocks and 3 commodities.
After you have been actively trading for 60 days, you’ll also be eligible to win one of three monthly cash prizes. The winners are chosen based on average daily profit. For example, if you have been a subscriber for 10 days and your portfolio has gained $1000, your average daily profit would be $100 ($1000 divided by 10 days). Prize amounts fluctuate and are posted each month.
Each purchase and sale costs $25 (virtual) dollars that is deducted from your cash balance.
Your subscription also includes 10 Standard Tutorials. Tutorial #1 will get you started. Each 10 days, tutorials 2 through 10 will be added to your EDUCATION Page. Supplemental tutorials and various education tools will also be added from time to time. In addition, each stock is linked to research web pages and there are supplemental research sites provided.
Once I'm a subscriber, how much do additional investor identities cost?
Once you are a subcriber, you can purchase additional identities within the same account. This is a huge benefit for three reasons. 1. It's a real money-saver. Prices are below. 2. You can use different strategies with different identities to compare your results. 3. Family members can all use the same account. All it takes is one click to switch between identities. The second identity costs $19.99, the third is $9.99 and after that the price is only $4.99 for each additional identity. Prices do not include G.S.T.
Will my personal information be protected?
Yes. Uncommon Cents only engages in ethical and responsible business practices. Not only is your personal information kept strictly confidential but you will also find no external advertising on Uncommon Cents web-sites. For the complete Privacy Notice, visit the Uncommon Cents web-site. UC Privacy Notice
What if I change my mind?
The UC MITP comes with a cancellation option within 14 days of subscribing. The amount you paid for your original subscription (not including additional transactions or additional investors you may have purchased) will be refunded, less a $12.00 administration fee (including G.S.T.). The fee will be reduced by the amount of any additional investors or additional transactions you have purchased. You can exercise this right by visiting the MY IDENTITY page once logged in. Note: Cancelling your original account also cancels any additional investor accounts you have purchased within it.
What if I have a question that is not covered here?
Feel free to contact MITP Administration . We will answer any questions to the best of our ability.
The UC Mock Investing Training Program is safe, risk-free and a lot of fun. Engage in friendly competition with friends, family and colleagues while accumulating valuable investment experience. You'll also learn a lot about companies that influence your everyday life and gain confidence in being able to profit from them as they do from you. Click here to register now and you could be trading in just a few minutes!