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From time to time, various Wall Street Raider fans have set up forums or blogs for players of W$R to swap stories, exchange ideas and game strategies, and check for developments relating to W$R. (We also post information about new releases on this RoninSoft.com web page.)

While Ronin Software is glad to see fans of the game create online forums, we do not endorse or sponsor any of them and are not responsible for their content. One such forum that we recently became aware of, which is called the "Wall Street Raider -- Official Forum," but with which we have no actual involvement, can be visited at: WSR Fan Forum.

New releases of Wall Street Raider or Speculator are announced on this page.


Wall Street Raider now has its own secure website, since the WallStreetRaider.com domain name finally became available in 2019, after being held for many years by "squatters" who tried unsuccesfully to sell us the domain name. Check it out!

However, this roninsoft.com website continues to be operational, for Wall Street Raider and our other software and publications, including the author's series of Kindle Ebooks for small businesses..


Our latest (and very likely the last ever) release of Wall Street Raider, v. 9.50, is now available for purchase. The main new features are built-in inflation in gold, silver, and cryptocurrencies. Did I mention cryptocurrencies? Yes. While I resisted the idea of adding Bitcoin to the simulation for years, I finally decided cryptos had become important enough to add Bitcoin and Ethereum as a new asset class for "investment" (speculation, actually). The simulation lets you buy and hold either crypto, or you can trade futures on either. As in the real world, the cryptos fluctuate wildly in value, and there is always the risk that world governments (as China has already done with Bitcoin) may simply ban cryptocurrencies, in which case your holdings could become nearly worthless overnight, adding an additional bit of risk. There are quite a few other improvements in Version 9.50, which you can view here.

Those of you who are already playing our other simulation/game, Speculator, will have noted that Version 3.0 of it, released October 1, 2021, also added Bitcoin and Ethereum, but didn't provide for futures or direct investment in them. Instead, Speculator 3.0 added 2 new ETFs, one of which only holds Bitcoin, the other Ethereum, and we also built inflation into precious metals and crypto prices in Speculator.

With nothing better to do while "locked down" during the pandemic for most of the dismal year of 2020, we went to work on Wall Street Raider v. 9.0, making dozens and dozens of major improvements and additions, including some features we always thought were too difficult to implement, such as detailed corporate cash flow projections (which get very hairy for corporations with a number of subisidiaries, especially 80%-owned subs, with various tax reimbursements going back and forth between parent and subs), but we finally came up with an approximation that gives you pretty accurate, but never perfect, cash flow projections. We also put to work the diagnostic algorithm that computes such projections to give you a warning when a company you control is about to have a cash flow crisis in the next 3 months, in which it is projected to run out of both cash and line of credit.

Another feature suggested by users that we had thought was a bit too complex to model with our limited programming skills, was to create leveraged (3X) stock index funds, which try to emulate 3 times the upward or downward moves of the Stock Index. But after many long days of tinkering with frequent adjustments in holdings of long (or short) stock index futures by such ETFs, we were finally able to create a realistic long (bullish) 3X stock index ETF and a short (bearish) 3X index ETF. As in the real world, both tend to be awful as long-term investments, due to their constant buying and selling of futures, in order to maintain the triple leverage equivalence, but as a short-term trading vehicle, either of the two funds can make you rich overnight if your bet on the direction of the stock market index is right -- or can quickly make you poor if you bet wrong. For even more leverage, you can also trade put and call options on each of the new ETFs, if you like living dangerously.

Besides the two new Stock Index ETFs, we also added a government bond ETF, an investment-grade corporate bond ETF, and a junk bond fund. All 3 bond funds are handy places for your industrial company or holding company to park its excess cash at a good yield.

For a summary of many of the important changes in Version 9.50 and 9.0, CLICK HERE.

W$R YOUTUBE VIDEOS NOW AVAILABLE. An ardent fan of Wall Street Raider has recently been posting very detailed videos on a new YouTube channel, RakeM, showing users how to play (and win at!) Wall Street Raider, using versions 7.60 and 7.8x (and probably v. 8.0 soon). These are very well done, and Rakem (Mark Slatcher) has now completed posting all 55 episodes for 7.60, in which he played a game from start to finish (or to absurdity, with quintillions in net worth), showing how to maximize the use of various features and clever strategies. He is a very accomplished player, and found ingenious ways to generate unbelievable levels of net worth. The creativity of some W$R players is truly remarkable. (But be aware, that thanks to his discovery of some massive "loopholes," many of the tactics he shows in v. 7.60 through 7.8x are now either not possible or have been significantly restricted in 8.0 and 9.xx, as he points out in his new (2021) video on VERSION 9.0 of W$R.

Here is the link to Rakem's newer series on 7.8x, which links to all of his other W$R videos: Wall $treet Raider YouTube VIDEOS

Rakem has also begun a (free) video tutorial. on YouTube. The tutorial series will go through every feature of the simulation, showing how each works. It is not about strategies, unlike his video series mentioned above.

NOTE FOR NEW PLAYERS -- RONINSOFT.COM TUTORIAL: A (free) step-by-step online tutorial for getting started playing Wall Street Raider, at: www.roninsoft.com/tutorial.htm. (The current release links from the W$R "Game Options" menu of W$R directly to the RoninSoft.com tutorial.) This is a VERY basic tutorial for new players, like how to buy or sell a stock, and so it may not be of much interest to experienced W$R "junkies."


On October 1, 2021, we released Version 3.0 of Speculator, a major upgrade, which now includes built-in inflation (in gold, silver, and crypto prices) and also has added the ability to speculate on wildly fluctuating Bitcoin and Ethereum cryptocurrencies, by trading two new ETFs: Bitcoin Trust and Ethereum Trust. Each keeps over 90% of its assets in one of the cryptocurrencies, and thus their price action closely tracks the wild swings of the underlying Bitcoin or Ethereum. Since the cryptos are held by ETFs, you can indulge in even more volatility by trading options of the ETF shares! For a summary of many of the important changes in Version 2.0, CLICK HERE.

In August, 2020 we released Version 2.0, a major new upgrade to Speculator, the most significant upgrade since the initial 2016 release. Among other changes, it includes 5 new ETFs -- a government bond fund, a "blue chip" (investment grade) bond fund, a junk bond fund, a 3x leveraged Stock Index fund (which obtains the triple leverage by constantly adjusting holdings of Stock Index futures), the "BULL" fund, and a 3x leveraged bearish (symbol "BEAR") Stock Index fund that shorts the index futures. Also added (something we always thought was too complex to even attempt) is a 3-month cash flow projection (and warnings of cash flow problems) for all companies except banks. Projections get horrendously complex for consolidated groups where there is cash flowing back and forth between parents and subs for tax adjustments, upstreaming tax credits, etc., and, of course, projections are always just that -- estimates, never 100% precise, since a lot can change in 3 months play. But we think we have pretty well nailed it, with a neat new tool for stockholders, including textual summaries of a company's cash flow situation in various reports.


A Speculator user in Canada has recently posted an interesting series of YouTube videos in which he plays and explains Speculator, and does an excellent job of explaining the differences between stock, bonds, convertible bonds, and commodities, which can be very helpful to anyone who is new at investing. Visit his channel at THIS LINK.

Also, Chris Chillingworth, a British fan of "Speculator," has created a series of YouTube videos, where he plays and explains Speculator, our stock trading game, at THIS LINK. He is running the program on a Mac, apparently running it within a Windows emulator program called CrossOver. The emulator doesn't translate some of the fonts to the Mac that well, so parts of the screen, like the stock ticker, look a little odd, but otherwise it seems to work pretty well on his Mac. (His first two of seven or more videos have an audio problem, making it a bit difficult to understand everything he's saying, but the audio is fine on #3 and subsequent episodes.) Check it out -- he makes it very interesting to follow his progress through a game. (Unfortunately, it doesn't look like he will be adding any further videos.)


Versions 8.70-8.72, "officially" released in early 2020, added a feature that has been suggested or requested by users for years -- the ability to manage the investments of an exchange-traded fund (ETF). To become an ETF's advisor, you simply need to take control of the insurer or securities broker that is the current manager of the fund. Or, if you control or start up an insurer or securities broker, you can purchase the "management contract" for a particular fund from the existing fund manager, using a new button ("Become ETF Advisor") that appears on the Management Menu when the Active Entity is an insurer or securities broker that you control (if it is not currently the advisor to any ETFs).

In addition to making it possible for a player to manage an ETF (directing it to buy and sell stocks and options, issue or buy back or redeem bonds, or in some cases, issue new stock or pay extraordinary dividends), we have introduced a compensation system that rewards the fund manager, much like a typical hedge fund manager, sharing up to 20% of the gains over each 2-year measurement period, to the extent the gains exceed 20% over that period. On the other hand, if an ETF you manage performs too poorly over a 5-year period after you become its advisor, you (your controlled company, actually) can be fired as the fund advisor. Ouch!

Version 8.70 also added a new setting -- "Max Growth Rate (Global) Throttle: __%" -- to the Settings pull-down menu. The default setting is 60%. However, you can change the "throttle" setting (growth rate limit) to any value between -10% and 60%. This setting is particularly useful when you control a large number of companies that are operating on AutoPilot, but letting you set the upper limit on the rate that such industrial companies you control will grow their assets. That can be very handy when a depression occurs, allowing you to instantly lower the growth rate for all your AutoPilot companies at once, instantly, and knowing that the AutoPilot algorithms will be overridden if they would attempt to increase a company's growth rate above the "throttle" setting that is in place.

Versions 8.71 and 8.72 were mainly fixes for some bugs in 8.70 and 8.71, plus a couple of new convenient features -- one being a reminder every other December, if you are managing an ETF, that you need to lower the basic management fee to the 0.2% minimum fee immediately, if you want to be eligible to earn an incentive bonus fee for superior fund performance in the next 2-year measurement period that is about to begin. Other minor changes include treating ETFs your companies manage like controlled companies, for purposes of the pop-up Earnings Reports and the automatic fill of the streaming quotes list with entities you have a financial interest in, when you use the "FILL" button.

If you bought v. 8.70 or 8.71, you can upgrade (free) to v. 8.72. Just email me at the address at the bottom of this page to request the 8.72 bug fix, and I'll send you a download link. Sorry about the regular bug fixes. As this "Rube Goldberg" source code of WSR grows ever more complex, I seem to create more bugs every time I add a new feature, which often doesn't mesh perfectly with the rest of the program!


For those who are still playing a version of W$R that is several years old, you should be aware of a number of other improvements in v. 8.57 and other recent releases as well. See the "Update Information" page on this website for details, which are far too numerous to repeat here.

On September 15, 2015, v. 7.80 was released, which we expected would be the final significant upgrade, as we are about at the end of development of W$R, due to health problems (somewhat under control now), dwindling sales, and (mainly) having run out of good ideas for any major new features, after only 3 decades of development (the first MS-DOS version was published in 1986). As such, WSR is probably one of the longest-running programs on the Internet (and going back a few years before there was an Internet, it was sold in stores, bulletin boards, and other places). I think "Pong" preceded it by a few years.

However, since the 7.80 release, the urge to tinker with the program never went away, so we eventually released version 8.0 and several more major or minor upgrades after it. Version 8.0 was designed to make W$R MUCH more realistic and therefore more difficult for players to quickly finagle their way into the quadrillions or quintillions of net worth. The 8.0x versions cracked down on a large number of "loopholes" in the program, like the ability to buy futures on, for instance, a thousand (or million!) times the actual world supply or annual production of a commodity. However, I'm sure some users still find loopholes, but maybe not quite such large ones now.

Thinking back over recent years, here is a partial list of major features we have added, many of them at the request of players:

  • Put and call options trading.
  • Executive stock options and performance bonuses for CEOs.
  • Commodity futures trading.
  • Ability to invest in and store physical commodities.
  • Stock index futures.
  • Interest rate swaps (derivatives).
  • Stock price alerts, to let you know when a stock reaches a price you have specified, above or below the current price.
  • Automatic "sweeping" of cash balances to pay down a player's margin debt.
  • A system where players or companies can put stocks or assets up for sale, or view a list of stocks or assets being offered for sale (cheap) by other players or entities.
  • Advice ("from your lawyers") as to whether or not you should agree to settle or go to trial when antitrust suits are brought against your companies.
  • An "autopilot" system where you can turn most of the management of your controlled companies over to the simulation, when you control too many companies to properly manage them all yourself.
  • Cheats that involve being able to trade on "insider" information.
  • Ability to set asset allocation percentages for banks you control.
  • Addition of Treasury bills as a new asset class to invest in.
  • Convertible bonds, as an equity-like bond investment and tool for financing at lower interest rates.
  • Ability to set a bank asset allocation formula.
  • Made it possible for a player to manage the assets of an investment fund (ETF) and possibly earn very large gain-sharing bonuses every two years for good results.
  • A new (global) setting to "throttle down" asset growth rates for all your controlled (industrial) companies that are operating on AutoPilot.
Obviously, we have had a wealth of good ideas contributed by users, including quite a few that we simply didn't want to take on, like building in rental real estate empire building and role-playing features. We have tried to keep the focus in W$R on stocks, bonds, options, futures, and other derivative investments, and not wander too far afield, like getting into Dungeons & Dragons, currency trading, or Bitcoin.... (But we are thinking seriously about adding BitCoin, Ethereum, and futures on both in our next release, for those who enjoy truly wild speculation.)

We've also added a number of new "ethical scenarios" since 8.0, such as one involving (faulty) self-driving trucks, made by European auto companies, and some shady practices regarding health insurance claims denial by insurance companies. Other such "cheat" scenarios added in 8.01 through 8.70 include one involving autonomous killer robots (made by defense contractors) and another for a utility company that risks building a windfarm on an Indian reservation, on a major bird migration route. Others include a scenario involving production of controversial "sex-bots" and sale of customer passcodes and other private information by security firms. Most such "ethical choice" scenarios make for quick, easy profits... unless something goes wrong and backfires!

OUR STOCK TRADING GAME: Besides Wall Street Raider and Small Business Advisor, I now also publish Speculator: The Stock Market Simulation, a "spin-off" from Wall Street Raider that it seemingly took forever to get around to finishing. (FYI: Small Business Advisor, formerly $99 for the professional version with state laws coverage for 33 states, is now a free download, as of August 15, 2020, and we have ceased updating it earlier this year.)

In Speculator, you are not a billionaire tycoon who can influence or manipulate stock prices, but just a small, middle-class investor with a $100,000 inheritance to invest or speculate with. Rather than having an emphasis on taking over and managing companies, this is a "pure" trading game (which doesn't let you take over companies). It will that test your ability to research companies and profitably trade or invest in them. You may find it a lot more challenging than Wall Street Raider, as you have to be a nimble trader in stocks, bonds (including convertibles), options and futures. Besides which, we have made trading stocks or futures considerably more treacherous and difficult.

For details, or to try out the free (shareware) version, CLICK HERE. The shareware version (3.0) now has short sales, options trading and futures trading enabled (but you have to make some very good stock and bond trades in only 3 years in the shareware version to become eligible for the more advanced trading levels -- vs. 30 years to do so in the Registered Version).

ONE LAST NOTE: I still hope to find a new publisher that would have the resources to be able to "modernize" the program and still keep it working correctly, to carry on its development (and market it) for other platforms, like iOS and Android-based devices. Software firms that have attempted to "port" it up till now, even as simplified "dumbed-down" versions, have all failed to create a version that worked, and have given up or run out of funding. It's a humongously complex beast, though it looks simple on the surface, with my klunky and minimal graphics.

After my continuously tweaking this program to massage every number in it since I began work on W$R in 1984, it has gotten ridiculously complex, and it is a minor miracle that it works at all. So I am not too optimistic about the possibility of finding a well-funded publisher to take it over, particularly since it is the extreme example of a "niche" program that only appeals to a small slice of the population -- generally, those of you with high I.Q.s. :-)

I would like to "open-source" it, but after looking into that possibility, it seems complex and probably expensive, and I wouldn't want to simply put the source code online and lose my copyrights.

I'm 76 now, so I will not be on the planet too much longer, but will keep this website going and continue to provide free replacements for at least the next few years (or so I hope). To all those of you who have supported Raider's development with your good ideas and by buying the upgrades over the years (15 times or more for some of you), many, many thanks for your support!

I never made serious money publishing Raider, but I have had a great deal of satisfaction from all the emails and letters from long-time players who say W$R was what enabled them to embark on and succeed in careers as hedge fund and mutual fund managers, options floor traders, and finance teachers, or as successful investors in the market -- not to mention the enjoyment I've gotten out of the intellectual challenge of matching wits with users in all corners of the globe, in my (vain) attempts to plug every loophole! (Sad to say, you guys have always found NEW loopholes....)

Check out some of the interesting comments I've received from players over the years, at www.roninsoft.com/comments.com.

-- Michael Jenkins, May 20, 2021

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