Texas A&M University sophomore Vipin Sethi did so well in the Texas A&M Inter-University Forex Trading Competition that he is now considering a career in financial trading. Prior to the competition, Sethi had planned on becoming a sports agent. Now, he’s thinking he might be better suited for a career in finance.
“This has opened a new door,” said Sethi, who won the grand prize of a $10,000 GFT forex trading account by achieving the highest overall rate of return. “I had never even thought about trading before, and now I’m thinking about pursuing it as a career,” he said.
The month-long international competition, which concluded on Oct. 31, drew more than 100 students from 12 colleges and universities to compete for the $10,000 forex trading account from Global Forex Trading (GFT).
Participating students each received an account with $50,000 of simulated capital to trade forex (foreign exchange) in the $3.2 trillion daily currency market. Students used many of the same tools employed by professional traders, which were provided by GFT, a leading online forex dealing company that sponsored the event and provided its DealBook® 360 trading platform for the students to access and trade the market.
“The student’s desire to learn, combined with the superior customer support provided by GFT, makes this competition successful,” said Dr. Detlef Hallermann, competition organizer and assistant clinical professor of finance, Texas A&M University. “The students are required to learn to trade from a platform with no prior background in trading, and my hat is off to GFT for providing their platform and incredible support to help us run this annual competition.”
Sethi, with his 78.64 percent rate of return, finished the competition with almost $90,000 of simulated capital in his account. For his success, he will receive the grand prize of a $10,000 GFT forex trading account, which he will trade for six months and keep any net profits. He also received a cash prize of $900 from competition sponsors BP and a private hedge fund.
This is the third consecutive year that competition organizers from Texas A&M University’s Mays Business School have chosen to use GFT’s award-winning DealBook® 360, which allows students to place trades with simulated capital and access real-time currency prices, news and analysis tools. Over the past three years, the competition has grown from a six-school competition with less than 30 students to its present size.
“This is a great way for students to learn about the market, and we are glad to be involved again,” said Gary Tilkin, president and CEO, GFT. “By pairing real-world experience with classroom instruction, this competition may help the students to be more prepared for successful careers in the global financial markets.”
Undergraduate and graduate students competed to earn the highest rate of return on their $50,000 account. With its student participants achieving the highest average rate of return, Villanova University was awarded with the top university prize of a trophy.
The top ten students, from Texas A&M University, Fairfield University, Penn State University, Villanova University and Concordia University, each received a share of the prize money. Additional schools that participated were Oklahoma State University, University of Toronto, University of Alabama at Birmingham, University of Alberta, North Carolina A&T State University, Siena College, Rollins College and China Europe International Business School.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment