Trading challenge has UC students delving into global markets
The CMC Markets University of Canterbury Trading Challenge has concluded with first-year Commerce student, Luc MacKay, winning the top prize with an impressive 429.86% return on investment (ROI).
(left to right) Professor Jedrzej Bialkowski (Head of Department Economics and Finance), Jaden Fearon (3rd place winner), Luc Mackay (Challenge winner), Harry Bird (3rd place winner) and Dr Moritz Wagner.
This year over 200 teams, comprising of individuals or pairs, battled it out in real-world financial markets. Over four weeks, the contestants used a virtual fund of $250,000 to test their knowledge and trade for the best returns.
MacKay shot to the top spot during the final days of trading using a high-risk strategy.
MacKay says, “The contest seemed like a great opportunity to expand my trading knowledge. I didn’t expect to win because others were taking a much more aggressive approach. Surprisingly, I wasn’t even on the leader board two days before the competition ended.
“I started off trading the Hong Kong 50 as it had decent leverage, allowing me to use the constant movement of the market to my advantage. After a couple of weeks I decided to fry some bigger fish and moved over to the US indices.