The Nordic Trading Competition Low Down
FinanceLab, which is CBS’s club for students interested in finance, in collaboration with GCMS is hosting the Nordic Trading Competition in the FUHU Lounge located in Porcelænshaven on March 8th. The rules are simple: the competing teams are each given 1 million USD of fictional money to trade with and after five hours and forty-five minutes of trading the team who has made the most profit wins.
The competing teams are the winners from the basic trading courses, also held by FinanceLab in collaboration with GCMS. These couses are held on universities in Scandinavia and a single school in China. Teams from all schools will be participating in the competition, making it an international event. Furthermore, 3 wildcards invitations are given out to teams that either did well in the basic trading courses or the ‘most improved team’ who further developed their trading skills.
Heading into the competition, the team with the record for most profit during their trading course comes from Nanjing University in China. However, the competition is still completely open and many teams are eager to win. The biggest threat of all is Katalin Szokolai who is the undisputed champion as she has already won the competition two times. Fortunately, her team is among those representing CBS.
The teams can trade with Foreign Exchange (FX, which is currencies), Contracts For Difference (CFD), Options, and Futures. All the trading will be done on a platform provided by ZFB Services, which was also used in the trading courses. The platform is similar to those used in real life and provides live information from the markets. When trading, contestants are looking for trends in the market so they know when to buy and sell. During their courses they learned to use instruments like Bollinger Bands, moving averages, and the Relative Strength Index (RSI) to find these trends and signals that dictate whether to buy, sell, or simply stay away from a trade.
Wayne Walker, who is the head of GCMS and the main organiser of the competition, emphasizes that previous NTC finalists have been invited to Barclay’s recruitment dinners and Market Days held by Citigroup and Nordea. These arrangements provide excellent networking opportunities and some have even received job offers. Furthermore, the competition is fun and a good way to be tested against the best teams from Scandinavia and China. This year the event will be bigger than ever because more sponsors have signed up. The additional sponsors provide room for more teams, bigger prices, and more chances to be scouted. New sponsors include SKAGEN Fund and Hello Group. According to Wayne, more sponsors will also be released as we get closer to the trade date.
If you are interested in finance and the world of trading then we definitely recommend that you check out FinanceLab and try one of these courses. It gives you a rare insight into how day-traders conduct their work and it provides you with the tools to begin practising on your own. You can sign up as a free member of FinanceLab and for the trading courses on FinanceLab’s webpage.
Finally, we wish this year’s contestants good luck.