Vipin Sethi, a sophomore at Mays Business School, has won the third annual Texas A&M Inter-University Forex Competition, with the highest overall rate of return on investment of 78.64 percent. This month-long international competition drew 137 students from 13 colleges and universities to compete for the grand prize of a $10,000 forex trading account from Global Forex Trading (GFT).
“The competition gives students incredible hands-on experience,” said Detlef Hallermann, Director of the Reliant Energy Securities & Commodities Center and assistant clinical professor of finance, who organized the event.
Participating students each received an account with $50,000 of simulated capital to use for speculation in the forex market. Students had available to them all the same tools as professional traders, provided by GFT, a leading online forex dealing company that sponsored the event and provided the trading platform (DealBookÂ® 360) that the students used to access the market.
Undergraduate and graduate students competed to earn the highest rate of return on their $50,000 account. Participating schools included: Texas A&M University, Penn State University, Villanova University, Oklahoma State University, University of Toronto, University of Alabama at Birmingham, University of Alberta, North Carolina A&T State University, Fairfield University, Siena College, Rollins College, Concordia University and China Europe International Business School. Villanova University won the overall competition, as their students as a team had the highest averaged return.
All students were required to keep a trade journal listing each trade placed, the reason for placing the trade and the result after closing out the trade. For many students, this journal was also part of a classroom grade, as many schools have incorporated the competition into their finance students’ curriculum.
Sethi, with his 78.64 percent rate of return, finished the competition with almost $90,000 of simulated capital in his account. For this success, he has received the grand prize of a $10,000 GFT account, which he can trade on for six months and keep any profits he makes. He also received a cash prize of $900 from BP and a private hedge fund, who were additional sponsors.
“This has opened a new door,” said Sethi, who is from the Dallas area. Prior to the competition, he had planned to study management, followed by law school, and then pursue a career as a sports agent. Now, he’s thinking finance is the way to go. “I had never even thought about trading before, and now I’m thinking about that for a career,” he said.
Sethi is excited about his $10,000 account with GFT. “If I get lucky and it’s like last timeâ€¦I turned $50,000 into about $90,000 within a month. Just something like that in six months would be amazing. But I’d be happy with any kind of gain,” he said.
He acknowledges that luck has a lot to do with his success. “I tried to follow the trends and use the past to predict the futureâ€¦I just got a little lucky and caught the right trends,” he said.
Founded in 1997, Global Forex Trading (GFT) is a world-leading provider of real-time currency dealing, pricing and comprehensive services for retail and institutional foreign exchange traders. GFT has served a global customer base in more than 120 countries through its DealBookÂ® 360, DealBookÂ® WEB and DealBookÂ® Mobile trading software and 24—hour dealing desk operation. The company’s world headquarters is based in Ada, Mich., with global offices located in Chicago, New York, Tokyo, Sydney, Australia and London (London office operated through GFT Global Markets UK Ltd.).
GFT adheres to strict regulatory guidelines and principles of integrity, and is a member of the National Futures Association (NFA) and is regulated by the Commodity Futures Trading Commission (CFTC) in the United States. Globally, GFT is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Financial Supervisory Agency (FSA) in Japan, and the Financial Services Authority (FSA) in the U.K. More information about GFT can be found at www.gftforex.com/?aid=412.
About Mays Business School
Mays Business School currently enrolls more than 4,000 undergraduate students and 875 graduate students. Mays is nationally ranked among public business schools for the quality of its undergraduate program, MBA program and the faculty scholarship of its 110 professors in five departments.