FXCM Inc. and Texas A&M University partnered to bring the 1st Annual University Currency Trading Contest. Joining students from the Mays Business School at Texas A&M were West Texas A&M University and Baruch College. The grand prize awarded by FXCM to the winning college student Bryce Moody ’11, a Mays graduate student in finance, was a $10,000 tuition scholarship.
Students studying macroeconomics, international business or who just have an interest and opinion on the U.S. dollar applied their knowledge and skills during a four-week period in an educational and fun environment. Participating students had the chance to learn more about the global forex trading market by trading with a practice FXCM forex trading account.
“FXCM hopes all students had fun and learned a lot about the currency markets during the contest. We hope students had the chance to enhance their trading skills, learn fundamentals and technical analysis and apply what they have learned in class. Our ultimate pleasure is seeing a student walk away with a scholarship towards their education,” said Sameer Bhopale, chief marketing officer at FXCM.
Bryce recently sat down with FXCM to describe his trading strategy: “My best currency trade was the AUD/USD. DailyFX wrote about the pair being a short opportunity and said it had the chance of breaking out and the more I studied the technicals the more I believed in the trade. I would place my trades at night, wake up around 2 a.m. to check on the trade and usually closed out my trades in the morning. I felt this was the best way to stick to my trading strategy which I would say was the hardest part about trading. I learned that it is OK to factor in other opinions when making trading decisions and I read a lot of the articles from DailyFX.”
Detlef Hallerman of the finance department at Mays said he felt that the contest was beneficial to Texas A&M students and would be beneficial to students all over due to the macro themes involved in trading the currency markets as well as getting students to participate in the markets. “The contest helped a lot of the kids decide if they wanted to take an active role as trading professionals in their future, or not.” The professor added, “if the kids want to figure out who they really are, they can go to Tibet and meditate or they can trade currencies.”