Joon’s top strategy scoops challenge
Engineering student Jmin Joon has won first place in the CMC Markets National University Trading Challenge by delivering an incredible 885 per cent return on investment.
The University of Auckland student was given a $10,000 virtual fund to trade in a range of financial derivative instruments including currencies, commodities and global indices, using investment company CMC’s online platform.
The annual contest attracted around 150 one and two person teams from around the country this year.
Over four weeks, the students had to grow their cash pot. Joon said his success was won by taking calculated risks. He said his strategy was to trade huge volumes in the early stages of the competition, which gave him a head start because he was able to buy back within the first week.
‘‘This competition taught me not to be afraid to try something new and the importance of emotional control. Mistakes can happen, but it is best not to dwell on these and to keep moving forward,’’ he said.
The CMC challenge was hosted with the University of Auckland’s management Consulting Club (MCC)).
MCC’s finance events lead Kar Yew Lee, said: ‘‘Most of our students have never experienced trading first hand and this offers a glimpse into the trading world.
‘‘They experience the thrill of seeing portfolio fluctuations without actually putting their money at risk.’’