Financial Market Competition Pays Out £100,000
By AdFeatures | Wednesday, December 19, 2012, 09:42
When you hear of a new competition that is based around the internet and uses a live test spread betting account as a basis for gains and losses, it might sound too good to be true that you could win a prize of £100,000 without worrying about losing your own money.
But that is exactly the situation those taking part in The Trading Academy, run by one of the leading retail trading company’s City Index, found themselves in recently.
City Index Group is one of the leading global providers of retail trading services, with transactions of more than 2 million trades each month for the group’s globally based customers.
The Group trades primarily under the City Index, Finspreads and FX Solutions brands and recently launched City Trading, its first iPhone Spread Betting and CFD Trading application. This provides full and secure access to customers’ trading accounts; taking full advantage of the ease of access provided by today's mobile internet capabilities.
Ashraf Laidi, Trading Academy mentor and Chief Global Strategist at City Index explained some of the thinking behind the competition:
“The message at the heart of Trading Academy is that if you are disciplined and committed to embracing the educational element, you can have a successful trading experience, " he said.
"It was very pleasing to see all of the competitors making such significant strides in a short period of time."
After an initial eight competitors were whittled down over a period of weeks to three finalists, John Walsh, a trainee London Black Cab driver emerged as the winner after delivering a strong ROI of 23.6% for the final week and impressing judges by demonstrating the ability to trade out of his losing positions.
"John won not only because he had the best ROI," Ashraf Laidi said, "but his willingness to continue learning and then applying this to his trading throughout was what impressed the judges the most.”
The winner described the result as a “great experience” and expressed his desire to continue trading now that he had gained the necessary skills.
John's rivals in the final were recruitment consultant Shazad Asher and freelance journalist Ryan Oliver-Thompson. After a hard won battle the judging panel of Ashraf Laidi, James Chen and the company’s chief executive Martin Belsham declared John the outright winner but runners-up were still rewarded with a £5,000 deposit in a new City Index trading account.
The overall intention of the show was to highlight the universal accessibility of this sort of financial trading. Whilst there are naturally a number of risks involved with this kind of work, Martin Belsham explained that they “hope after watching the show, people from a host of backgrounds will be inspired to give it a go themselves” – making financial markets a more universal platform on which to trade and work.
Spread betting, CFDs and Forex trading are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.