Phillip Nova Launches Forex/CFD Trading Challenge for Young Investors, Featuring a Grand Prize of S$1200
SINGAPORE - Media OutReach - 22 August 2023 - Following the success of the Phillip Nova Young Investors Trading Challenge of 2022, where more than 400 budding young traders engaged in intense competition, the annual trading challenge makes its return in 2023. This time, on a grander scale, with even more exciting prizes up for grabs.
Across a span of 15 days, contestants will harness the power of the Phillip MetaTrader 5 trading platform to engage in Forex and Contract for Differences (CFD) trading within a simulated environment. Each participant will operate with a virtual equity of US$100,000 in credits.
The participants having the highest equity at the challenge's conclusion stands a chance to secure the grand prize of up to S$1,200. In a bid to foster learning and celebrate youthful investment, a total of 20 prizes will be distributed. The top prize amounts to S$1,200, followed by S$600 for the first runner-up, S$300 for the second runner-up, and S$50 prizes for participants ranking 4th through 20th.
Notably, in the 2022 iteration of the trading challenge, the ultimate victor, an undergraduate at the Singapore Management University (SMU), achieved an impressive feat by tripling his account within a mere 9 trading days.
This year's challenge kicked off on 21 August and is set to conclude on 8 September, offering young investors in Singapore the chance to showcase their trading prowess. Registration remains open throughout the trading challenge period.
Participants were granted the privilege to partake in a live trading bootcamp, conducted by the accomplished professional trader and coach, Ang Kar Yong. The bootcamp covered essential topics such as fundamental and technical analysis, formulation of trading plans, and, crucially, the art of risk management. Moreover, participants enjoyed an extensive Q&A session with the coach, during which numerous insightful inquiries from the intellectually curious young investors were answered. Find the recorded session here.
The Phillip Nova Young Investors Program, inaugurated in 2020, has organised an array of events and initiatives. Their mission revolves around advancing financial literacy among Singapore's budding investors. These initiatives encompass diverse trading and investment bootcamps, dynamic trading challenges, and comprehensive training sessions conducted by industry experts. In a digital age awash with information, the necessity of reliable and quality sources of financial education for young investors has become paramount.
Upon the conclusion of the challenge, on 14 September 2023, Phillip Nova has an exciting plan in place. Phillip Nova will be organising a closing/networking event that will be held physically, providing participants with the opportunity to come together, network with like-minded individuals, and connect with industry professionals. This event aims to foster a vibrant community of young investors keen on learning and growing together.
Young traders who are interested can sign up for the challenge here.
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About Phillip Nova
Phillip Nova (formerly known as Phillip Futures) was inaugurated in 1983 as a member of PhillipCapital Group and is one of the founding clearing members of Singapore Exchange Derivatives Trading (SGX-DT). We have since grown to become one of the region's top brokerages for the trading of Stocks, CFD, Forex, global Futures and Commodities. The Group has clearing memberships in 21 global exchanges, including APEX, BMD, CME Group exchanges, DGCX, HKEX, ICDX, ICE Singapore, JPX Group exchanges, NSE, TFEX, TOCOM and SGX Group exchanges.
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