Harry rules ASX competition
MAKING more than $5000 profit in just over a month from playing the share market is no mean feat but 17-year-old Clarence Valley Anglican School (CVAS) student Harry Weatherstone has achieved just that.
The Year 12 student is currently ranked number one in Australia within the Australian Securities Exchange (ASX) school-based simulator competition - a position which places him above about 15,000 other students competing nationally.
The simulator gives the student $50,000 of virtual money to invest as they see fit in the top 100 companies listed on the ASX - the players then see their profits rise or fall depending on real-life fluctuations in the market and players are ranked nationally depending on their share portfolio's value.
Under the guidance of CVAS HSIE teacher Dale Stevenson - a former Commsec share trader himself - Harry has already turned his $50,000 into $55,400 with over seven weeks left in the competition.
He's no stranger to the top spot in the game either.
He and former classmate Ben Worley took-out the top two positions in the 2009 competition.
Harry said his secret was a high-risk strategy of investing in a wide range of cheaper, smaller companies which seemed to be paying off with the current market trends.
He said he loved playing the simulator because it was a "good challenge" and he was learning a lot from the experience.
"It will definitely be useful later on because I'm thinking of doing a business degree when I leave for uni," he said.
"I think it will also come in handy when I'm older maybe and want to do some share trading outside of work."
This round of the competition closes on October 26.
For more information about the simulator visit www.asx.com.au.