Placing Trades

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Trading Basics

Your team will begin with $100,000 in virtual cash to invest in your portfolio.

All trading takes place on WInS (the Wharton Investment Simulator). WInS is a web-based stock market simulation that allows students to apply the concepts of investments and portfolio management in a hands-on learning environment while working with real-world data without risking real money.

The Investment Competition primarily involves the buying and selling of stocks from various domestic and international exchanges. Teams are only allowed to buy and sell stocks from the Approved Stock List. No stocks from outside the Approved Stock List should be recommended to the client, included as part of the team’s investment strategy, or traded on WInS.

Teams are also permitted to recommend that their client invest in U.S. Treasury bonds and notes. However, teams will not be able to invest in bonds or notes on WInS. Teams should indicate in their final reports which bonds and/or notes that they recommend for their client’s portfolio. Teams are not required to recommend that their client invest in bonds or notes.

Teams whose final report includes investment recommendations other than cash, stocks from the Approved Stock List, and bonds/notes will NOT be eligible for the Semifinals or Global Finale.

All teams must place at least one trade on WInS by 11:59 PM EST on October 17 in order to be eligible to advance to the Semifinals and Global Finale.

Login information for WInS will be emailed to advisors immediately after they have registered their team(s). Teams will be able to access WInS during the pre-competition period but will not be able to place trades until the trading period begins on September 27, 2021.

Each team has one account on WInS. All team members will use the same username and password to access WInS.

Once trading has begun, teams can make trades at any time during the competition. The trading period ends on December 3, 2021.

WInS is active during the hours of the U.S. stock market on weekdays from 9:30 a.m. to 4:00 p.m. Eastern Standard Time (EST). However, you can place U.S. equity trade orders when the U.S. stock market is closed. Your trade will be filled at the open price of the stock once the U.S. stock market reopens the next day.

WInS executes all U.S. stock trades at real time prices. Please note that although trades are executed at real time prices, and that the bid and ask prices are real time; the prices you see in your open positions are delayed by 10–15 minutes.

International equities not based in the U.S. experience a longer time delay. These equity orders will go through at the end of the trading day. If a trade is placed for an international equity at 4:00 p.m. on Monday, it will clear at the end of Tuesday. Also, exchange rate calculations are done automatically when making trades on foreign markets. There is no extra work on your part, though it is good to be aware of potential gains/losses you may experience due to exchange rates.

You do not need to exchange money in a different currency. It is done automatically when buying and selling.

Teams can make up to 200 trades during the course of the competition.


Investment portfolios must include at least one stock from as many industries as teams have members. If a team has five members, it must be invested in five different industries. Teams must maintain this required diversification throughout the entire competition. So, if a team sells the one utilities stock from its portfolio at some point during active competition trading, it must then invest in a new utilities stock or a stock from another industry in which it is not yet invested to replace that sold stock. The Wharton Global High School Investment Competition uses Industry Classification Benchmark (ICB), a globally utilized standard for the categorization and comparison of companies by industry and sector.

Trading Outside the U.S.

If you’re not based in the U.S., please keep the following in mind throughout the competition:

Consider the time difference between your country and the U.S. stock market. For example, if you are trading in India, you are 9.5 hours ahead of EST. Therefore, you have a window of several evening hours to actively place trades while the U.S. market is open. So, when the U.S. stock market opens at 9:30 a.m. EST, it is actually 7:00 p.m. in India. The early evening hours might be a good window for your team to meet in person or virtually when you are deciding to actively place trades.

We do NOT expect you to stay up in the middle of the night to place trades while the U.S. stock market is open. Remember, the Wharton Global High School Investment Competition is not a trading competition, and therefore day trading is not necessary. The majority of your strategy should be focused on a long-term, buy-and-hold approach, which will not require a lot of buying and selling of stocks once you have, through analysis, determined your best portfolio mix. We do expect you to do some trading once you have built your portfolio; however, you should be strategic about this and not feel pressured to buy and sell frantically at all hours of the night. The bottom line is that you are NOT trying to prove the worthiness of your overall team portfolio/strategy by how much it grows over 10 weeks of trading.