The Stock Exchange Game: what would you do with €100,000?

At a glance:

  •  The Stock Market Game is an annual investment simulation competition. Each participant is given €100,000 in virtual funds to invest in real markets over a four-week period.

  •  Jornal de Negócios Online organises the event in partnership with GoBulling, Banco Carregosa’s trading platform. ISCTE Business School is the event’s university sponsor, and the CBOE and Caldeirão de Bolsa provide support.

  •  Participation is free and open to all, whether or not you are a Banco Carregosa client or have any investment experience.

  •  Prizes are awarded for the overall, weekly, and university rankings, including an internship in the trading room at Banco Carregosa.

Invest in a simulated environment, test different strategies and compete for the highest returns. The Stock Exchange Game offers you all this and much more in a unique and realistic gaming experience.

Find out what it is, how to take part and what prizes await the winners.

Stock Market Game 2026: key dates

Registration is free and can be completed here. Dates confirmed on 12 October 2026; please check the official website for any changes.

What is the Stock Exchange Game?

The Stock Market Game is an annual competition organised by Jornal de Negócios Online in partnership with GoBulling, the Banco Carregosa trading platform. It is sponsored by ISCTE Business School and supported by CBOE and Caldeirão de Bolsa. It has been held since 2005 and is considered the largest initiative in Portugal’s capital markets, with over 40,000 registrations across its editions.

Participants can take part in a real-time trading simulation using the GoBulling Pro software, investing virtually in shares, ETFs and derivatives, including Forex, CryptoFX, indices, commodities, and futures. It is also possible to take short positions and capitalise on market rises and falls. It is an educational form of entertainment that gives participants a sense of what it would be like to be an investor in the market.

In this game, each participant is given a virtual sum to invest in the available instruments. They decide what to trade, when to open and close positions, and how to balance their portfolio, which they can monitor at all times. As the prices and trading conditions reflect the real market, the performance of each portfolio depends on the actual performance of the financial markets.

Why play the Stock Exchange Game?

The Stock Exchange game is particularly attractive to beginners and enthusiasts who want to deepen their knowledge of investing and trading in the financial market. Some of the key benefits are:

1. Zero risk, because the capital is virtual

As the money used in the game is fictitious, participants can test different investment strategies without putting their savings or disposable income at risk. This is particularly useful as a confidence-building exercise before moving into the real market.

However, it is important to note one caveat: as it is a simulation, the game does not replicate all the conditions of real investment. In particular, it does not replicate the emotional impact of actual losses, which can influence decisions. While the experience gained is useful, it is no substitute for assessing your risk profile before investing your own money.

2. Practical learning

The Stock Exchange Game provides a hands-on investment experience in a virtual environment where participants can make investment decisions, balance assets and diversify a portfolio. It’s also a way to learn how the market works and how fluctuations affect share prices and portfolio performance.

3. Testing strategies

Players can test different investment strategies, analyse the results and adjust their approach if necessary. It’s a great way to understand how different strategies can work in different market conditions.

4. Preparing for the real market

The experience and knowledge gained through the Stock Market Game can help you to better understand how the markets work, familiarise yourself with the platform and make more informed decisions in future. However, you should always bear in mind that investing your own capital involves a risk of loss.

How does the Stock Exchange Game work?

The Stock Exchange Game consists of the following steps:

1. Choosing your starting portfolio

Each participant will receive a virtual "ceiling” of €100,000 to start investing. This can be used to buy shares and other financial products available on Banco Carregosa’s GoBulling trading platform. The platform stems from over 20 years’ experience in electronic trading and the longest-standing international partnership with Saxo Bank.

2. Select and trade assets

Participants then select the shares and other assets they wish to invest in, using the virtual "ceiling” to buy and sell.

3. Monitor your portfolio

Now is the time to monitor price movements, financial news and other factors that can affect the market. Participants may decide to buy more assets, sell existing positions or adjust their allocations.

4. Evaluate your performance

Throughout the game, players can constantly check the value of their portfolio, as well as the individual performance of each asset, and other relevant financial indicators.

5. Determining the winners

Participants are ranked according to the value of their portfolios at the end of the game, provided they meet certain criteria in accordance with the Game Rules. There are several rankings, so there are several opportunities to win:

  •  Overall ranking: there will be prizes for the top three finishers, with the winner receiving a €2,000 gift card.

  •  Weekly ranking: there will be a weekly prize, so even those not leading the overall standings have a chance to win.

  •  University ranking: this is reserved for undergraduate, master’s, postgraduate, and PhD students aged up to 26, with prizes for the top three.

  •  ISCTE Business School ranking: this is exclusive to ISCTE students. The winner will receive an internship in Banco Carregosa’s trading room, as well as a cash prize.

Prizes and conditions from the previous edition. For the prizes and rules of the current edition, see the official Stock Market Game website.

How do I register in the Stock Exchange Game?

Registration is free and is done in the online form available on the Banco Carregosa website. Each registration corresponds to one entry/portfolio. You will then receive an e-mail with instructions on how to access the GoBulling Pro platform, where the game will take place, as well as your user code and password. You will also need to "like” the Banco Carregosa’s and Jornal de Negócios social media pages.

You don’t need to be a Banco Carregosa customer or have any investment experience. Before the official start of the game, you can try out the platform for free. Your account will be reset to an initial balance of €100,000 at the start.

Please refer to the Stock Market Game Rules for the full terms and conditions.

More than just a game: Conference and masterclass

Alongside the competition, the initiative includes educational sessions open to participants and anyone else who is interested. In previous editions, a live-streamed conference focusing on financial markets and investment strategies was held at ISCTE-IUL, alongside a Literacy Masterclass led by lecturers from ISCTE Business School and traders from the Banco Carregosa Trading Room. Topics covered included how the stock market works, investor profiles, and the relationship between risk and return.

The Stock Exchange Game: Banco Carregosa’s commitment to financial literacy

With the Stock Exchange Game, Banco Carregosa is taking an important step in promoting financial literacy in Portugal. Over the course of several editions, it has helped to inform, educate and train thousands of subscribers. If you are taking your first steps in the world of investments, you can count on the support and guidance of our experts to help you manage your assets in a safe and secure way. Contact us.

About Banco Carregosa

Dating back to a foreign exchange bureau founded in Porto in 1833, Banco Carregosa is the oldest financial institution still operating on the Iberian Peninsula. Since 2008, it has operated as a private banking and wealth management institution. The Bank is supervised by both Banco de Portugal (registration no. 0235) and the CMVM (registration no. 0169).

Recent accolades:Best Pure Play/Boutique Private Bank – Portugal 2025 and 2026 (Euromoney); Best Bank for Private Wealth Management Iberia 2024 (Global Banking & Finance Review). You can view more awards here.

The Stock Exchange Game: FAQs

Do I need to be a Banco Carregosa client to take part in the game?

No, participation is free and open to anyone, regardless of whether they are a client or not.

Do I need investment experience?

No, the game has also been designed with beginners in mind, and you can try out the platform before its official launch.

Is the money real?

No, each participant receives €100,000 of virtual money. Although the share prices and market conditions are real, no real capital is at risk.

Can I take part more than once?

Each registration corresponds to one entry and one portfolio. The conditions are set out in the rules for the current edition.

How do I know if I’m winning?

You can track your portfolio’s value on the platform at any time, and the rankings are published on the official Stock Exchange Game website.

Disclaimer: This article has been prepared by Banco Carregosa for informational and educational purposes only. Under no circumstances does it constitute an investment proposal, recommendation to purchase, or personalised financial advice. The Stock Market Game is a simulation game that uses virtual capital. The terms and conditions are set out in the relevant rules. Participation carries no risk to capital. However, investing in financial instruments carries risks, including the possibility of losing the invested capital. Furthermore, returns achieved in a simulation environment are not necessarily indicative of future results under real conditions. You should consult your account manager or financial advisor before making any financial decisions to assess whether they are suitable for your risk profile and financial objectives.