[why]
to have a log system that we can trade to log our performance & discipline
[standardization]
pick a standard live acc, so that it's easy to count return and risk
right now I think ibfx's new 0 deposit / 50$ free mt4 mini acc will do (min position 100$)...look above the banner on ff
[how to join]
1. have your own journal in ff/trading journals section and optionally explain your trading philosophy, style and money management on 1st page
2. registered in ff for more than 3 month or posts more than 100
3. open a 50$ free live mini acc with ibfx, do not deposit, just trade this 50$
4. weekly publish closed position, open position and equity (pls don't publish only closed position)
[money management rule] in order to discourage gambling, I borrowed this rule from another well regulated live contest:
1. only open 100$ position with this 50$ acc
2. hold a maximum of 3* 100$ positions at same time
[risk/drawdown rule]
1. if equity suffer a dynamic drawdown of -15$ or -30%, i.e. acc down to 35$-,
will force to exit the league for 1 month, trader can deposit acc back to 50$ after 4 week and restart
2. if a 100$ position suffer a dynamic drawdown of -5$ in one trade,
trader will force to liquidate the position and self-discipline to no trading for 1 week (this could be an optional but necessary rule?)
[order claim rule]
1. for daily/weekly time/frame trade, opened order must be posted within 30min after position open, a chart is optional
2. for limit orders, order entry can be posted ahead of the day, and reply that by end of day if limit order is hit when trader is away
3. for scalping (doubt if this broker is okey), opened order must be posted by end of day regardless of if it is closed or profit/loss
[weekly report rule]
1. publish weekly report every week, if busy then apply for leave ahead
2. 2 consecutive absence from weekly report w/o leave, or total 3 absence from weekly report, trader automatically exit the league
3. optionally you can duplicate your weekly report in your own journal
[weekly ranking]
1. ranking will be done by traders in turn, that week's ranking trader is responsible
for validating report against money mangement rules, order claims and drawdown rules
2. ranking in terms of current acc size (deposit not allowed except exit-restart)
3. ranking in terms of trader's max history drawdown from start (lowest equity)
[reward]
no reward so don't gamble, just we help each other to keep the discipline...
we have it running like this since 5 yrs back in home stock investment forum... time and patience is our friend! greedy and fear is our enemy.
to have a log system that we can trade to log our performance & discipline
[standardization]
pick a standard live acc, so that it's easy to count return and risk
right now I think ibfx's new 0 deposit / 50$ free mt4 mini acc will do (min position 100$)...look above the banner on ff
[how to join]
1. have your own journal in ff/trading journals section and optionally explain your trading philosophy, style and money management on 1st page
2. registered in ff for more than 3 month or posts more than 100
3. open a 50$ free live mini acc with ibfx, do not deposit, just trade this 50$
4. weekly publish closed position, open position and equity (pls don't publish only closed position)
[money management rule] in order to discourage gambling, I borrowed this rule from another well regulated live contest:
1. only open 100$ position with this 50$ acc
2. hold a maximum of 3* 100$ positions at same time
[risk/drawdown rule]
1. if equity suffer a dynamic drawdown of -15$ or -30%, i.e. acc down to 35$-,
will force to exit the league for 1 month, trader can deposit acc back to 50$ after 4 week and restart
2. if a 100$ position suffer a dynamic drawdown of -5$ in one trade,
trader will force to liquidate the position and self-discipline to no trading for 1 week (this could be an optional but necessary rule?)
[order claim rule]
1. for daily/weekly time/frame trade, opened order must be posted within 30min after position open, a chart is optional
2. for limit orders, order entry can be posted ahead of the day, and reply that by end of day if limit order is hit when trader is away
3. for scalping (doubt if this broker is okey), opened order must be posted by end of day regardless of if it is closed or profit/loss
[weekly report rule]
1. publish weekly report every week, if busy then apply for leave ahead
2. 2 consecutive absence from weekly report w/o leave, or total 3 absence from weekly report, trader automatically exit the league
3. optionally you can duplicate your weekly report in your own journal
[weekly ranking]
1. ranking will be done by traders in turn, that week's ranking trader is responsible
for validating report against money mangement rules, order claims and drawdown rules
2. ranking in terms of current acc size (deposit not allowed except exit-restart)
3. ranking in terms of trader's max history drawdown from start (lowest equity)
[reward]
no reward so don't gamble, just we help each other to keep the discipline...
we have it running like this since 5 yrs back in home stock investment forum... time and patience is our friend! greedy and fear is our enemy.
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Attached File(s)
ff_trading_league.xls
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Uploaded Aug 15, 2009 5:04am