FX Trader Of The Year Competition 2007

Hi,

An interesting activity is taking place at FXStreet.com (http://www.fxstreet.com/forum/showth...?t=736&page=65), where they started FX Trader Of The Year Competition. Competition of the year 2007 will be ended Oct 5th 2007.

A trader, ekaram, from Mexico City is a clear winner with more than 300% ROI from the second winner. They have also set some interesting prizes for the winners.

Current Standings:
ekaram 340.41%
zunismyst 107.88%
vzrick -8.21%
k. pitt -15.54%
capa76 -47.72%
computer -60.08%


Prizes:

1. An exclusive Gold Passport to Online Trading Academy courses, valued at more than $40,000.
2. The chance to manage an account at Svenska Valutagruppen AB with $250,000.
3. A free membership to FXBootcamp.
4. One-month free access to StraightForex Lite Online Forex Course
5. A free entrance to FXstreet.com International Traders Conference, including accommodation, breakfast and lunch.

And if this not enough for you, just for participating in the contest, Online Trading Academy will give you two free online course webinars. Winners can also become a Forex guru at FXstreet.com by participating in webinars and other events!

http://www.fxstreet.com/forum/showth...?t=736&page=65

i've just missed that.

damn, Wish I had known about that.. Though I must admin I haven't made 340% this year :-)

So in effect, someone who can make insane high %s of profit "wins" access to tutorials and things that will try and tell him how to trade?

lol.. there is a certain irony there!

The same philosophy goes for the "if you want to make money you need money" thing.

The most disturbing and overlooked fact is that only 2 contestants managed to show a net profit.

First thing I noticed actually before reading the prizes...but sort of explains the logic behind the prizes in turn, they were prolly aiming for the winner being the one with the lowest digit loss

True, I too noticed the same, being a winner of such a competition shouldn't make to entitled for some boring and impractical tutorials, etc. Even if those tutorials are not boring/impractical, a super trader, a winner of a competition does not require that shit at all.

The only attractive rewards for a trader could be cash prize, company/investor's trading account (no less than a million$) and/or a good paying job, with nice bonuses, etc.

And it any such competition, there has to be a policy for MM/RM, because a trader, using his luck or a good trending patch of the market, may make insane percentage of gains, but no professional trader would dare to do so and no serious company would allow its traders to take unbearably high risk.

It is easy to open an account with 5K only for the competition with sole motive to make crazy gains, if you win, you are a super hero, if you lose you are one of the unluckly ones. But serious company traders who are accountable to their company and their company who is accountable to various government entities and investors can never afford to go crazy in speculative markets. I know they target very low ROI, somewhere 20% per year ......... but consistently and they are very very happy to have it.