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Competition

  • #1
  • First Post: Edited 10:41am Apr 24, 2007 9:34am | Edited 10:41am
I would like to challenge another trader out there to a competition.

The competition will be for fun and prestige.

I think it would be a good opportunity not only for a trader that wants to prove their skills in direct competition with another but also one that wants to learn, since I find that the act of competing with another, plus the fact that this thread and the combatants trades will probably be scrutinized by many people, will make me work harder.

The challenge is open to any trader. It does not matter what your style is. Day trader, swing trader or position trader.

The rules can be negotiable but should be set in stone before the competition begins. I think a fair date to start should be 1st June. That gives us over a month to iron out the rules and also to find a kind volunteer to be adjudicator in the event there are any disagreements.

I think the account should be a real money account but I think the winner should be judged on pips made not on percentage increase or amount won. That means you can start with as small a balance as you like.

The rules I have come up with so far are:

  1. All trades must be posted here BEFORE they are taken. This applies for both entry and exit.

  1. Positions are not limited to forex – you are welcome to trade anything that moves. I understand that many markets move much more than forex but since they can move against you as easily as for you, I do not think this offers any advantage.

  1. Once each trade is closed, a screenshot of the position should be posted (feel free to blur out personal details)

  1. An independent adjudicator to be appointed for disputes.

The winner will be declared by number of pips profit after SIX weeks from the start of the date.

I would suggest that 50% of the winnings go to a charity of the losers choice.

So, any takers?

Tom

  • #2
  • Apr 24, 2007 10:18am Apr 24, 2007 10:18am
Quote
All trades must be posted here BEFORE they are taken. This applies for both entry and exit.

I don't agree with this rule. Sometimes we need to act FAST. I agree we should post the trade within a number of minutes predefined and BEFORE the close of trade.

I think we should trade ONLY Forex as we are on a Forex Forum otherwise we go for World Top Investor and could win lots of prizes.

Cheers,
  • #3
  • Apr 24, 2007 10:30am Apr 24, 2007 10:30am
Quoting lugopt
I don't agree with this rule. Sometimes we need to act FAST. I agree we should post the trade within a number of minutes predefined and BEFORE the close of trade.
Fine. I think the important thing is that we follow up the trade with a screenshot so we can prove entry and exit.
Quoting lugopt
I think we should trade ONLY Forex
OK - Agreed.
  • #4
  • Apr 24, 2007 10:38am Apr 24, 2007 10:38am
This has been done using Oanda just a few months ago. It may be the best way to ensure reliable tracking of results.

You need a demo account, that is all.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #5
  • Edited 11:34am Apr 24, 2007 10:41am | Edited 11:34am
Big problem with giving away 50% of trading account if one loses. No one is going to do this. Do it for fun if you want to do this.

Second, this is a forex forum. If your going to compete and use this forum for results, etc, you should only trade the forex.

All traders posting screen snap shots of closes will take up WAY TOO MUCH space on this forum. There could be several hundred screen snap shots. This idea will not work.

Limit the contest to one currency pair and all traders trade the same pair. I trade 12 and there is no way you would want to trade against someone if that produces those pips since your allowing anything to be traded.

Trading should be done on demo accounts.

Good Luck
  • #6
  • Apr 24, 2007 10:42am Apr 24, 2007 10:42am
Hey it's not my forum, I am a volunteer... This on would have to be merlin's call.. but he has given permission before.
  • #7
  • Apr 24, 2007 10:46am Apr 24, 2007 10:46am
Quoting WHTenn
Big problem with giving away 50% of trading account if one loses. No one is going to do this. Do it for fun if you want to do this. I think Scott or Merlin may have concerns about such real trading competition being held on their forum for liability sake.
I meant 50% of profit but you are right, I imagine few people are willing to do this. How about we do this in a demo account so that no money is involved in the actual trading but the loser donates a small amount (fixed beforehand) to the winners choice of charity?

Quoting WHTenn
All traders posting screen snap shots of closes will take up WAY TOO MUCH space on this forum. There could be several hundred screen snap shots. This idea will not work.
Again - fine! How about one screenshot at the end of every week? Since it only runs for six weeks, that will be a total of six screenshots for each trader. On a head to head this will be just twelve images. Of course if you are a scalper and you trade a large number of times a day then I guess this could be a problem...


Quoting WHTenn
Check with Scott or Merlin before continuing to see if you have their permission to have a contest. Also, see what their rules and restrictions may be regarding a contest.
Yes, I will do. I don't want to break any rules or upset anyone. I am fairly new to these forums and just thought a competition sounded fun - I was inspired by another thread I read on here earlier today.

Tom
  • #8
  • Apr 24, 2007 10:52am Apr 24, 2007 10:52am
Now it sounds like it will be a fun project. Check out other contests to see their rules and compose your own.

Maybe come up with a trophy for the winner!

Tom, check out this ff.com link: http://www.forexfactory.com/showthread.php?t=26933

Good Luck
  • #9
  • Apr 24, 2007 11:04am Apr 24, 2007 11:04am
I certainly will look at the rules for other competitions but first of all I want to find someone to compete with!

Another member on here insinuated that I won't get many takers so I don't want to waste a lot of time drawing up rules.

If someone volunteers to go against me, we will draw up the rules and decide what to compete for.

I know there are a lot new traders on here that may not want to compete but come on - don't be scared. I am not a super trader by any means. I am still not even consistently profitable. I left work to trade back in December last year and have blown two accounts since then. However, I am learning and feel that I am really improving.

I have began keeping a journal over at T2W and knowing that my peers are reading it has meant I have traded far better than usual. I think a competition would be an extension of that - I think it could be a good learning process, a good deal of fun and even a chance to massage your ego...

It's all friendly....
  • #10
  • Apr 24, 2007 11:09am Apr 24, 2007 11:09am
Quoting WHTenn
Tom, check out this ff.com link: http://www.forexfactory.com/showthread.php?t=26933
Thanks for this - I have already registered but I now need to find $5,000 to fund the account!
  • #11
  • Apr 24, 2007 11:10am Apr 24, 2007 11:10am
I like the idea.

My suggestion would be to open the competition to more people, find a small trust, have everyone deposit their money into the trust pool and then at the end of the competition ALL the money goes to the charity of the winner's choice.

Obviously, you make the entry fee nominal ($5 or so) and then use the SAME brokers to trade with. If you use MetaTrader demos, you can probably get "read-only" access to the accounts so others can follow along as well as use it for verification.

If you're going for "prestige", then there's no reason to make the competition about money (hence the reason for all entry fees go to charity). I mean, it'd be a pretty sweet deal if the trust donated $500 (100 traders) in your name to your charity. That's a pretty good feeling right there.

AND you get more people involved.
  • #12
  • Apr 24, 2007 11:14am Apr 24, 2007 11:14am
I'm glad you got it rolling. I'll be backing you.
Do not focus on making money; focus on protecting what you have.
  • #13
  • Apr 24, 2007 11:17am Apr 24, 2007 11:17am
I am interested only if traded in demo accounts.

To avoid piracy with the trade I propose that all the contestants open a demo account in the same broker and give Merlin our personal passwords of those accounts.

He will be ably to declare a final winner with no doubts.

Well.. if Merlin agrees of course...

iiivb
  • #14
  • Apr 24, 2007 11:24am Apr 24, 2007 11:24am
guys, there's another world to enjoy out there other than trading
j/k!

have fun!
  • #15
  • Apr 24, 2007 11:25am Apr 24, 2007 11:25am
Quoting iiivb
To avoid piracy with the trade I propose that all the contestants open a demo account in the same broker and give Merlin our personal passwords of those accounts. He will be ably to declare a final winner with no doubts.
Use MT4 with auto publish and everyone anytime can drop in and see up to the minute live statements for everyone.

I'll donate server space for publication free. Read only passwords can be done on MT4 as well but it's easier to access by publishing. Perhaps a link in each signature to the individual's statement.
Do not focus on making money; focus on protecting what you have.
  • #16
  • Apr 24, 2007 11:27am Apr 24, 2007 11:27am
why don't you guys use the oanda thing?

http://fxlabs.oanda.com/cgi/fxlabs.pl?id=16
  • #17
  • Apr 24, 2007 11:40am Apr 24, 2007 11:40am
Quoting turbokaos
why don't you guys use the oanda thing?

http://fxlabs.oanda.com/cgi/fxlabs.pl?id=16

Turbokaos,
Thank you! That looks perfect!
I know many of you use MT4 - do they do anything similar?
At any rate, I have got the ball rolling and set up the competition.
Here is the direct link to register:
https://fx2.oanda.com/mod_perl/fxcon...&contestId=167
I set it as open to the public...I'm not sure if this means to everyone that uses Oanda in general but ALL entries have to be approved by me so let me know if you register and I will add you.
I have set the start date of the competition as Monday 7th May which gives us some time to decide on rules and prize.
  • #18
  • Apr 24, 2007 12:17pm Apr 24, 2007 12:17pm
Quoting the_wizard
I would suggest that 50% of the winnings go to a charity of the losers choice.

So, any takers?

Tom
Now you're going the Oanda demo route why not poll the challengers for a charity they would like to donate their entry fee to? The participants decide on the charity before the competition starts and the donation is made online through a site such as http://www.justgiving.com.

The entry fee is any nominal amount you wish. But the same for all. Perhaps $100? It would serve to do away with people who register but don't participate, perhaps. And so the Forex Factory Foundation was born. Will it ever rival the Gates Foundation? Perhaps not. But the traders participating will be serious if they've paid. Or maybe not. Just an idea.
Do not focus on making money; focus on protecting what you have.
  • #19
  • Apr 24, 2007 12:47pm Apr 24, 2007 12:47pm
This Oanda's demos gives real money if you win? Or u r saying to pay a fee to participate?

Quoting Why Oh Why
Now you're going the Oanda demo route why not poll the challengers for a charity they would like to donate their entry fee to? The participants decide on the charity before the competition starts and the donation is made online through a site such as http://www.justgiving.com.

The entry fee is any nominal amount you wish. But the same for all. Perhaps $100? It would serve to do away with people who register but don't participate, perhaps. And so the Forex Factory Foundation was born. Will it ever rival the Gates Foundation? Perhaps not. But the traders participating will be serious if they've paid. Or maybe not. Just an idea.
  • #20
  • Apr 24, 2007 1:05pm Apr 24, 2007 1:05pm
Quoting iiivb
This Oanda's demos gives real money if you win? Or u r saying to pay a fee to participate?
Participants choose the charity. Anybody signed up yet? Be nice if demos turned in to real money!!!!
Do not focus on making money; focus on protecting what you have.
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