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10% a month challenge

  • #61
  • Aug 14, 2016 3:24pm Aug 14, 2016 3:24pm
Super thread. Super idea.

Thanks.

I will be following along. Not sure how I can post my information. Will root around in my trade journal program and see what I come up with.


Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #62
  • Aug 14, 2016 6:08pm Aug 14, 2016 6:08pm
Quoting JustUsePrice
{quote} If a trader hits > 10% DD, then they are out for the month. If they choose to come back, they need to come back the start of the next month. I am going to follow baseball rules here. 3 strikers and you are out permanently


Masterrmind...........
Master your Mind then Master your Trades
  • #63
  • Aug 14, 2016 6:12pm Aug 14, 2016 6:12pm
Quoting HeyYou
{quote} I think those hedge funds are using max 1:3 leverage. And lol nobody can achieve such results with a 10% rdd, not over the long term.
Thanks for the vote of confidence HeyYou
  • #64
  • Aug 14, 2016 6:13pm Aug 14, 2016 6:13pm
Quoting Rufus
Super thread. Super idea. Thanks. I will be following along. Not sure how I can post my information. Will root around in my trade journal program and see what I come up with. Rufus
Thanks Rufus. I welcome your contribution and participation
  • #65
  • Aug 14, 2016 6:15pm Aug 14, 2016 6:15pm
Quoting TakeUrPills
{quote} What about linking the TEs of all participants to this thread? Or create a separate thread only for the TEs, because a lot of linked TEs would skew the layout of the page (would require lots of scrolling). Thread linking Any public Explorer can now be linked to any Forum thread. Once linked, the Explorer will be displayed at the top of the thread, making it easy to discuss your Explorer with others, or discuss another members Explorer. To link an Explorer, click Thread Tools > Thread Options...
Thanks for the suggestion ... Can we link more than one TE to the same thread or is it just one TE per thread ??
  • #66
  • Aug 14, 2016 6:26pm Aug 14, 2016 6:26pm
Quoting HeyYou
{quote} I think those hedge funds are using max 1:3 leverage. And lol nobody can achieve such results with a 10% rdd, not over the long term.
The leverage applied would be very low although it would likely vary a bit depending on the sector being traded and the risk parameters applied.

I'm sure the majority of these hedge funds have gone well and above a 10% DD level at some point in history but I have not seen the data (yet).

The other important point to make is that they do not trade only FX but rather options, stocks, bonds and a whole host of other diversified investments.

FX trading tends to produce much higher variations in the realized DD.

So we probably have our work cut out for us!

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #67
  • Aug 14, 2016 6:31pm Aug 14, 2016 6:31pm
Quoting JustUsePrice
{quote} Thanks for the suggestion ... Can we link more than one TE to the same thread or is it just one TE per thread ??
Trade Explorer

You really need to read all of the following material to understand how TE operate.

http://www.forexfactory.com/userguid...trade_explorer

You can have up to 8 TEs but I think you can only link 2 TEs to a thread (best to check the guide to be sure).

Masterrmind............
Master your Mind then Master your Trades
  • #68
  • Aug 14, 2016 6:39pm Aug 14, 2016 6:39pm
Quoting Masterrmind
{quote} Trade Explorer You really need to read all of the following material to understand how TE operate. http://www.forexfactory.com/userguid...trade_explorer Masterrmind............

I am no expert in TE and really do not want to be ... sorry I am lazy in that respect. If someone wants to volunteer to keep stats on all the TE participants and starts a new thread for that, they are more than welcome to do so, and we can just link to that thread in my first post in this thread for all future tracking
  • #69
  • Aug 14, 2016 6:44pm Aug 14, 2016 6:44pm
Quoting MXT
it would be cool to post a weekly and daily ranking like other trading contests
I like this idea!

Update Post 1 by the thread OP at the end of each week and end of each month with say the top 5 traders.

Masterrmind............
Master your Mind then Master your Trades
  • #70
  • Aug 14, 2016 6:45pm Aug 14, 2016 6:45pm
Quoting Masterrmind
{quote} I like this idea! Update Post 1 by the thread OP at the end of each week and end of each month with say the top 5 traders. Masterrmind............

Hmmm, how do I keep track of all participants though ??
  • #71
  • Aug 14, 2016 6:47pm Aug 14, 2016 6:47pm
Quoting JustUsePrice
{quote} I am no expert in TE and really do not want to be ... sorry I am lazy in that respect. If someone wants to volunteer to keep stats on all the TE participants and starts a new thread for that, they are more than welcome to do so, and we can just link to that thread in my first post in this thread for all future tracking
Sounds like a bookkeeping nightmare.

I know that with an honor system it will be difficult to hold traders accountable. But that might be the easiest way of doing it.

As for me. I'm not sure I will start in September. Will be gone for about two weeks of it. Then again maybe just grab the 10% before I leave.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #72
  • Aug 14, 2016 7:00pm Aug 14, 2016 7:00pm
Quoting Rufus
{quote} Sounds like a bookkeeping nightmare. I know that with an honor system it will be difficult to hold traders accountable. But that might be the easiest way of doing it. As for me. I'm not sure I will start in September. Will be gone for about two weeks of it. Then again maybe just grab the 10% before I leave.

I do not think that hitting 10% profit is as important as not hitting 10%DD. Hitting 10% profit per month is just a goal and if you don't hit, it does not knock you out of the competition. However going over 10% in DD WILL knock you out of the competition and will force you to reset again. and as said before you will have 3 strikes and you will be permanently out
  • #73
  • Aug 14, 2016 7:58pm Aug 14, 2016 7:58pm
Quoting JustUsePrice
{quote} Hmmm, how do I keep track of all participants though ??
It might be outside the scope of this thread actually.

A lot depends on the number of participants as to the complexity and this number cannot easily be controlled since its an open invitation and over time more and more traders are likely to add to the pool of "friendly" competitors.

You need software that links participants to a leader board but I think this is getting too involved for you.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

I suppose you could ask traders to post a screenshot of their TE results at the end of each week and then you would have to go through the posted TEs, check the actual matches and then post the top 5 to Post#1 in your thread which you can update every week and every month.

Are you willing to do some of this work?

If not then how will you know when to eliminate traders with 3 strikes?

Clearly you will need to keep tabs on all traders to achieve this!

I think you have your work cut out for you if you plan to keep this thread active and interesting and functioning correctly.

ps. you'll always have some subscribers like myself that are willing to give advise and help out but updating Post#1 will be your duty.

All the best,

Masterrmind............
Master your Mind then Master your Trades
  • #74
  • Aug 14, 2016 8:06pm Aug 14, 2016 8:06pm
Quoting Masterrmind
{quote} It might be outside the scope of this thread actually. A lot depends on the number of participants as to the complexity and this number cannot easily be controlled since its an open invitation and over time more and more traders are likely to add to the pool of "friendly" competitors. You need software that links participants to a leader board but I think this is getting too involved for you. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ I suppose you could ask traders to post a screenshot...

I am willing to do the work, but I need people to be honest and post their results end of the week and end of the month.
  • #75
  • Aug 14, 2016 8:06pm Aug 14, 2016 8:06pm
I just created my brand spanking new account for the purpose of the challenge ... Wish me luck
  • #76
  • Aug 14, 2016 8:36pm Aug 14, 2016 8:36pm
Then you have guys like me who don't use Trade Explorer.

Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #77
  • Aug 14, 2016 8:57pm Aug 14, 2016 8:57pm
Quoting Rufus
Then you have guys like me who don't use Trade Explorer.

Well, again, this is more of a self challenge, and you are to really compete with your inner self and keep discipline. I wanted to challenge myself and see if I can keep myself disciplined and write it down in a journal (in my case this thread and TE). This is not a real competition where we need to keep stats and such. We all need to be honest with ourselves and just challenge ourselves. We will just use the honor system, and ask traders for their numbers. No need to cheat as there is no prize at the end of this except for practicing self control. If you cheat you will only be cheating yourself. We are not here to brag and boast.

I will ask traders to give their stats on weekends for weekly updates, and end of each month for monthly updates. I will do random checks on you to keep you honest and I will update the first post with top numbers ... Fair enough ?
  • #78
  • Aug 14, 2016 9:04pm Aug 14, 2016 9:04pm
Quoting JustUsePrice
{quote} Well, again, this is more of a self challenge, and you are to really compete with your inner self and keep discipline. I wanted to challenge myself and see if I can keep myself disciplined and write it down in a journal (in my case this thread and TE). This is not a real competition where we need to keep stats and such. We all need to be honest with ourselves and just challenge ourselves. We will just use the honor system, and ask traders for their numbers. No need to cheat as there is no prize at the end of this except for practicing self...

Sounds like a plan.

This thread could become a psychological gem. One interesting thing to me about trading is how pips lead to psychology and how psychology leads to pips. The chart is a mirror to our minds.

"Baseball is 90 percent mental and the other half is physical." - Yogi Berra


Have a good week all.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #79
  • Aug 14, 2016 9:06pm Aug 14, 2016 9:06pm
  •  jliem
  • Joined Aug 2015 | Status: Follow One Course Until Success | 12 Posts
Hey guys, it looks good. Please count me in..
[Pray for Wisdom]
  • #80
  • Aug 14, 2016 9:31pm Aug 14, 2016 9:31pm
Quoting JustUsePrice
{quote} I am willing to do the work, but I need people to be honest and post their results end of the week and end of the month.
I think this is a great approach because should a trader be deceptive they will no doubt eventually be found out and this would be quite shameful.

Good call!

Masterrmind............
Master your Mind then Master your Trades
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