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Idea for BMT contest one day........ Trader's Draft - mini-hedge fund!


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Idea for BMT contest one day........ Trader's Draft - mini-hedge fund!

  #1 (permalink)
Chicago IL
 
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Idea for BMT contest one day........ Trader's Draft - mini-hedge fund!

I heard @Big Mike asking about ideas for a contest. Now this could be waaaay far fetched, and there would be probably a lot of different ways to run it, and how to do it.

But here's the idea........

What about a trading competition with TEAMS and a DRAFT!?!?!? The teams would sort of be like a little hedge fund. Where the winning team would be the team that performs the best over some given period of time. This might not actually be feasible at all. Could be too many moving parts? Could be a lot of Ipads to have to give out

Could be something planned for a while from now after a few other competitions. Even if it's not really feasible for a competition, I think it's an interesting idea.

Ideas for questions:
  • Metrics to evaluate performance
  • How teams are selected
  • Are there team leaders
  • What type of experience qualifies for members (you would want fairly reliable people likely to continue after enrolled)
  • How would threads be organized to keep progress up to date
  • How many people per team
  • How many teams
  • Are SIM accounts used
  • Are Live Accounts used
  • What type of instruments are traded
  • How do teams communicate
  • What type of verification and auditing will be used to evaluate performance
  • Possiblly many more.........
  • What type of initial capital for the fund? Will the results just simply be weighted so that people could trade normal size, and allow for uniform distributed capital?
  • Could the idea be to have a fund manager that allocates position sizes based on performance
  • Does the manager manage various strategies or TEACH his 'employees' a strategy to trade?
  • Should everyone on a given team be rogue agents trading how they wish? No need for manager?


Last edited by forrestang; August 1st, 2011 at 02:57 AM.
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  #2 (permalink)
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I've been consulting with about a half dozen brokerages this year trying to put together a trading contest built on live trades, but with no real money changing hands. No possibility of cheating or resetting "sim" accounts, etc, as it would all be tracked by the broker just as if it were a live cash account.

The brick wall has been CME regulations with regards to data feeds for "trial" customers. I am still working on it, we may have to limit the contest to Forex only where tight regulation on the data is not a problem.

Mike

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  #3 (permalink)
NYC
 
 
Posts: 187 since Dec 2010


From my experience with dabbling in a few trading contests is you need to base it on something like the highest sharpe ratio.
If you base it on a % return it simply becomes an over leveraged roulette spin and senseless to try to do anything but come in either first or last.
There is also the problem it is not a terrible strategy at all to make one trade in and out for a tick and bet on everyone else losing money.

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  #4 (permalink)
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I had already decided everyone would start with the same account size, and there would be an explicit drawdown limit whereby if you exceed the drawdown you are disqualified for the month.

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  #5 (permalink)
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forrestang's Avatar
 
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Big Mike View Post
I've been consulting with about a half dozen brokerages this year trying to put together a trading contest built on live trades, but with no real money changing hands. No possibility of cheating or resetting "sim" accounts, etc, as it would all be tracked by the broker just as if it were a live cash account.

The brick wall has been CME regulations with regards to data feeds for "trial" customers. I am still working on it, we may have to limit the contest to Forex only where tight regulation on the data is not a problem.

Mike

I've never used it, and the only person that I know that actually has said the reporting was always off somehow, but what about something like "Collective2?"

If not that, is there a way to write a script that would send orders placed on your platform to a server with a unique time stamp to verify that time and price a transaction has occurred?

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  #6 (permalink)
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forrestang View Post
I've never used it, and the only person that I know that actually has said the reporting was always off somehow, but what about something like "Collective2?"

If not that, is there a way to write a script that would send orders placed on your platform to a server with a unique time stamp to verify that time and price a transaction has occurred?

Collective 2 is too slow for scalpers, and too expensive for a contest of people who don't already have C2 accounts.

Tracking executions directly on my server is an option, yes, but one that is too complicated right now - I have "projects" that are over a year old waiting to be implemented as it is

Mike

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  #7 (permalink)
Bielefeld Germany
 
 
Posts: 12 since Jan 2012
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I would like a contest where the computer picks a random historical half-day (week,hour,...) chart from a
chosen instrument and the user predict how it continues in the 2nd half of the day (up or down (or undecided=skipped)).

This could be easily done online on a webpage and statistics kept.
A list of the best/worst predicted patterns and predictors could be made.

The idea is so canonical, that I wonder why it doesn't already exist (does it ?)

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  #8 (permalink)
Oslo, Norway
 
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Posts: 1,198 since Apr 2010

There are ton's of simulators out there.

This is probably closest to what you're describing:
Chartgame.com - The time-lapse stock trading game

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  #9 (permalink)
Bielefeld Germany
 
 
Posts: 12 since Jan 2012
Thanks: 1 given, 1 received

yes, something like that.

Now with futures and intraday
and every of these chart-experts shall do it some hundred times and report the result !

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