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Trading Competitions?
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Trading Competitions?

  #11 (permalink)
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Baseheadz View Post
If you win, you can supposedly become an advisor and get a $50K account to trade
2010 World Cup Trading Championships - Michael Michaud - Seeking Alpha

I guess if the purpose was to become known so you can manage others money... but as a legendary trader (the boy plunger) believed... you only become an adviser when you can no longer trade money on your own... so if the prize was you get $50K cash to you, then I get it... but $50K account to trade... not sure I get the point of it given that is a small account... specially for an adviser...

then again, maybe I should read the contest rules and educate myself before saying much of anything else..

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  #12 (permalink)
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sysot1t View Post
but, if it is demo... then anything in there wont be as realistic... why not just work with a broker instead to have real accounts and those that want to compete for a pool/prize can then trade real money?

It is paper, but it is real-time (not delayed data) and also it is a "real" broker account, so you can't reset it or cheat. I wanted paper because I wanted it to be more accessible. You and I know that sim != cash trading, but that is why I added the drawdown limitation to make it slightly more realistic. It's all in good fun.

Anyway, I will announce more once it is ready.

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  #13 (permalink)
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Mike,

I like the idea of the competition being simulated. The 10% drawdown elimination is enough to knock out most "lucky" traders over time. If the contest is tracked as a simulation, but is linked to whatever broker someone has, it may be possible for it not to matter whether the trade was real money or not?

Encouraging traders to compete without having to risk real money seems more in the spirit of education. When it comes to trading with real money, the pressure to outperform someone else could be dangerous.

Great idea, looking forward to it. And, great job here overall Mike!

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  #14 (permalink)
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GaryD View Post
but is linked to whatever broker someone has, it may be possible for it not to matter whether the trade was real money or not?

Lets say you use MultiCharts. You simply input the new credentials supplied for the contest, and you select that account on your DOM when trading. There is nothing about your existing broker that matters.

Mike

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  #15 (permalink)
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Ok, you guys do live market and I will do market replay. I bet I will win. haha...

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  #16 (permalink)
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GaryD View Post
Mike,

I like the idea of the competition being simulated. The 10% drawdown elimination is enough to knock out most "lucky" traders over time. If the contest is tracked as a simulation, but is linked to whatever broker someone has, it may be possible for it not to matter whether the trade was real money or not?

Encouraging traders to compete without having to risk real money seems more in the spirit of education. When it comes to trading with real money, the pressure to outperform someone else could be dangerous.

Great idea, looking forward to it. And, great job here overall Mike!

you must not realize that we are all competing against each other in the real world... and btw, there is no better education (IMO) than risking real $$$.. sim/paper is only to get familiar with a platform... fills, regardless of real time data, will never be the same in paper/sim... so any "success" will be quickly shattered when you move from sim/paper to real $$$, and lets not forget that psychology is also different... regardless of whatever is done with paper/sim and rules in place to "imitate" the real world... also, the only two platforms that I know that come close to mimicing real trading are CQG and XTrader...

like mike said, this is all in good fun... and that is all that it would be ... fun .. with some prizes attached...

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  #17 (permalink)
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sysot1t View Post
you must not realize that we are all competing against each other in the real world... and btw, there is no better education (IMO) than risking real $$$.. sim/paper is only to get familiar with a platform... fills, regardless of real time data, will never be the same in paper/sim... so any "success" will be quickly shattered when you move from sim/paper to real $$$, and lets not forget that psychology is also different... regardless of whatever is done with paper/sim and rules in place to "imitate" the real world... also, the only two platforms that I know that come close to mimicing real trading are CQG and XTrader...

like mike said, this is all in good fun... and that is all that it would be ... fun .. with some prizes attached...

Hey. Let's take it easy with the assumptions ie "you must not realize..." and etc. I think that is totally uncalled for, plus I think if you were to read GaryD's thread you'll see you are assuming wrongly anyway about him. Besides, no one here has said anything to the contrary about sim trading being just as easy as cash, or cash not being harder, or anything along those lines.

Mike

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Need help?
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  #18 (permalink)
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Big Mike View Post
Hey. Let's take it easy with the assumptions ie "you must not realize..." and etc. I think that is totally uncalled for, plus I think if you were to read GaryD's thread you'll see you are assuming wrongly anyway about him. Besides, no one here has said anything to the contrary about sim trading being just as easy as cash, or cash not being harder, or anything along those lines.

Mike

not assuming anything about GaryD... I dont know him... only going by his statement and argument... and based on his argument as to


GaryD View Post
When it comes to trading with real money, the pressure to outperform someone else could be dangerous.

is why I state that he must not realize that we are competing against each other in the real world, given that anyone that has a clear understanding knows that pressure exists no matter what... one competes against others, or competes against oneself... so pressure, no matter what..

also, what thread are you referring to? I am only going by what he has posted on this specific thread, I dont see why I should have to research an individual to understand what they are trying to say if you are suggesting that I should visit his other threads... or, by thread, are you referring to his comment on this thread? unclear about your statement.

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  #19 (permalink)
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Big Mike View Post
I just want to throw out there, I am working with a broker now to create a futures.io (formerly BMT) trading competition. This has been a few months in the planning, and the broker is implementing a few things I asked for and hopefully it will all work out.

But the plan is:
- Open to futures.io (formerly BMT) members, free
- 1st of month: everyone starts with 25k
- Max drawdown allowed: $2,500, exceed it and be disqualified
- Will be able to run daily/weekly reports, show who is in the lead etc
- Use your favorite platform
- Prize to the winner

I'll post more once it is actually all working, but I look forward to making this a recurring contest.

Mike

How many weeks would the contest run? I ask b/c a $2500 DD seems kinda small. Maybe not for a $25K account as that is 10%, but what happens if you were to grow the account to a theoretical $100K, a $2500 DD is only 2.5%.

Wouldn't it make more sense to tie the disqualyfing DD to a percentage instead of a fixed number?

Just a thought.

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  #20 (permalink)
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sysot1t View Post
also, what thread are you referring to?

This one:
https://futures.io/commodities-futures-trading/12409-catching-big-waves-traders-journal-surfing-markets.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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