It will reset monthly, and if I have it my way the contest will run every month. But depending on a few things still being worked on, it might have to be once a quarter, but the duration will be 30 days in either case.
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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.
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ok, it goes back to what I said on my prior post ... I am responding to his argument on this thread that he posted... his argument should stand on its own, not in conjuction with other postings on his own personal thread...
I agree that it eludes most on boards like this that we are all (ultimately) in aggressive competition against each other, but that is more in theory than in practice... This competition will most likely appeal to beginning traders, and I don't see the harm in having some friendly sim competition ..
Btw, I've always found trading to be a soothing endeavor. I find it more relaxing to let others do the fighting and I'll just ride the wave that follows the capitulation/retreat...
nah, not fierce... I just find frustrating sometimes when people let their feelings and personal emotions interfere with logical arguments... I dont mind being moderated, but it should be based on logic and not emotions..
I have nothing against sim when used right, but I just think it sets the wrong expectations on a competition because it provides the "winner" the illusion of having traded well... after all, it is a competition... which will undoubtly provide someone with bragging rights... but based on what? simulations?! as you said, it will attrack the beginner for the most part...
I find it more in-line with a competition to emulate reality, heck... imagine if the world series of pokers was a "sim/paper"... vs. what it is, real $$$ at risk... a real cash prize would attrack those that lurk in the dark that can contribute actual knowledge about trading and not just silly indicators... anyhow, I guess I care about this forum standing for a place where one could learn something.. and I just see it being diluted towards complaciency more and more... not my forum in the end, and now I digress...
FYI Timothy Sykes is a penny stock trader with a short bias. His Trading challenge is to teach selected individuals to trade like him.
He also has a site called profit.ly created to track performance, they have various leader boards. Click here for the features. He has a pretty good track record as far as I can tell.
Last edited by Cogito ergo sum; August 18th, 2011 at 10:04 AM.
But after been doing this for a few years, I've come to realize that trading is more in the entertainment realm rather than a serious venture for most.
It is not easy to lure the successful traders out. And why would it be? As you said, this is a competitive business, and that makes it hard to share one's knowledge...
That being said, by imposing a max DD and hopefully providing realistic fills, I would say that it might provide some value for the participants. It would of course be better to have a competition tied to a real account, but take it for what it is...
Last edited by Lornz; August 18th, 2011 at 10:59 AM.
The following user says Thank You to Lornz for this post:
I agree, the biggest challenge to finding a real professional trader, or even an institutional one, who might be willing to share is that 1) he/she lacks patience to deal with what they will consider stupid questions, and 2) ones account size is small in comparison... I mean, I know of guys on the bank that make a few Million a year in bonus only because of their P&L... I try to learn from them by just observing when they allow me on their desk during the trading day... but they are trading with a few hundred million of the banks money... and their strategies are not the same as what one would use unless ones funding was that resourceful... the only thing I have been able to "mimic" from work is the spreads trading, and at that, doing it with the most affordable ratios I can that get close enough to neutral with, and adding my own variation of exiting the losing spread leg once I am certain of the direction of the markets in question and then increasing the position on the winning leg... I dont give much of anything away by saying that part.. the trick on spreads is on the formulat to calculate the right ratios given a specific instrument..