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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..
Can you help answer these questions from other members on NexusFi?
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.
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!
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.
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.
not assuming anything about GaryD... I dont know him... only going by his statement and argument... and based on his argument as to
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.
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?
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