CME "Trade Against a Pro" Trading Challenge - March 3-8
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CME "Trade Against a Pro" Trading Challenge - March 3-8


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Created February 21st 2019 by snax
Updated March 9th 2019 by snax
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CME "Trade Against a Pro" Trading Challenge - March 3-8

  #1 (permalink)
Legendary Market Wizard
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CME "Trade Against a Pro" Trading Challenge - March 3-8

Hello,

I thought some of you might be interested in doing this for fun, learning, or both.

https://www.cmegroup.com/education/trading-challenge.html

I did one of their trading competitions in Energy futures at the end of last year (Nov. 2018). (/CL, /RB, /BZ were allowed and you had a virtual account of $100,000.00). I thought it helped me learn a few things.

Cheers,
snax

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  #2 (permalink)
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Read all the documentation couldn't find anything that says what instruments you can trade and how they would decide whether your were filled or not.

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  #3 (permalink)
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I didn't find any either, unfortunately this seems pretty typical.

Last time they emailed me before the challenge and I had to review some educational stuff before I was officially entered into the challenge. They were just videos and docs about how the West Texas Intermediate pipeline worked and likewise for Brent crude (since it was an energy futures challenge), though I don't remember if it was mandatory or suggested now that I think about it.

Maybe all cme-listed products are valid? Won't know for sure until more info comes out.

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  #4 (permalink)
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snax View Post
Hello,

I thought some of you might be interested in doing this for fun, learning, or both.


I did one of their trading competitions in Energy futures at the end of last year (Nov. 2018). (/CL, /RB, /BZ were allowed and you had a virtual account of $100,000.00). I thought it helped me learn a few things.

Cheers,
snax

Thank you, i will give this a try! good share

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  #5 (permalink)
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snax View Post
I did one of their trading competitions in Energy futures at the end of last year (Nov. 2018). (/CL, /RB, /BZ were allowed and you had a virtual account of $100,000.00). I thought it helped me learn a few things.

So how did they decide if you got filled? Was it filled if touched? Did they take commissions out? Is the $100,000 how much margin you have?

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  #6 (permalink)
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SMCJB View Post
So how did they decide if you got filled? Was it filled if touched? Did they take commissions out? Is the $100,000 how much margin you have?

1) I don't have a sure answer for how they decide if you get filled (I haven't asked them). I do use their simulator for my current trading that I am journaling, as well as experiments outside of that when I want to test new strategies and I am getting partially-filled on orders for multiple contracts so I know they have some sort of queueing model to simulate a real order book and it does not always just fill if it hits your price though sometimes it does, which i think is cool and more realistic.
My "serious" sim-trading that I journal and track is usually just one contract orders but even then I have seen my price get hit and not filled a couple times this paat week.

2) They do not take commissions out, your P/L that is ranked is exactly what it would be before any fees. I track that separately and I use the following model:

/ES, /NQ
$1.25 per contract per side.
$1.18 Clearing fee per side
$0.02 NFA fee per side
$0.30 Transaction fee per side
= $5.50 round-trip per contract

/CL, /NG, /GC are almost the same except the clearing fee I bump to $1.50 per side so round-trip is about $6.14 per contract.

3) They limit your position to 10 contracts in any product, but you can open positions in multiple products. I want to say the margin reqs. are something like $7,480.00 per contract but I don't know if its actually enforced. I've never had a virtual margin-call.

Hope this helps answer some of your questions.


Last edited by snax; February 23rd, 2019 at 02:53 PM. Reason: clarification.
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  #7 (permalink)
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Thanks @snax. I was thinking about entering and trying to only trade butterflys. No-commissions would make this very doable, but the max 10 contracts would make it impossible. Many of the CL butterflys have an initial margin of only $100, so theoretically if you were leveraging a $100,000 account you could have a 1000. Obviously not good advice for real life!

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  #8 (permalink)
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SMCJB,

That's interesting that you were thinking butterfly spreads, do you do any pairs-trading?

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  #9 (permalink)
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Primarily CL and NG Spreads and Butterflies

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  #10 (permalink)
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FYI, I noticed this on the simulator site:


Quoting 
Market Data and Simulation Provided by CQG

I'm (roughly) guessing that CQG just models the order queue-depth based on current live market volume and simulates the partial-fills and slippage of the live market in the simulator.

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