The Race

[Attila 10]

Statement for 06/15.........

[Attila 10]

Statement for 06/16........

[FX_Cowboy 10]

Regretfully, I have decided to withdraw from The Race. My trading results are my responsibility, but so are my decisions concerning the environment I trade in, and I do feel as if my participation in The Race was causing me to focus more on dollar results, participants' standings in The Race, etc. rather than on good, systematic trading.

 

I wish the very best trading to all who continue in The Race. I really would like to see someone achieve this competition's stated goal!

 

Best regards,

FX Cowboy

[bakrob99 11]

Hmmm... well the Race is certainly showing that psychology trumps system.

[bakrob99 11]

With most racers crashing or being sideswiped... I think the Race has demonstrated that goals must be believable... and that psychology trumps system.

[Cory2679 11]

With most racers crashing or being sideswiped... I think the Race has demonstrated that goals must be believable... and that psychology trumps system.

 

I think for a competition like this to be legitimate, there would need to be some sort of criteria/screening process for participants.

 

I think if there were some rule that only wildly successful traders, with stratospheric performance track records and at least $10+ million net worths (from trading) could participate, the competition would be a lot different.

 

I don't mean to offend anyone...I don't know anyone here's story, really...but I was just thinking about this because if a lot of people like me got on here and gave this a shot...people who haven't even made a $1 mil before in their lives (yet )...it's not really a fair representation of what's possible/acheivable by top traders.

 

 

PS: I wish sicktrader would step up his level of participation...he claims to have done this before multiple times!

[nkhoi 10]

Hmmm... well the Race is certainly showing that psychology trumps system.

the thread exposed the ugly truth of fantasy vs reality.

[mktwzrd 10]

When I first saw this thread, I knew with 100% certainty that no one would succeed because I've tried it before and learned that it was impossible/couldn't be done...by anyone.

[Tams 20]

When I first saw this thread, I knew with 100% certainty that no one would succeed because I've tried it before and learned that it was impossible/couldn't be done...by anyone.

 

just because you have tried it and failed,

then it is impossible/couldn't be done... by anyone.

 

Brilliant !

[mktwzrd 10]

just because you have tried it and failed,

then it is impossible/couldn't be done... by anyone.

 

Brilliant !

 

Just to be clear...I was being sarcastic/mocking the naysayers.

[MightyMouse 12]

When I first saw this thread, I knew with 100% certainty that no one would succeed because I've tried it before and learned that it was impossible/couldn't be done...by anyone.

 

It is very hard to do, but you are 1000% wrong when you say it cannot be done.

[Tams 20]

the thread exposed the ugly truth of fantasy vs reality.

 

I think the thread exposed the bark from the bite.

[MightyMouse 12]

I think the thread exposed the bark from the bite.

 

If this thread started with 1000 traders with +-$2000 accounts and each took trades opposite to the next guy, and stayed in the trade until one of their accounts was drained to zero, the the feat of a trader reaching $1 million would be achieved in approx. 10 trades or less. There would be only one trader who achieves the goal. But, the goal would be achieved with absolute certainty.

 

The only unknown would be who that winning trader would be.

[mktwzrd 10]

When I first saw this thread, I knew with 100% certainty that no one would succeed because I've tried it before and learned that it was impossible/couldn't be done...by anyone.

 

I think it's kind of funny/interesting that the sarcasm wasn't detected in my post...

 

There are so many bitter losers roaming these forums (more at ET) that really DO have the attitude of my post, that when I say something as negative/ridiculous/extreme as a I did, it is assumed that I'm serious rather than sarcastic!!! :rofl:

[brownsfan019 17]

While I enjoyed watching the race from the sidelines, as I said at the beginning - this goal was very unrealistic on such small trading accounts. IMO it was not in the spirit of trading but a casino if you wanted to possibly reach the target.

 

It's disappointing that many just kinda disappeared or had other business interests to attend to. Some of you guys hate when I say this, but I think it does stress to be careful who you take advice from as well on forums. If they are trading part-time or as a hobby, that's a little different than someone who does this for a living.

 

[ekshay 10]

Brownsfan, I am curious.

Would it have been any different if it were just "The Race" instead of "The Race to the Million" ?

 

I mean, if all were just to do the best trading they could over a specific time period ... not trying to reach the million, but just competing with, inspiring and holding each other accountable for discipline.

 

What if The Race had winners in various categories, like Sharpe Ratio, Overall Equity Curve, Best Comeback from Drawdown, Most Disciplined, etc.

 

[RichardTodd 10]

While I enjoyed watching the race from the sidelines, as I said at the beginning - this goal was very unrealistic on such small trading accounts. IMO it was not in the spirit of trading but a casino if you wanted to possibly reach the target.

 

I don't know why there's suddenly a glut of posts in the past tense. Did I miss the post where the race ended? That would be a shame.

 

Secondly, from the inaugural post:

 

It is admittedly an extremely difficult task. None of us has need to hear from anyone just how difficult it is. I would ask that spectators refrain from the usual warnings, cautions, insults, etc. and so on to which threads such as this typically give rise

 

Can we not respect this request? I would not expect the results of a competition like this to reflect anyone's normal trading, so all of this talk in recent posts about "ugly truths" is really out of place. You don't turn $3k into $1003k by being conservative. You don't do it in the same way you turn $20k into $25k to grind out a living. Obviously not! So why is it even worth discussing? One could argue that if you don't blow up at least once you are doing it wrong :haha:

 

People that enter the race without understanding that will get a lesson more valuable than the $3k they put at risk, so there's really no way to lose, except by being a naysaying bystander.

[brownsfan019 17]

Brownsfan, I am curious.

Would it have been any different if it were just "The Race" instead of "The Race to the Million" ?

 

I mean, if all were just to do the best trading they could over a specific time period ... not trying to reach the million, but just competing with, inspiring and holding each other accountable for discipline.

 

What if The Race had winners in various categories, like Sharpe Ratio, Overall Equity Curve, Best Comeback from Drawdown, Most Disciplined, etc.

 

 

That's what the P/L thread is for. You can post what you want, no pressures to meet a random objective, etc.

[SIUYA 11]

The race is fun, its highly likely (but not impossible) to achieve the end goal, and will attract people with more bark than bite, will attract all the naysayers.....blah blah

 

I think it has been mentioned before, and the racers that have dropped out have pretty much given the reason why they are dropping out....

 

Focus.

 

I could not enter a race such as this as it sidetracks my focus and would cause me to deviate from my plans and second guess them. A few of the drop outs seemed to imply this happened to them.

 

While its great and I applaud the idea and the participants - possibly a race to a SIM based $1 million from $3000 might mean that it can still be shown its possible, without the worry about the focus deviating from the actual focus to make money on whatever amount you are actually trading. It could be by invite only to stop every tom dick and harry (and people can still choose to use real money if they like)

 

Call me old fashioned but such a small difference might make it more possible. Off course the money is not real, but the lessons will be. There are not many people who can make money trading as it is, and even fewer who can turn 3000 into 1m

(ps this is not sarcastic, critical of anyone, or anything else....just a suggestion)

[bakrob99 11]

If this thread started with 1000 traders with +-$2000 accounts and each took trades opposite to the next guy, and stayed in the trade until one of their accounts was drained to zero, the the feat of a trader reaching $1 million would be achieved in approx. 10 trades or less. There would be only one trader who achieves the goal. But, the goal would be achieved with absolute certainty.

 

The only unknown would be who that winning trader would be.

 

In theory you may be right - but in practice my point is: NO ONE will do it because they will not have the gumption to stick to the rules. Especially when they are up 6 big figures ... Ouch wouldn't want to see the drawdown.

 

My experience with trading suggests that I do well when I am in the right frame of mind to just trade my rules and be okay with what the results are. When I am nervous or try to "predict" ... forgedaboudit.

[bakrob99 11]

..... possibly a race to a SIM based $1 million from $3000 might mean that it can still be shown its possible, ....

 

SIM race would be okay ONLY IF you could have realistic entries and exits. Butmost or all SIM actually allows you to gain the bid-ask spread which is a huge benefit. When I am practicing a setup I either ONLY use market orders for SIM or only enter/exit after my price has been exceeded by 1 tick.

[bakrob99 11]

I don't know why there's suddenly a glut of posts in the past tense. Did I miss the post where the race ended?

 

well... to have a race you need more than 1 competitor. Most of the guys/gals have dropped out and the others are not trading as they are busy in their normal lives.

 

I for one, hope that it gets going again

Edited June 18, 2010 by bakrob99

[mike21 10]

So, what happens to the iPad. Does the 'last comic standing' win by default?

[thalestrader 14]

It certainly looks as though the field has dwindled considerably over the last week. From what I see, it would seem that only Attila is still actively in the running.

 

Hey Sicko! Where did you go? I figured if anyone would keep to the course it would be you!

 

I intended to run the entire twenty weeks, but other demands have been placed upon me that were not at all anticipated and which I still find quite surprising. For a long time, it was my normal life to trade from September through May, and then be involved during my business's strong season from May through September. Then I made other arrangements during 2006-7 which removed me from my day to day responsibilities to the company. A perfect storm of slow economy, low staffing levels, and, now, an unforseen and sudden flurry of new demand has once again brought me into the day to day. We are so busy that I am in fact working the entire day today, Saturday, something which I haven't done in years! But you do what is demanded of you when the demand is there.

 

At any rate, I am still considering funding a small stock account in order to resume my participation at a minimal level. I am thinking, however, that given the leverage restrictions of stocks and options, that a 3K max is not workable. Does anyone have any objections to allowing a larger max for a non-futures, non-forex, non-insane leveraged, plain vanilla equities and equity options account? I figure I would start it at 5K, but would like the option of bringing it up to 25K.

 

Anyway, for anyone who still is in The Race, send me a PM with closing equity. I will be out tomorrow and then on the road much of next week, so the next update will likely be a summary of this past week's activity and next week's as well.

 

Happy Father's Day to the dads among us!

 

Best Wishes,

 

Thales

[thalestrader 14]

It is very hard to do, but you are 1000% wrong when you say it cannot be done.

 

 

A surprising but welcome post from MM!

 

Best Wishes,

 

Thales