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thalestrader

The Race

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I respectfully ask that before you post to this thread, that you read this inaugural post in its entirety.

 

Moderated Message:
Apple iPad Awarded to the Grand Champion of "The Race" courtesy of Traders Lab and Thalestrader: http://www.traderslaboratory.com/forums/103/race-7826-15.html#post95569

 

Hi Folks,

 

Welcome to The Race.

 

This is a friendly competition where TL members who elect to participate will attempt to trade a small account, with a starting equity of no more than $3000.00, to one million dollars in profit. This will include open and closed trade equity as well as cashed out funds. The participants shall record those efforts here by regularly posting daily account statements/equity runs in this thread.

 

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. Rest assured that we each know that the risk of ruin is very real, possibly lurking just 'round the corner from our very next trade. So what? Trading involves risks. If you can't afford to lose, do not trade. We each are free to choose what we wish to do with our own risk capital. If you feel absolutely compelled to ridicule, chastise, or otherwise criticize with enmity The Race and its participants, you are free to start your own thread in which to do so, or visit the TL live chat and voice your opinion there.

 

None of us, as far as I know, have any commercial interest in offering trading advice, education, signal services, managed money, etc. and so on. Should evidence develop that any of the participants do have such designs, and that he or she is attempting to use The Race to further his or her own commercial interests, I will ask the moderators to close this thread, and the The Race will immediately be abandoned. This is intended to be a fun, friendly competition. The only profit to be gained by any of the participants is to come from his or her trading efforts.

 

The winner, should one of us actually achieve the objective of trading to a million in profits over the course of the contest, will be required to do the following in order officially to be declared the Winner and close this thread: 1) The trader must have the account and profits verified to the satisfaction of third party who has been deemed mutually acceptable to a majority of the participants. If TL's founder, James, is willing, I would prefer him to be the third party; and 2) the winner must use a portion of the winnings to provide transportation, hotel, and dinners for 3-5 days for each of the participants at a venue of the winner's choosing.

 

In order to participate, you must first post a daily statement/equity run showing that there are currently no open positions in your account, and that the total equity is less than $3000. This is obviously a contest for the long haul. While it officially opens as of 12:00 EDT AM April, 27, 2010, anyone may join the race at anytime after that date, so long as the trader declares his or her intention by posting a screen capture of a daily statement/equity run that comports with the aforementioned requirements.

 

I believe that takes care of the preliminaries. Below you will find the ground rules as they exist as they exist as of the commencement of The Race. Any changes, amendments, etc. must be presented in this thread, and agreed to by each of the participants.

 

 

 

The Race - The Ground Rules

 

Objective: To be the first participant to trade a small account to one million dollars USD in profits, including closed and open trade equity as well as cashed out funds, or at least to have a load of fun trying!

Ground Rules:

 

A. Accounting

1) Starting balance of trading account is not to exceed $3000.

 

a. Deposits are allowed at any time, either to replenish a blown account, or to allow additional margin, so long as the deposit does not result in an account balance greater than $3000.

 

b. No deposits are allowed if equity exceeds $3000.

 

2) Withdrawals are allowed. Notice of a withdrawal request to your broker should be posted to The Race thread on the day you make the withdrawal request.

3) Participants must post daily screen shots of his or her daily equity run by 9:30 AM EDT, with two exceptions: a. the equity run has not been received, or b. there has been no change in positions or equity since the last previously reported closing equity. If the equity run has not been received from your broker by 9:30 AM, it should be posted as soon as possible after it is received. Again, this is only required when there has been a change to the previously reported closing equity.

 

4) I will post a weekly summary of each participant's performance both for the week and from the beginning of each trader's individual participation in The Race.

 

a. This summary will be in terms of nominal dollars profit and loss. This is not a percent return race, but an accumulated profit race.

 

b. This summary will include both closed trade equity, open trade equity, and cashed out profits, if any.

 

5) The Race is open to new participants at any time. The only requirement for participation is a live, real money trading account of $3000 or less starting equity, and a willingness to post a daily equity run. A trade blotter is not sufficient. Your post must show instrument(s) traded, entry price, exit price, commissions, fees, etc. as well as closed equity and open trade equity.

 

B. Trading

 

1) Real time calls are not necessary - just post a copy of the daily equity runs with your name and account numbers painted out.

 

2)The Race is open to all trading styles - day traders, swing traders, scalpers, position traders.

 

3) Any freely traded liquid instrument is allowed - futures, spot forex, stocks, bonds, options, cfd's, etc. and so on. The Race can accommodate the $25 microlot account holder, a $1000 futures account holder, as well as a $3000 cash or margin stock account holder.

 

4) As this is open to all trading styles, there is no requirement that a trader place a trade every day, every week, or even every month for that matter. The only requirement is that a daily equity run be posted whenever there has been a change in equity from the previously reported closing equity.

 

5) No trader is required or expected to divulge anything more of his or her trading system, method, approach, etc. than what he or she wishes to divulge. The trader can tell all, or tell nothing.

 

6) If it is known that you will be unable to trade for a period of time, then that should be posted in The Race thread with an expected return date. The Race doesn't stop just because one or more participants is unable to trade for a period of time. The notice is requested simply because it prevents anyone of us from dropping out of The Race without giving the other the courtesy of a public notice. There is no requirement that one trades everyday.

7) The initial period of The Race will be twenty weeks starting with the week of 4/26/2010. At the end of 20 weeks, the remaining participants, should any still be standing, will decide whether or not they wish to extend The Race.

 

______________________________________________________________

I think that should be sufficient to get us started.

 

Good luck to all who choose to participate, and for those who choose to participate as spectators, I hope you enjoy the show.

 

And please folks, let us be respectful of all - Racers and Spectators alike!

 

Most of all, Have Fun - because in the end folks, if it isn't fun, it isn't worth doing!

 

Best Wishes,

 

Thaes

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Unlike Thales and Sick I have never taken a sandbox to 1mil. I've made a few pennies before but never amassed a cool million in 20 weeks. So..... I will be an active observer, sincerely hoping multiple people accomplish this feat.

 

Good trading to all!

 

-e.b.

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  enochbenjamin said:
Unlike Thales and Sick I have never taken a sandbox to 1mil.

 

I never claimed to have done this myself, and I didn't mean to give that impression . This will be my first attempt to a run a small stake up that large quickly.

 

I too would like to see a bunch of folks accomplish this here.

 

Best Wishes,

 

Thales

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Well done Thales. Certainly put a lot of thought and effort into this Race. meebo_037.gif

 

I am in. I have $941.31 in my account, and will forward you all necessary documents in the AM. I am usually posting under the influence at night, so I promised myself that I won't post after 8:00 PM, since my posts after this time have fed many of trolls.

 

I normally might have a trade around 2:00 am, but since I am so close to margin I'll wait till around 9:00.

 

Since it is after my self imposed posting cutoff, I would rather not go into any methods or such, as it takes me a while to type this reply. I will be there in the AM, perhaps a trade in the bag or perhaps not.

 

I wish all who participate the best of luck. You will need it if your money management skills aren't at their best.

 

Again, Good luck to all, and hope to see you in Vegas.

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Could anyone please help and provide detailed instructions on how to add an attachment here, I can save my screen shots, but what is the code to attach them? Would rather print them out, wipe off my name and account number with a marker, and fax them to a pdf. Please let me know.

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  enochbenjamin said:
Unlike Thales and Sick I have never taken a sandbox to 1mil. I've made a few pennies before but never amassed a cool million in 20 weeks.

 

I have done it, a few times, and expect to do it here at TL along with others. Must say that at this point the IRS has pretty much all of that (taken by force), but more to be made. Would be nice to have a few more traders in this. Anyway, see you in the AM.

Edited by sicktrader

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  sicktrader said:
Could anyone please help and provide detailed instructions on how to add an attachment here, I can save my screen shots, but what is the code to attach them? Would rather print them out, wipe off my name and account number with a marker, and fax them to a pdf. Please let me know.

 

http://www.traderslaboratory.com/forums/f30/how-post-chart-properly-805.html

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Hi Folks,

 

I have gotten a good number of PM's from folks telling me that they'd like to participate, but they feel they are not "at that level," "not good enough," or, in a few cases, "too shy" to risk blowing out "publicly."

 

First of all, this is an anonymous internet forum. Who cares who blows out? Why should I care if I blow my first $1500, and then post another $1500 and blow that too, all while "everyone is watching"? The short answer is I shouldn't, and neither should you.

 

Secondly, I certainly have never done anything like this before. What makes me anymore "qualified" to give it a whack than anyone else? The short answer is nothing. Playing with such small stakes puts me at just as agreat a risk of ruin as the next small stakes holder. My balance could very well be $0 before the week is out.

 

Remarkably, many of those who say they wish to participate but feel unqualified are already trading a sub-3K account! My goodness, then why not play along, post your daily results, and if someone does by chance hit the million, you at least get a free trip to meet some TL folks? By the way, as mentioned in the "Let's Trade" thread that started this all, in order to qualify for the trip, you must participate for at least 10 weeks of the 20 week contest, unless you blow out an account. If you participate starting today, and post a blown account tomorrow, you are still welcome to participate in the trip if we do get a winner.

 

Best Wishes,

 

Thales

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Here is a snapshot of my account showing $941 and no open trades. Good luck to all invloved. From now on I will copy my daily statement, but since I didn't trade on this account yesterday none were mailed to me.

5aa70ffd8d403_4-27Statement.thumb.jpg.873d28d2de0d94914d203c7416a3cd13.jpg

Edited by sicktrader

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I will try to join in, although my margin requirements are too high at my current broker for the $3000 limit. Let me see if one of my old accounts is still open or find a place to open up an account at. It might take me a few days/weeks to get setup but I will be joining.

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  rcossey73 said:
I will try to join in, although my margin requirements are too high at my current broker for the $3000 limit. Let me see if one of my old accounts is still open or find a place to open up an account at. It might take me a few days/weeks to get setup but I will be joining.

 

Sounds great, rcossey! I look forward to you joining us.

 

Best Wishes,

 

Thales

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  yeaheah said:
I will start with my Oanda account.

Balance is $137.80

 

I'd love to see you take a million from Oanda! Good luck!

 

  daedalus said:
I'll throw my hat into the ring... might not be actively trading for a week or so on the account as I test some new ideas.

 

No problem daedalus, there is no requirement that participants trade every day, week, or even month. All we have to do is post when there is a change to the previously posted equity.

 

I hope you ring the bell for a million as well!

 

Best Wishes,

 

Thales

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I will enter, and post the next time I receive a statement in my secondary account which I will be trading for this race. I only receive statements on days I enter trades in that account.

Edited by bathrobe

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Here is the beginning balance and statement. I have not traded this acct since the 22nd. I had to divide it up because it is several pages. ~$2500

 

By the way, If anyone uses Dorman and knows how I can get a simpler statement to post please pm me.

s27.PNG.bec09d994d3a63773e1ced2e1dcd2453.PNG

ss1.thumb.PNG.98e7e93dd73b5658440b68d4965f2bb5.PNG

Edited by bathrobe

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  bathrobe said:
I will enter, and post the next time I receive a statement in my secondary account which I will be trading for this race.

 

Hi bathrobe,

 

That's great to hear - I was hoping you would join us!

 

Best Wishes,

 

Thales

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Hi Folks,

 

So far I have the following folks who have posted an opening statement and declared themselves in the race.

 

Let me know if I am missing anyone.

 

yeaheah $137.80

 

sicktrader $941.00

 

thalestrader $1537.75

 

daedalus $1653.85

 

bathrobe $2542.38

 

Best Wishes,

 

Thales

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Thales, what a fine job, can't say it enough. My statement in the AM will remain unchanged, as I painfully stood on the sidelines for that 200 point move on the Euro. Things should be moving for me tonight though, hoping to ride the Aussie for a bit starting in a few minutes.

 

PS. I actually have another $.31 in there but for some reason RCG doesn't show cents on that page, only on the daily statement that they email to me.

Edited by sicktrader

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Finally got into a trade. I know we don't have to post live calls, but I have nothing better to do since I am watching it. In long on the Aussie at .9142. Initial stop is at .9117(may be moved up), target is at .9159.

Edited by sicktrader
moved target from ,9157 to .9159

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My first one was a winner which will lower my chances of having to post up more cash. +170 for the day (less commish) so far. Won't have a trade until the Fed announcement at 2:15. Good luck to all.

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  sicktrader said:
... My statement in the AM will remain unchanged, as I painfully stood on the sidelines for that 200 point move on the Euro...

 

The market had a lot to give yesterday, but you were not the only one who didn't take advantage of all it had to offer.

 

A word about how I am trading this account. If you have followed the "Reading Charts in Real Time" thread, you know I primarily trade the 6E, and I look for what are commonly referred to as 123's and 2B opportunities. For this account, at least initially, I am doing something completely different.

 

A couple of weeks back, in a discussion with a couple of my trading friends, I was asked whether or not I thought it were possible to trade an indicator based system profitably, whether automated or manual. I said yes, because I truly do believe that psychology more than system or method is what ultimately determines whether or not someone can turn a profit. Well, the challenge put to us by one of my friends was that we each come up with an indicator based system using indicators freely available to anyone and see whose sandbox could perform the best over a three month period. So, you see, I have called upon my little sand box to perform double duty.

 

So these trades are based upon what the little indicator combination I selected signaled me to do. It is a simple system, entirely made up of a combination of moving averages. Nothing startling, new, original, etc. and so on. I do not want to go into exactly what I am using as my friends, while steadfastly refusing to participate here at TL, nonetheless have become devoted lurkers, I do not care to let the cat out of the bag to them until the conclusion of our little side competition.

 

Yesterday, I took three trades, all on the ES. The first was a long trade that was stopped for a 2 point loss. I am applying this system to both 24 hour data and RTH data for the ES. The long was signaled on the 24 hour, but not the RTH. That trade was one contract, for a 2 point loss. Soon thereafter, both the 24 hour data and the RTH data signaled short entries. That trade was for two contracts (one for each signal). Soon thereafter, the 6E also signaled a short entry, but as I was already short two ES's, I did not want to add any further position to the little account. This trade resulted in a three point profit on one and a three and a half point profit on the other contract. I thought I had set the DOM for multi-trailing, and instead had set it for multi-bracket, and thus I was taken out of the trade prematurely. Such is the nature of pilot error. To be fair, I had my hands full trading my regular account as well as the fund account. But I will have to be more careful moving forward.

 

I will not typically be this detailed when I post the daily blotter, but I wanted to make sure no one thought I was simply "doubling down" after losing the first ES trade. My intention is to keep my size at one contract/signal until the equity is greater than $3K. I counted the ES short as two separate signals as it appeared on both the 24 hour and RTH. This will likely be an AM session phenomena, as the MA's all "catch up" with one another by mid-PM session or so.

 

The system also gave two short signals on the ES in the PM session and two on the 6E as well. I did not trade the PM session yesterday. I never paid much attention to this TA statement, and I have no idea what the deal is with those timestamps - my trades occurred about four hours earlier than noted on the statement.

 

attachment.php?attachmentid=20795&stc=1&d=1272453227

 

At any rate, a positive start, but not nearly as positive as it would have been had I exercised a bit more care. But I take heart knowing I have only $999,787.90 to go!

 

Best Wishes,

 

Thales

5aa70ffe81a1a_2010-04-27TAFThales1.jpg.b3fd8d912db48a6575478ebd74d2a0c8.jpg

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