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Mysticforex

Traders Laboratory Forex Trading Contest!

By Mysticforex, in Forex

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Mysticforex    13

Mysticforex
Posted

We would like to have a Forex Trading Contest for the month of March. The contest will be hosted on Oanda, one of our sponsors. If we can get at least 10 people interested, Let's do it. The contest will run from March 1st thru March 31st. In order to participate, one must have an Oanda demo account. If anyone needs help setting up an Oanda demo account, contact me here on the thread. The sooner you sign up, the more time you will have to familiarise yourself with the Oanda Platform.

This is for "Bragging Rights" only. But who knows, if it gets popular maybe we can twist MadMarketScientists arm to offer prizes in the future.

The winner will be determined by percentage gain on the account, not $$$ gain,

I will post the results everyday here on the thread. Please use your TL user name as your user name when you sign up for the contest.

On the results page there is no personal information displayed, nor will I as administrator have access to it. You can also withdraw from the contest at anytime.

Anybody Game?

 

I am posting an image of what a results page looks like.

doodle.thumb.png.6d2d5ce9d59b61c5baed55afd075db3e.png

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Ingot54    13

Ingot54
Posted
I guess we scratch this for March. Not enough time left to set it up.

We'll try again in April.

 

Will participate too.

 

I have a few constraints, but will be fun to be involved in a challenge. There may be a conflict with my live trades at the same time as demo.

 

When I am in a trade, it has my undivided attention, so the comp. will be secondary.

 

I could overcome this by switching to a different TF for the comp trades, so this will be a great learning opportunity at the same time.

 

Will open the a/c in next few days and get some practice using the platform, so it won't be too much of a learning curve in April.

 

Cheers

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Mysticforex    13

Mysticforex
Posted

Good Show.

 

Maybe I didn't give enough notice for a March contest. So let's do April for sure.

I'll lower it to at least 8 contestants.

Start with any balance you like. Winner is determined by % increase, not $ increase.

Once the contest starts, 00:00 GMT April 1st, Do Not Change your acct Balance! It will screw your % and Sharpe ratio and will disqualify you.

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Ingot54    13

Ingot54
Posted
Ok, as of right now, who's interested in a forex trading contest?

 

I need to know by Weds 4/23 in order to set it up and get everybody up to speed on the rules.

 

I'm in.

 

Could you confirm the "Weds 4/23" part please?

 

Did you mean 3/23?

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Ingot54    13

Ingot54
Posted
Ok, as of right now, who's interested in a forex trading contest?

 

I need to know by Weds (23rd March) in order to set it up and get everybody up to speed on the rules.

 

OK guys - Mysticforex is looking for names for the April Forex Trading Comp.

 

As I see this, it is not a matter of winning it or not.

 

It is a matter of participating in something that other traders are trading at the same time.

This means we have an opportunity to compare a strategy we use with those of others.

 

At the same time we can learn if our strategy selected the same trades - fewer/more trades etc.

And we get to see how others are handling the market conditions.

 

This is a great moment in my trading life because right now I am wondering if I want to persist.

I want to know if it really is possible to do better than break-even, or are others blowing hot air?

I believe I have a great strategy, and I will get to monitor my own consistency in following it as well.

 

Mysticforex - how many numbers do you have now?

Should be go ahead and download a demo platform, or is there a specific way to do this

so that we can be shown on your spreadsheet?

 

That's the only reason I have not yet opened a demo trading a/c with Oanda.

 

We have 3 days to put up our hands for the comp. Should be a good learning op.

forex.jpg.598c28d21ed268d95971efd56acdfc6a.jpg

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Ingot54    13

Ingot54
Posted
Only 3 or 4 :confused:

 

8 to 10 would be ideal, 20 to 25 would be Great!

 

So ... shall we proceed?

 

I think that even a small group can learn something from a trading comp ... do we have the numbers?

 

What's the next step?

 

I haven't gone ahead with opening a demo a/c with Oanda yet - waiting for specific guidelines that will link me to your spreadsheet for compilation of results.

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Mysticforex    13

Mysticforex
Posted
How are the results going to be tallied? Or, how is cheating going to be prevented?

 

The winner will be determined by percentage gain, not $$$ gain.

There are ways ( as administrator ) to tell if someone is cheating.

I administrated one contest that had 129 contestants, had to disqualify

about 20 people for cheating.

That contest had a prize, an all expenses paid trip to Rob Booker's office, and spend 5 days trading with him. A fellow in the UK won that one. I think it cost Rob about $3K at the time.

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Ingot54    13

Ingot54
Posted

That contest had a prize, an all expenses paid trip to Rob Booker's office, and spend 5 days trading with him. A fellow in the UK won that one. I think it cost Rob about $3K at the time.

 

I dare Rob to offer that prize again!

 

;) ;)

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Ingot54    13

Ingot54
Posted
You'll have a chance to ask him.

I'll be interviewing Rob Live here on TL.

Weds. March 30th 12:00 PM Eastern time.

 

Hi Chris

 

I have registered for the call, but I am afraid I will miss the call

by 2 hours due to work commitments.

 

Re: daring to ask Rob to repeat the offer ... that was just a bit of cheek!

It is unreasonable to put such things on people, and I wouldn't do that.

 

But what I would like someone to ask Rob, on my behalf, is how he would

place Stops on the higher TF trades. I am sure we could thrash this out

ourselves, but it would be interesting to hear his take on that.

 

I was stopped out by 16 pips before the AUDUSD rallied about 24

hours ago and I decided that I should be looking at ATR rather than

Support/Resistance in certain circumstances.

 

Would you mind broaching this question with Rob on my behalf?

 

"How would you determine the level to place SL on the 4H (and higher) TF?

Is a multiple of ATR - an arbitrary level - a valid utility for determining this?"

 

Cheers

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