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Mysticforex

Traders Laboratory Forex Trading Contest!

By Mysticforex, in Forex

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optiontimer    10

optiontimer
Posted
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Here is the link to join the Jan 2014 Contest:

 

 

https://fx2.oanda.com/mod_perl/fxcontest/fxcontest.pl?rm=contestDetails&contestId=3092

 

I sent the request to join, but I do not see it listed as "pending." Let me know if I need to resubmit my join request.

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kuokam    10

kuokam
Posted

Welcome back in the arena, Sir !

I second your observations. Only Mystic's name is showing, yet we should be at least three by now. Certainly holiday calm before the rock n' roll.

 

 

I sent the request to join, but I do not see it listed as "pending." Let me know if I need to resubmit my join request.

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kuokam    10

kuokam
Posted

Ooops! Option already with 23+ draw down on 1 trade? That must have been a monster one. Makes me think some thing must be fixed in the rules here, to near the contest to real life trading.

 

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Mysticforex    13

Mysticforex
Posted
Ooops! Option already with 23+ draw down on 1 trade? That must have been a monster one. Makes me think some thing must be fixed in the rules here, to near the contest to real life trading.

 

 

Yeah, originally when we first started the contests we had a rule, I think it was max 10 or 20 percent drawdown.

I forgot/didn't specify any rules at the start of this contest so anything goes I guess.

Subsequent contests will hav a max 20% drawdown rule.

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kuokam    10

kuokam
Posted

Talking of real life trading, I recently took part at Topstep Traders' combine. I managed to take the start capital of 50.000 to a bit less than 52.000 in 20 days, but was eliminated nevertheless. Why? because I had traded in 3 products and was net loser in 1 of them. Beside this criteria of being positive in all the instruments you freely choose to trade, you must abide by additional ones :

-daily loss: 1000 max,

-overall drawdown: 2000 max,

-overall winning days: 55%.

 

After that you might get funded after scrutiny by the team.

2000/50000, that is 4% max DD!

Hopefully we can find some inspiration there. I think Ingot also once alluded to the question in a post on this thread or the discussion one .

What I've learned is that real trading is about consistency: small losses, small gains and a few big profits that you let run to make your week/month/year.

My 2 cents.

 

 

Yeah, originally when we first started the contests we had a rule, I think it was max 10 or 20 percent drawdown.

I forgot/didn't specify any rules at the start of this contest so anything goes I guess.

Subsequent contests will hav a max 20% drawdown rule.

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optiontimer    10

optiontimer
Posted (edited)
Ooops! Option already with 23+ draw down on 1 trade? That must have been a monster one. Makes me think some thing must be fixed in the rules here, to near the contest to real life trading.

 

And I'm still in that trade - It came within a few pips of my stop, and It is currently positive for the fourth or fifth time. I've been too busy with this market to try to day trade a sim account for a contest, so I took the one trade available to me that fits my usual set up, and I'm trading it large. Hey, its only money, and phony money at that! :cool:

 

Yeah, originally when we first started the contests we had a rule, I think it was max 10 or 20 percent drawdown. I forgot/didn't specify any rules at the start of this contest so anything goes I guess. Subsequent contests will hav a max 20% drawdown rule.

 

I have always said and will continue to maintain that the only drawdown limit should be the account's equity. My understanding is that any attempt to "add funds" would automatically disqualify the participant, so as long as any gains are made with dollars you start with, what's the problem? I see no reason for a Bloomberg Rule. Drawdown limits are for Nannies;)

Edited by Mysticforex

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Mysticforex    13

Mysticforex
Posted
And I'm still in that trade - It came within a few pips of my stop, and It is currently positive for the fourth or fifth time. I've been too busy with this market to try to day trade a sim account for a contest, so I took the one trade available to me that fits my usual set up, and I'm trading it large. Hey, its only money, and phony money at that! :cool:

 

 

 

I have always said and will continue to maintain that the only drawdown limit should be the account's equity. My understanding is that any attempt to "add funds" would automatically disqualify the participant, so as long as any gains are made with dollars you start with, what's the problem? I see no reason for a Bloomberg Rule. Drawdown limits are for Nannies;)

 

Well Like I said , ididn't iplement any rules at the start so this contest stands. ANY rule changes will be "discussed". I don't impose any rules "just because I feel like it".

 

BTW: this discussion should continue in the "Contest Discussion" thread. :cool:

 

I am traveling and on my phone now, When I return home Sun eve I will try to move it.

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sergso    10

sergso
Posted (edited)

You guys sound like experts in forex. What sense do you make of this system[/url] by looking at the entries/exits? I was always afraid of Forex to risk much but if this is true I may try it but before I would like to get some opinions.

Edited by Mysticforex

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Mysticforex    13

Mysticforex
Posted
You guys sound like experts in forex. What sense do you make of this system[/url] by looking at the entries/exits? I was always afraid of Forex to risk much but if this is true I may try it but before I would like to get some opinions.

 

I didn't see a system, just a performance blog ( spam ). so I deleted the link.

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Mysticforex    13

Mysticforex
Posted

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The Contest is finished. I had not planned a contest for Feb. anyone interested in March?

jc31.thumb.jpg.b179e6630076a69d7fa9827d58d3f3f6.jpg

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kuokam    10

kuokam
Posted

Bravo the winner!

 

Hope to join in march again.

 

Cheers !

 

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The Contest is finished. I had not planned a contest for Feb. anyone interested in March?

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onemove    10

onemove
Posted
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The Contest is finished. I had not planned a contest for Feb. anyone interested in March?

 

Yes on March.

 

Well done Mysticforex and 4EverMaAt for staying in the positive and Kuokam for keeping the downside small!

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