10 traders, 10 different time zones, excellent track record to take the challenge.
Open for discussion. Let me know if you are interested to be in.
The story behind it. I had a chat with a friend about forex. He thinks that forex can not be profitable. I told him no it can. We decided to run this challenge to prove our points.
The idea is 10 traders in different time zones and slightly different trading styles to trade one account. Try and convert 1000 to 1000000 .... Is it doable ... How long will it take? Or will the account get wiped out ?
@Kimonz: In what timeframe are you trying to make this goal? All you need to do is double your account ten times, meaning if you aim for 25% a week you will make the goal in less than ten months, if you make 50% a week it will be around 4 months, and of course that is without compounding those percentages themselves and at monthly intervals which would make the calculation
P = C (1 + r/n) nt
P = future value
C = initial deposit
r = interest rate (expressed as a fraction: eg. 0.06)
n = # of times per month interest is compounded
t = number of months invested
that's a pretty static calculation but the idea is there
To be honest if you are a very skilled trader who has an extremely good understanding of the market this should be simple
Check out my system for instance, I have made as high as 350% in a week, and my lowest so far is this week at 45% so far
Whatever systems you trade the things you need to focus on the most are: a drawdown limiter (for instance only calculating lot size at the beginning of the week and trading that same lot size for all the trades during that week keep losses from compounding); A mechanized system or entry, If your trading relies heavily on human perception and interpretation i can guarantee you either a hard time or an impossible venture; and last and maybe most important perhaps a near robotic affinity for trading consistently and without emotion, that is what separates the professionals from the rest, the ability to have a CONSISTANT and non changing method of trading so your results will always be typical is key
EDIT: aha i keep editing to reduce any and all incoming flaming, be ready, more then likely its coming :P
Thanks .... I am aware of this and I am at the stage of gathering ideas and traders who are willing to participate in the challenge and then we will set some rules for the group of traders and get details sorted. Are you interested in participating?
@Kimonz: Having even two different traders on one account would be disastrous
Shared margin meaning missed entries, lower lot sizes, higher risk of margin calls
Differing trading styles causing hedge
Only one trader per currency pair
Do you trust 10 strangers with access to a million dollar account :l
If you are not already a well established trader i would suggest putting big goals like this on the back burner, success doesn't come that easy :P that being said don't listen to all of the low down larry's on this forum who say it's not possible, no offense to them but their trading styles are crude and ineffective, probably because someone told them they couldn't become rich off of the forex so they never tried :P Although it may take someone with either a great mind or an extremely impetous hunger for trading success, it is possible, making millions in months, in weeks, in years, its all been done time and time again, by individuals like you and most other traders too, so what sets them apart? Take a look at this book
Millionaire Traders, in it you'll see stories of regular traders, some who even admit to learning all they knew off of forums like this, trading the same strategies we do, the only thing that sets them apart is what they try to achieve, and how they try to achieve it, this is a business and when you start treating it more like it you'll find it much easier
@SithJawa: Thanks ... I will definitely read it. The proposed structure is just a starting point. We may end up with less traders and different ideas may be we will trade one system only. There will be some rules as to how it will all work and if a trader move away from the rules he will be excluded from the challenge. I know this is not an easy task. But I an determined to try and find out where will it lead us. Thank you for your input much appreciated.
Thank you for all those who sent emails. An update on where we are so far. The idea would be for 10 traders from different time zones to trade the same account using a single trading method. Each contributes $100 to the account. The different time zones will help us to manage the trades around the clock according to the rules of the trading system. A few trading systems were proposed but more discussion is needed to decide on the trading system that will be used. I encourage more input from all.