Hi guys!
Is there any trading tournament that we can apply for?
I ask because I think It is really useful and can be a lot of fun.
There was one for students on my faculty last year. It lasted for 4 weeks and there were good prizes too. 1st place 1000$, 2nd 500$ and 3rd 250$ I think. Also, winner of the week got 250$ on broker account for trading.
Cheers!
That is a good shout. Especially for newbies.
If nothing about, get something going here.
I have to disagree with you. I think tournaments and competitions encourage reckless trading and encourage bad habits.
I’ve entered them myself in the past, and can’t think of anything useful I learnt
Each to their own I guess.
Plenty of tournaments and competitions about and if you can stick to your plan in an under pressure tournament you can stick to it anywhere, any place.
A lot of the big ones have proper rules in place to determine maximum lot size, max risk per trade.
I’ve played in a few, and those were the fun days - but each to their own.
Would look good on my desk.
I believe lmfx runs a contest
Here are some of them I found today…
Most of these run by cowboys-another good reason to avoid them
yes, agree , its a good thing for the traders who are particularly beginners level.
Okay, so let us know if there are any real tournaments which are now going here for that. I clearly do not see them listed, nor good people reaction here. How do you plan to set min amount of trade, number of trades and so on. For sure it’s not for earning money, probably for best strategy real time.
Interesting idea. I have never seen anyone holding any such trading tournament. And also I have never been a part of any such tournament. I just wonder how it works.
I was part of one on my faculty, as I said, last year. So, each week you were given 10000 on demo account to trade. At the end of the week they would rate us based on profit and hit percentage of trades( it was based on formula which I dont remeber anymore) and also announce a winner of the week. And it lasted 4 weeks. In the end, brokers( Admiral markets) gave prizes on real accounts with real money. You can check prizes in my first post… All in all, they valued reasonable trading over huge bets…
then you need to read Eddie’s post above … what they’re useful for is encouraging reckless overtrading and risk-taking, and ignoring sensible risk-management, which is the single most important thing for inexperienced traders to master
this is why so many hedge-funds launched by the winners of the top, international trading competitions (i’m thinking of people like Larry Williams) sink without trace, so often, leaving their investors high and dry
the qualities, techniques and approaches you need to do well in a forex trading competition are things that actually prevent people from ever being able to make a steady living by trading
the direct opposite of the reality
It’s good for anyone, who wants to take part and can afford to take part - everyone knows the risks.
Why do people go to the casino? Why do people gamble?
If you want to take part in a competition and can handle it then you take part.
Just because someone doesn’t have the self-discipline doesn’t mean you can’t. If anything, if you can keep your discipline, and we’re assuming 99% of the others can’t - then even better for you.
I know many traders that thrive under pressure, they just win more than they lose, that’s all that matters.
I was thinking from monetary aspect…