I want to get an opinion from the experienced trading community if there would be any interest in a trading competition. I don’t know what the rules would be since this is just conceptual at this point, but if there were enough people interested in doing it I am thinking it would look something like this…
Trading account would have to be verified by myfxbook
P&L and closed trading info would be public, opened trades would be private
$10,000 starting account size
Trading any pairs your broker allows (excludes CFDs since we can’t trade those here in the US)
Would probably last around 6 months in length. Anything less and the odds are more likely to be luck, and the other way and it simply would take too long.
Why would anyone want to do this
Because trading is a flipping blast
If you have an ego (and who doesn’t) it’s a way to show everyone you are the boss
If you are wanting to try out a new trading method or refine your existing method and want to put it through a trial by fire
If you have a good trading method and you want to have street cred so you can try and sell it to people
It’s transparent and would end up being very interesting to see how the traders ended up trading and their decision making process
For those of us veteran traders to interact with each other
Here’s what it would and would not be
Be a way to generate good conversation for the community
Be a way bring more people together and maybe forge some new friendships
Be a way to bury old hatchets?
Would not become ammo to use against anyone who joins and performs poorly
At the end we would analyze some of the key metrics sharpe, drawdown, etc. and have winners in each individual category. So it may well be that all traders win in some category, or maybe one trader ends up taking them all
Anyone who would have the intestinal fortitude to do it, that alone deserve major props. Those who are able to produce good returns under the pressure is just icing on the cake. Overall it’s a way to bring the community together and generate good conversation.
I am just putting this out there to gauge interest for now. If there are at least 2-3 other traders interested then we may have something. I have no problem coordinating it if we get enough traders. I would for sure trade 1 account as price action and if I have a scalping system or something else I want to put through the fire I may trade a second account as well. I wouldn’t be ready to do this for another 3-6 months due to personal obligations so it would give everyone plenty of time to get ready.
HI again. Sounds like a good idea. One problem might be people using multiple accounts then only presenting the most profitable one. I think leverage would have to be capped as well and the measure of success should be the risk-adjusted return with a cap on the risk per trade @ 2.5% to save people taking wild bets that they wouldn’t with real money.
I would be interested provisionally but it would depend on where the concept settles with respect to those and other things. Also what if you trade multiple products which you might not be able to display on MyFxbook. Putting in a token prize would make it a little bit more interesting and create some incentive for traders and for coming up with a bullet proof vetting process.
Sounds like a good idea. One problem might be people using multiple accounts then only presenting the most profitable one.
If someone wanted to trade more than 1 account that is fine. All accounts would be out in the public domain anyways.
I think leverage would have to be capped as well and the measure of success should be the risk-adjusted return with a cap on the risk per trade @ 2.5% to save people taking wild bets that they wouldn’t with real money.
I disagree here because the leverage one uses is a part of their strategy. An aggressive scalper may need high leverage and someone swing trading be have larger stop losses and use less leverage. That’s why real money needs to be used and no prize purses will be given because this needs to be about trading a method and not hail Mary trades. The incentive is educational, a little fun competition and just interacting with fellow traders.
Not sure about this with the egos in the room
We would just have to lean on the mods to take care of anyone using it to attack or troll. Not to mention it would be pretty cowardly for a keyboard warrior who probably doesn’t even trade to criticize those with willing to trade out in the open.
I would be interested provisionally but it would depend on where the concept settles with respect to those and other things
If 100 traders will join and the entry fee will be 50 USD, then 5000 USD prize pool would be fine. But why not to simply join demo contests which many brokers offer? There you will risk nothing but get a chance to get first substantial money in live account.
Yeah I understand your idea, but proper incentives should be introduced to attract traders with live account. I would readily join but most of participants here are newbies which just test waters.
One thread I followed was Price Action That Matters by Krugman.
I remember you were trolled by some members asking you about your credentials, performance and experience (question like “How long have you been trading forex?”).
I also remember some of these trolls got banned. And you were interviewed by Ananais.
It was 5 years ago!
Now, I am so happy to know you are still very active, and even have a Trading Competition Thread.
Can you show me your MyFxBook (it would make me even more happier)?
Hi @Beijin, I am glad you are getting some value out of my old threads. There are a lot of ways to approach the market but I am still as convinced today as I was 5 years ago that pure price action is the best approach.
Today I trade with traditional brokers that dont tie into MyFxBook. 5 years ago I was trading through FXCM which was tied into a MyFxBook account and publically available. I think I ran that for about 6 months which if I recall was profitable for either most or all of those months and ranged from a few percent up to around 16% of profit per month.
I periodically post live trades on tradingview.com. If anyone wants to see if I practice what I preach and scrutinize how my trades turn out, its all on there to view. I also run a thread here on babypips where I post links to some of those tradingview analysis as I make them.
And sometimes if I have a home run day I will post some screenshots of my brokerage software, on my twitter account, to show P&L on my individual trades, like this one from back in August
The single one reason I asked about your MFB is because you talked about competition by MFB.
So I though you already had a MFB acc (and with very good performance).
And since I knew you 5 years ago, I am very interested to see your MFB to know how you are doing now.
Ahh, I understand your thought process there. I havent had a Forex broker in years. I’ve been with TDA and TastyWorks. My plan here was to create an account with a Forex broker that works with MyFxBook just for this contest, and then transfer over 10k.
The lower is the prize pool the less proficient traders you can expect to participate to this contest and the higher is your chance to win.
The higher peak you choose to conquer the more resistance should be expected. The law of life.
