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.