Trading Contest

Do you guys have like a Demo contest to help test our trading skills etc. ?

To be honest, that would be the worst idea, as traders would gamble instead, to be number one.

All you have to do to test your skills is to see if you could make money consistently, before moving to a live account.

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It has been proposed afew times and personally I’d like to see it - BUT who would set the rules and how would you "Prove integrity

Your first reply is pretty typical of the objectors to others who proposed the same thing - a reply from the pompous few whose holier than thou’ attitude almost in itself defies reply ! :wink:

Give us an idea of how we could make it pretty secure and uncheatable - and let’s see if we can make it run ! :sunglasses:

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Ooooh. :open_mouth: That would be interesting to see, but I don’t have any idea about how things are gonna go down, how we choose the winner, etc. :sweat_smile: Maybe the babypips team would be open to working on something like this? Haha. Idk. :open_mouth:

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The concept is attractive but yes like the commenters above have stated how to define integrity? We will hope in if you have some good structure to it.

To prevent some traders gambling to attain high gains, we could select winners (1st, 2nd and 3rd) based on an average monthly return over a certain period, eg 6 or 12 months.
Trades will need to be made public on this thread with entry, sl, pt etc… on the day of entry. Any adjustments or pyramiding will also need to be disclosed on that date.

I suggest it’s your reply that is pompous and holier than thou’ attitude. Look in the mirror, mate… :stuck_out_tongue_winking_eye:

Is it somehow “unwholesome” to attempt to attain high gains through adjusting staking away from the “normal” ? - I don’t know - but if we could somehow achieve a system which recorded ALL the bets of an individual and recorded ALL of their profits and losses - I’d certainly be interested in “having a play”

One of teh books I find fascinating is Volman - on the five minute charts

Such a competition might enable me to test his principles in a fair and competitive environment - But it should be noted that some of the bets are really quite short and there remains quite a lot of “discretion” in his proposals.

The fascinating part is that given an understanding of that which he speaks - doubling an account in a few weeks seems to be quite achievable with really quite low financial risk !

BUT before you all go rushing to buy the book - it really is quite a hard book to understand and remember ! AND the first couple of times I read it I found it incredibly Boring ! going as it does in the second half - through 24 hours of every day for six months of the EUR/USD - It also assumes a level of understanding of markets which many here will not as yet have achieved. - And certainly I for one would not be interested in a detailed defence of every single bet and the “Why’s” and “Why not’s” of it - His basic principle is 10 pip SL and 20 pip TP ! but again there is much discretion to be applied on the part of the Gambler !

I could also be interested in a more Fundamental approach of trading commodities and stocks / Indices over a much longer period - so we must also consder whether only “forex” would be allowed in such a competition.

Personally I don’t see any reason to “handicap” traders by use of unneccesary restriction - simply decide on a time period for the competition and let the individual do as they please. That is the nature of “tournaments” whether they be Archery - or 100 yard foot races - Point to point horse races or boxing matches.

The main stumbling block as far as I can see is the trading record idea - Simplistically we would all open individual “demo accounts” dedicated to the competition and which others could check - but there are all sorts of complications as to identities and integrity of said accounts.

Nice thought tho’ and I’ll keep an eye on this thread to see if we can progress it ! :sunglasses:

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If the trading education is correct, then you can do successful trading with whatever investment you make.

Hmmmm good point Steve, thanks.

hmmmmmm something to think about.

hmmm good point Jennifer.

I don’t think there is such a thing here.

hmmmm that’s odd, no practice sessions to get us good at Trading?

I think you have opened a can of Forex worms, lol.

The Bob Volman book available for free among many others, check on PDF Drive.

https://www.fxblue.com/competitions/

Thanks this is really good information, it’s now for the Babypips people to take a look at this and who knows give the idea a try.

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Ok and why exactly do you need a contest for testing your skills? I mean you can do that with micro accounts and the live trading.