Tradergames: 50% poker / 50% trading

This is a discussion on Tradergames: 50% poker / 50% trading within the The Foyer forums, part of the Off the Grid category; Originally Posted by GotGold What is to stop 2 people working together? First peson goes limit long on the most ...

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Old Jan 21, 2005, 3:52am   #8
Joined Nov 2003
roberk started this thread
Quote:
Originally Posted by GotGold
What is to stop 2 people working together?

First peson goes limit long on the most volatile contract. £50 in
Second person goes limit short on the same pair same amount. £50in

One of the 2 wins, share the profits minus £50 costs.
I play poker on-line as well, and collaboration is a problem. I reported two players to the poker site and received a pleasing response from their fraud department, detailing the investigation they carried out. They look at all the games each player has been in, check if they have an unusually high number when they are in the same game, look at each game to see if there might have been chip dumping etc. In other words they take complaints seriously and do ban any players suspected of fraud.
In the case of tradergames the tactic you mention would be pretty obvious to an investigation so they will soon get caught.

But what about the games before they are discovered?
I've played about 50 tournaments so far and haven't seen any evidence of anyone doing this . I'm sure it will happen sooner or later- greed being what it is-
However, most games require several buys and sells - mainly because the market is in a range about 80% of the time - and so the tactic you mention will only guarantee a win in the case of a strong breakout trend that lasts for the duration of the game.
Other times it could quickly put one of the players out of the money but leave the other one with only a slim advantage. So they gain a slight edge but considering that most games have only 4 players they are investing half of the pot to buy this edge. Add in the fact that the cheaters are likely to be not the most skilled forex traders and the edge is cut again.
p.s. my net winning (after subtracting entry fees)- are over 1500pounds so far.

Last edited by roberk; Jan 21, 2005 at 9:36am.
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Old Jan 21, 2005, 8:19am   #9
 
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Roberk,

That was an informative and interesting reply, thanks a lot.
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Old Jan 21, 2005, 11:54am   #10
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Played it for the first 10 days it was operational but then people seemed to catch on the way to play. I only played it when the market was very quiet as obvioulsy making/losing (!) real money is a bit more important than playing for a few hundred pounds. I found the best strategy was not to trade. The markets were quiet and people just paid away spreads. By the end of the time period everyone was usually down and so at the end you would enter a tiny trade just to qualify for the pot! Not sure if that tactic would still work because after a while everyone seemed to be doing it. Might have anotherlook though!
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Old Jan 22, 2005, 12:25am   #11
Joined Nov 2003
Hi roberk

Very interesting site.Am I right in saying you got to trade 4 shorts and 4 longs within 2 hours of the competition.?

Also, they give you a 100,000 paper account, how much do you place when trading in these competition.per trade.


sun
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Old Jan 22, 2005, 2:10am   #12
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roberk started this thread
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Originally Posted by sun123
Hi roberk

Very interesting site.Am I right in saying you got to trade 4 shorts and 4 longs within 2 hours of the competition.?

Also, they give you a 100,000 paper account, how much do you place when trading in these competition.per trade.


sun
HI sun,
No not 4 trades; the only thing is you must place at least one trade during a game. That trade could be the winning trade. I am a daytrader so I usually make over 5 or 6 in a 2 hour game but some players only make 1 or 2.
They give you 50 million playmoney for each game and you can buy and sell the whole amount each trade or a minimum of 1 million and any multiple in between. I tend to put on the full amount when I enter a trade and then scale out as the move looks to be ending.

When I first started playing I would scale in as well but many players watch what other players are doing and follow their moves. So if I am right - but only have small position- Joe will see my direction and follow with a full 50 million and quickly overtake me - frustrating!
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Old Jan 22, 2005, 2:22am   #13
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Hi roberk

So you saying if you are a good trader some joe public could follow you. So the thing to do is put some foot soldiers in the market so to speak.with a low stake To fool them.

Do the other players now what stake you are placing.If so the foot soldier approach wont work. Im going to open an account Monday and have a go?

Thanks

sun
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Old Jan 22, 2005, 2:28am   #14
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roberk started this thread HI Sun,
Yes the other traders can know exactly what trade you make, but not the amount ,as soon as you place it because they can make you one of their favourites and get news of what you are doing, or they can look at the watch page, see the trades made and have a good idea of what you have done, including the exact size, (although if all traders enter positons near the same time it gets confusing).
Your 'foot soldier' faking move is a a good idea- might try that myself! It can still work becuase they think to get ahead of you by putting on a bigger position.

Last edited by roberk; Jan 22, 2005 at 2:35am.
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