T2W February Competition:

Right,
Some of the guys from chatzy were talking when ceydababy pointed out two great offers on one of the new spread betting sites:

£500 cashback
£150 for referring a friend

Basically, any losses of £500 (which you deposit) will be refunded and withdrawn again or continued to be traded. The second offer is self explanatory.

Anyhoo, the plan was to get 5-15 people that go there to refer each other and sign up to it so we all make use of the offer. However I was thinking, ETX's Beak the Broker Compo was so successful (easily the most viewed thread) why don't we have another one containing real money, real risks, but no risk to our own capital.

So there's two ways we could go about this:

1. People sign up here, then next week or so we start trading and after a week we post our statements. At the end of the week/month all profits are withdrawn and the account is reset to £500. We all chain each other referring each other so we get £150 free anyways, so it's a win win situation.
2. We all sign up to the main offer but only one account gets referred by each member (ten member = £1500 etc etc), so we have enough margin to make bigger trades*. Of course, with only one member being referred there is an obvious question; who gets the money, who places the trades and who chooses the trades?

Who gets the money:
I think we have 3 choices unless anyone can think of more. % Split with all participants who used the master account as referral, % Split with all participants + % Split with charity or all goes to charity.

Who chooses the trades:
People post the trades here then there is a vote before the setups emerge. If there is split equal between choices then all trades will be placed with lower stakes. Now obviously some setups occur within seconds and some take days. This is why I think we should focus on making trades on longer time frames + less frequently.

Who places the trades/has access to the account:
A reliable member/staff of trade2win/chatzy. I have little fear in someone who does trading for a job running away with cash, especially as a lot of the members here know each other. Another thought is if we have 2-3 individuals who can log onto the account to place trades as some take place in different sessions - American, London, and Asian.

Pro's and Con's of options 1 & 2:

1. [Lots of members can compete and join as long as the offer still runs / chance to make money] [Less leveraged accounts / lowered stakes]
2. [Same competition just without £150 each / discussions involving trades to be placed / more capital / more likelihood of making money] [Arguments over trades + account keepers]

(If anyone has anymore comments on pros and con's please add).

What do you guys think of another competition? What do you guys think of the options(view poll + comment please)?

If all else fails we can use this thread to refer each other to get the £150. I will post the links tomorrow so we can have today to discuss what everybody thinks. If I’m doing something wrong here, please inform and this thread will be deleted.

*For indices it's 200 x stake == credit; fx it's 300 x stake == credit.

Also if you want to join chatzy come to: Chatzy - all your base are belong to us - Great place during the week for discussion + banter (could ask discuss the trades here faster). [When you enter the room, look to the bottom right and click "Join Chat"]

I say charity is a bad idea unless everyone can 100% agree on which charity. There are certain charities I would love to destroy and I'm sure everyone else is the same.

Also I think one main account traded in a pretty reckless manner is the best plan. £50k or bust.

I agree (for example pet charities vs cancer charities etc). I wonder if there's anyway I can change my vote, I just didn't want to seem as ruthless/selfious. With the right setups I think this might work well. (Even with 50 out of probably 1k active members that'd be £8k starting capital [including £500 deposit]).

Oh yes, please note. One person won't be able to get £150 (the last to sign up), so the master account would be better for them.

Otherwise the faster you reply to the thread the more chance of you getting referred.

]Also This is a great way for newbies to learn how to trade while making money....[

Sounds good, I'm in.

count me in

no self respecting trader would give money to charity!

keen, think the charity should be a group pi$$ up / casino / strippers night.

Sure I'm in. Been thinking some community things would be good. Course there might be something in the T&Cs. I'm also for going large. The first step on the road to the Trade2Win hedge fund eh?

Another thought: which sap is going to have the account in their name and assume liability for massive losses if someone ****s up? I'm recommending phil for this honourable position.

Will post the link tonight.

Who wants to be the account holder. I have no problem in being it or taking trades on others behalf.

I will be in if you do it.

OK guys. The link is:

VC Financials

I've got my account up and running. Everyone open up an account and once 10 people have their account open we shall start the comp!

Looks like people want to trade a main account. I'm going to talk to a member of their team tomorrow to see what has to be done for referring people.

Also, hoping we'll do the main account then split it up at the end of the month % profits.

I need to see if I can transfer money to your accounts by then debiting it from the main account and transferring or what.

Will explain more tomorrow once i have time after my first couple of trades. I think there might be a number of trades needed to be made before £150 is credited. etc blah blah blah.

Hopefully we'll start on monday. Cya later.


update:

Terms & Conditions

* Introduce a friend to us and once they have opened an account (credit and suitability checks apply) and traded at least 10 times your account at Victor Chandler Financials will be credited with £150.
* If you introduce a client who is re-opening their account, you will not qualify for this offer.
* All new clients must be aged 18 or over.
* Claims may be made by telephone, by e-mail or in writing. They must be received by Victor Chandler Financials after 8 weeks from the referred friend's first trade being done.
* Victor Chandler Financials is the sole arbiter of this promotion and reserves the right to alter, amend or withdraw the offer at any time without prior notice. In the event of any dispute our decision is final.
* We reserve the right to with-hold the payment of this introductory commission if, at our sole discretion, we believe there has been any attempt to abuse this offer. An example of such abuse would be where the introduced account executed the minimum number of transactions for the minimum stakes and immediately requested payment under this offer.
* The Refer a Friend form above must be received by Victor Chandler Financials before the account is opened.
* The Refer a Friend offer is effective from 19th January 2009
* Minimum opening deposit of £500.


Meaning if your joining this comp. Don't friggin just do 10 trades and stick a stoploss at the other side of the spread.

the f'in !"£$ refused the account so thats me opting out its gonna have to be plan b :

Win A Live Financial Spread Betting Account…Already Funded With £1000…Crazy Not To?

Email them if it was via their registration. I had the same problem. Although this is your second rejection from a SB firm no?


That comp looks good too. I'll be entering that with ridiculous risk in 2 weeks.

is there any fx or other market contest?

What?

are we waiting for referals or just opening accounts?

join chatzy wasp.