T2W Forex Contest - Week 6

[Sharky]

Thanks for sharing your views hooodoo man.

I think realistically the only situation we want to avoid is 1st place mirroring the trades of 2nd place to maintain their lead (of course that doesn't stop 3rd place jumping ahead into 1st). In this situation I think it would be pretty easy to spot someone doing that, so it could be left to the judges discretion as to whether this is happening or not.

Otherwise I think it's much more fun to what happening in real-time as opposed to having a ranking, P&L and not much else. That's my two cents. The contest is really what you all want it to be, so I'll let you discuss which approach you prefer...

 

[hoodoo man]

Thanks for sharing your views hooodoo man.

I think realistically the only situation we want to avoid is 1st place mirroring the trades of 2nd place to maintain their lead (of course that doesn't stop 3rd place jumping ahead into 1st). In this situation I think it would be pretty easy to spot someone doing that, so it could be left to the judges discretion as to whether this is happening or not.

Otherwise I think it's much more fun to what happening in real-time as opposed to having a ranking, P&L and not much else. That's my two cents. The contest is really what you all want it to be, so I'll let you discuss which approach you prefer...

It is one thing saying "Sell the Eur/Usd here and hold for 70 pips"

 

[hoodoo man]

It is quite another to be seen doing it by others, on every trade, whether you want them to or not. That is tantamount to exposing your position. This is fine for people who aren't trading real money, but no good for the rest of us. Those who are getting the consistent best rankings on the competition are probably doing equally well in live accounts. Now a competition is a bit of fun, promotes the site, and gets some good interest here. Also good that charities can benefit. If we make it so that every trader is forced to expose their thought process in real time to the world, that is a barrier to participation.

 

[barjon]

I would not be interested in any contest where my positions were shared in real time.
The first and minor issue is that of cheating, by following a competitors trades and therefore increasing own score and rank at the expense of the one doing all the thinking.

The more serious issue is why would I wish to expose where I trade and what my position would be on a real time basis? This is quite insane. I know of size traders who do not even place hard stops with floor brokers or at the exchange due to the danger of exposing their intentions.

If professional prudence interferes with someone's fun, then so what? The competition can still be fun by comparing results on a daily and weekly basis.

I vote that all accounts are made private to prevent cheating and to remove any appearance of impropriety.

hoodoo


Well, you were the one who chose to post about what a clever cove you were in increasing your account, so why so shy in allowing people to see you in action

More seriously, this is just a friendly competition. It's been pointed out several times that it's not necessarily akin to real trading even though some people might choose to reflect their actual trades. Accordingly no-one will know whether your trades are "for the competition" or "for real" so I don't see that professional prudence is much of an argument.

jon

 

[hoodoo man]

"Sell the Eur/Usd here and hold for 70 pips"

That is the closest to seeing me "in action" anyone here will get. If I participate in a competition, it will not be one which broadcasts all my trading decisions in real time for others to copy, follow, or reverse engineer.

Also, what if I had a buy stop for EUR 20,000,000 at 1.4410 would it be wise to expose this to a counterparty, on the Internet,or anywhere else. Or would it be best to keep my full position and my uncle point to myself and manage the trade?

 

[Shikamaroo]

isn't trade to win a learning community hoodoo man.

 

[Atilla]

Yeah I agree. I think part of the fun is seeing trades in realtime. We should update the rules saying that you're not allowed to make your account private and you're not allowed to follow/mirror someones trades. I know that's a bit difficult to define, but really only matters for 1st place and eligibility of winning the prize. Meaning some pattern of trading for instance making an identical trade within 2 mins of someone else on multiple occasions. Probably leave it up to us judges to decide. Doesn't need to be more complicated than that.

So please can all players unhide their accounts and rest assured anyone caught mirroring trades will not be eligible to win the prize.

I like it as it is.

I have looked into other peoples trades yes and usually take the opposing trade if I am right behind them.

It's all a bit of fun and learning exercise.

I do not mirror my live trades. Last week in live trading I was up only 7 pips. Not a good week. However, didn't trade much. On this demo account I am certainly over trading.

I concur it is pretty clear who are the consistent winners are and good on them. As for all these vendors selling hopes and dreams there is nothing quite like a good piece of pudding.


As for Hoodoo's comments - FX markets are soooooooooo liquid and BiiiiiiiG!!!! no one person no matter who they are what trade size they place - they make no difference none what so ever to the price.

Dellusional grandeur comes to mind if they think they do. :idea:

 

[temporarilylight]

It would be so hard to reverse engineer peoples trading methods in this sort of environment. There are nearly limitless variables with timeframes and indicators, and that's just for people who rely on charts! Not something id be concerned aboue

And yes, leave it as it is for now, with the judges discretion to decide whether there is any foul play, gets my vote

it is pretty clear who the consistent winners are and good on them.

who are they, out of interest?

 

[forker]

That is the closest to seeing me "in action" anyone here will get. If I participate in a competition, it will not be one which broadcasts all my trading decisions in real time for others to copy, follow, or reverse engineer.

Also, what if I had a buy stop for EUR 20,000,000 at 1.4410 would it be wise to expose this to a counterparty, on the Internet,or anywhere else. Or would it be best to keep my full position and my uncle point to myself and manage the trade?

Can I please reverse engineer your strategy. Nothing like an eBay scam with a salesman such as yourself to promote it.

 

[counter_violent]

As I understand it. The whole idea behind having such a platform is crowd source, social trading. The idea of "private account trades" goes against the spirit of the comp and of the platform as an educational resource.

For those who don't wish to take part cos they think they might be giving secrets away...I say get a life

The only issue that needs resolving is that of copycat trades on the final day assuming it's tight at the top.

 

[hoodoo man]

It is one thing saying "Sell the Eur/Usd here and hold for 70 pips"

Let us see. Price and time then: 1.4404 and 16.42 GMT.
Price and time at high: 1.4422 and 19.55 GMT
Price and time at low: 1.4345 02.34 GMT

Points offered between high and low = 1.4422 - 1.4345 = 77
Points offered trading the whole move = 77 less spreads
Points offered trading from my call down to the low = 59 less spreads

Can anyone else here do this?

Well, you were the one who chose to post about what a clever cove you were in increasing your account, so why so shy in allowing people to see you in action

Did you get the Euro short?

More seriously, this is just a friendly competition. It's been pointed out several times that it's not necessarily akin to real trading even though some people might choose to reflect their actual trades. Accordingly no-one will know whether your trades are "for the competition" or "for real" so I don't see that professional prudence is much of an argument.

So if you knew the metrics of your market within a price and time structure which allowed you to profit from the markets every day would you publish exactly where you take your trades for someone else to reverse engineer? Plenty of good strategies have stopped working because too many people learned them. Why take bread out of your mouth. If you are not a professional trader you are not really in a position to comment about professional prudence. Are you?


To win the competition, you take the most points from the market per session. This means that you trade your real strategy in the competition account.

As for Hoodoo's comments - FX markets are soooooooooo liquid and BiiiiiiiG!!!! no one person no matter who they are what trade size they place - they make no difference none what so ever to the price.

You don't have a clue. "You are walking around blind without a cane, pal." But you're a newbie so I won't beat you up.

As I understand it. The whole idea behind having such a platform is crowd source, social trading. The idea of "private account trades" goes against the spirit of the comp and of the platform as an educational resource.

For those who don't wish to take part cos they think they might be giving secrets away...I say get a life

Hmm.

Can I please reverse engineer your strategy. Nothing like an eBay scam with a salesman such as yourself to promote it.

I am not selling anything. Of course if you knew the price and time metrics to take 60p trades on the euro (top to bottom or bottom to top) you wouldn't have the attitude you have. Good luck getting anywhere with such a closed mind.

The last two comments are interesting. The attitude here seems to be "**** off, you aren't needed". Anyone want to learn anything here, or is my participation really not welcome?

 

[hoodoo man]

How about buying EUR/USD here for 75 points?

 

[hoodoo man]

How about buying EUR/USD here for 75 points?

Opposite swing taking over.

 

[hoodoo man]

Opposite swing taking over.

Opposite swing end.

 

[duyk20]

22/06/2011 07:00:22 22/06/2011 07:01:38 GBP/USD Sell 9 1.62176 1.62232 -50.4 -$504.00 0.00

I don't know why my position automatically closed Quite annoyed since I anticipated the move right

 

[Sharky]

It appears from your activity page you got margin called.

 

[duyk20]

noooooo, it's only -5 pips and I got margin called. Ok, move on.

 

[hoodoo man]

Opposite swing end.

Who is playing the upswing on EUR/USD? I am going to sign up while there is still the ability to see positions of other traders.

 

[hoodoo man]

How about buying EUR/USD here for 75 points?

Opposite swing taking over.

Opposite swing end.

Today we said the main trade was the upswing ,and we were looking for 75 points.

We had an opposite swing of smaller size first. At the "opposite swing end", the price and time was:

1.4367 @ 10.43
and we had a secondary low at 1.4367 at time 13.34

We are looking for 75 points. 75 points added to the end of the opposite swing gives 1.4442. At 15.34 we had a price of 1.4442, which was the exit for the upswing. An upswing of 75 points from either of the two lows to the 15.34 high.

Earlier today, there was a signal for an upswing, closed at breakeven as the opposite swing took over. Trading the opposite (smaller) swing down to 1.4367 yielded 33 points. Trading the opposite swings is not necessary to profit, but an expert trader will trade all swings.

So today a total of 108 points was called here live and made available to the savvy trader. Since this is a UK site, I shall quote the P&L per UK pounds. A standard lot of the EUR/USD is 100,000 units. Correctly trading these two swings today yields a profit of £669.50 before costs per 100,000 traded. On an unleveraged basis, this is a return of 0.6% in a single day.

Could someone please post a large EUR/USD 1 minute spot forex chart clearly showing UK time for today please?

Is anyone else here making similar returns using a predictive trading model? Can you all see what returns are possible? I'm 3 for 3 here for over 170 points in under 24 hours. This is how I tripled the CMC account in a few days.

Is anyone in the competition making 170 points per day? What would the P&L be on a fully leveraged $50k account? What would the annual return be when averaging 300 points per week on a 20 million euro position size?

 

[EK1]

Day 3 and an early front runner, davidesassi. Will he keep his lead that's the question??