Brand New T2W Fanatasy Competition

[Sharky]

I'd like to get a discussion going on the brand new competition that will coincide with the launch of the new website.

I've been talking to one of the current competition veterans - Chartman - about this and we've come up with following for the brand new competition. I'd be grateful for any feedback on the proposed solution as I shall be busy working on this over the next few days

Proposed New T2W Competition

Any members can enter the competition, they each have a starting purse of £50k monopoly money to play with. The competition is open-ended, there is no start or finish! You can hold up to 5 UK Shares at any one time, and you can only buy shares, no shorting allowed. You can spend as much or as little as you want on the shares, keep most of the cash in the bank where it will earn interest. You can sell the shares and immediately buy new ones, or you can sell all your shares, if you want to avoid trading. Any buy or sells outside market hours will be processed the first opportunity the next market day. Every trade will incur a dealing cost of £15, and you buy on the offer, sell on the bid.

Each week we will keep a leaderboard of the members with the highest net worth as well as the top performers percentage wise and cost wise from the last week / last month.

We may also introduce at a latter date a fantasy spreadbetting competition, which will involve betting on the indices - long or short. More news to follow.

Please let me know what your thoughts are, and anything extra you would like to see.

Cheers,
Sharky.

 

[ed crane]

why no shorting?

 

[Sharky]

Hi Buyandsell,

Reasons for not having shorting are as follows:

1. Complications: If you short, how much can you short? Do you need to keep some money in your bank to cover the margin requirements, and with the money you realise can you then buy more shares. Will be complicated to work out your net worth etc.

2. If your trading shares, rather than derivatives, you're unlikely to be able to short anyway

3. I think people are more comfotable with buying than shorting.

4. The future spread betting competition will incorporate shorting.

But, if the consensus wants to be able to short in the main competition then I can overcome these problems, but we will have to agree on the rules. Any suggestions?

 

[Helenqu]

Hi Sharky,

Sounds fine to me. Very like Shareleague in fact. Have you had a look over there?

It's a pity no shorting but I think you should be able to make money without it so no major loss.



Cheers,

 

[payneg01]

Hi Sharky
I like your idea.

Good luck
Greg

 

[Sharky]

Making some progress with the competition, I've been thinking about the shorting issue and I've decided to include it. So your five stocks can be bought or shorted, or a combination of the two. But to make things a whole lot simpler, shorting will be treated exactly like buying, it will cost you x amount depending on how many shares you short, the only difference of course is you short on the bid and cover on the ask, and gain profit when the price goes down. Now how does that sound, I know its not realistic, your account wouldnt normally crediting when you short, rather than cost you anything - you'd be leveraged, and you'd need to keep x amount for margin payments, but I really think whats important is the stock picking at the end of the day, correctly calling whether a stock will go up or down - I think this has to remain the principal goal of the competition. What do you think?

Sharky.

 

[ChartMan]

Yes, that makes sense to me. Short 2K 's worth of stock 1 week and buy it back the next at £1,800 = £200 profit.Simple straight forward, and put's the skills on the stock picking .

 

[payneg01]

Hi Sharky
Sounds good to me.

Good luck
Greg

 

[hook4]

new competition

Sounds good, looking forward to start. Woder if shorting shold come later, following establishment of basic game.
But fine whatever

Hook4

 

[FTSE Beater]

Hi all,

I think I might be missing something here , I've shorted CAT and the price has fallen but the competition is showing the trade as a loss.

If I've missed something stupid, then apologises in advance. Either way, a great competition idea.

 

[Sharky]

Hiya FTSE Beater,

There's bound to be a few bugs in the system, so if you do find anything strange during this first competition, do let me know! I'll have a look into the shorting problem, and get it fixed ASAP. Thanks for your comments about the competition, and I'll be adding lots more features to it over the coming weeks!

Cheers,
Sharky.

 

[Wideboy]

Competiion bug?

Hi Sharky,

I like the new look competition, welldone!
However I have noticed that when I click on 'more rankings' I would expect to see rankings from 5 downwards but it just returns to the same page?
Same goes for 'more trades' too??

Any idea whats up?

Cheers

Wideboy

 

[Sharky]

Hi Wideboy, glad you like the new competition.

Well it wasn't so much a bug, but an unfinished idea... still I've now created a new stats page which shows ALL the rankings for those players who have made at least one trade, and the last 25 trades. In the process of adding more stats to that page too, so keep an eye on it!

Sharky.

 

[hook4]

Hi Sharky,
Very pleased with addition of working "more rankings", adds a lot to the interest and game feels pretty good so far.

Hook4