Competitions - ideas please

[Triggerfish]

Can someone convince me WHY I should enter a competition rather than trading my own account?.....I really don't see any benefits for the trader nor others.....and the prize doesn't matter either.....What are we trying to prove here?

 

[piggybridges]

what about david "the assassin" esassi ?

I was thinking about him yesterday when reading this thread, lol.
Is he a vendor?
Either way, he clearly knew what he was doing 'trading wise'. He was always amongst the top few, if not, winning the competition.

Personally, I really liked the whole forexdesk thing (putting aside the various issues with the platform etc).
Just a simple, (weekly/monthly?) trading competition with a good prize gets my vote.

 

[DionysusToast]

Can someone convince me WHY I should enter a competition rather than trading my own account?.....I really don't see any benefits for the trader nor others.....and the prize doesn't matter either.....What are we trying to prove here?

Mostly - for the bragging rights.

Your point is a valid one though. If you structure a competition so that it only encourages participation from people that don't actually trade, you miss the chance that it might be educational for the audience.

 

[DionysusToast]

Come on DT, how many times to you want me to admit that we got some things wrong? I read all that stuff that went on between you both and I can certainly see where you are coming from. All I can really say is that it will not happen on my watch but you'll have to trust me on that one.

We have to start somewhere.

Have a great weekend.

Well - this is the closest I've seen to T2W even admitting that the whole thing became a farce, although "we got some things wrong" is still quite generic.

The best way to show people T2W is capable of running a contest without changing the rules part way through the game would be..... to run a contest without changing the rules part way through the game.

Right now - I wouldn't expect too many people to take it at all seriously first time round. T2W has some ground to make up in this respect.

 

[timsk]

Can someone convince me WHY I should enter a competition rather than trading my own account?.....I really don't see any benefits for the trader nor others.....and the prize doesn't matter either.....What are we trying to prove here?

Hi Triggerfish,
It's not a case of trying to prove anything, and I certainly won't try to convince you to participate if you don't want to. It's not compulsory! Also, it's not an 'either or' situation - there's nothing preventing members from participating in the comp' and trading their own accounts. It's aimed at members who enjoy comps, think they're fun, like the prizes, want to demonstrate their trading skill or just fill in time whilst gazing at their screens etc, etc.
Tim.

 

[Atilla]

I don't think competition is about bragging at all.

Didn't see anyone bragging during the FX competition. It was just a fellowship of like minds to try out their approach with others. Same goes for the S&P500 comp.

I thought that was good but as mentioned before it encouraged risk taking at the expense of winning rather than profit making because objective was to get the prize.

I'm wondering if the prizes are a mistake???

I like to have an open mind and we could equally do away with prizes and just have bragging rights as titles for 2013 Competition Champion followed up with runner up and third.

Then perhaps any vendor who wishes to claim the title can have something to work for.


If one does not wish to participate but simply contribute opinion that's also fine.


It may be slow to catch on but the Annual T2W Competition Winner sounds a better idea and can gather well earnt recognition than weekly/monthly comps.

 

[Pat494]

Perhaps some have forgotten the main reason to be on a site like this. It is to improve our skills to make more money than ever.
A competition will do this imho. Some can copy too if they want as a sort of league ladder that will be created by the competitors.

If T2W can improve performance it has a right to exist, even flourish. Stagnation is when one has heard it all before.

 

[Lightning McQueen]

I was thinking about him yesterday when reading this thread, lol.
Is he a vendor?
Either way, he clearly knew what he was doing 'trading wise'. He was always amongst the top few, if not, winning the competition.

Personally, I really liked the whole forexdesk thing (putting aside the various issues with the platform etc).
Just a simple, (weekly/monthly?) trading competition with a good prize gets my vote.

i liked forexdesk too, it was at it's best when the weekly comps were run (imo) when it mainly consisted of t2w players and was faster and a more furious game than the later monthlies. the monthlies had the better prizes, but because of this the comp made it onto web lists and invaded by multiple account chancers who couldn't read basic english, ignored the rules, weren't t2w members and bleated and whined if they won, it did then appear to turn into a farce.

yes, david was always up there near the top, if not leading many a comp way out in front. did he win any? i thought so? my recollection is he did have a vendor badge back then? not sure now, most definitely had links removed from board postings.

 

[Vasco da Banana]

Perhaps some have forgotten the main reason to be on a site like this. It is to improve our skills to make more money than ever.
A competition will do this imho. Some can copy too if they want as a sort of league ladder that will be created by the competitors.

If T2W can improve performance it has a right to exist, even flourish. Stagnation is when one has heard it all before.

Looking back to my first pathetic attempts at day trading, I think I could have learned a lot from a well-run competition that didn't just encourage wild punts. Ten years or so on, no doubt I could still learn plenty more.

 

[new_trader]

I disagree with the idea of a competition because competition is a nasty free-market concept where only the best win, and that is unfair. Anyone who is here to make as much money as they can is nothing but a greedy capitalist pig.

Instead, I think we ought to open up a community trading account and share the profits equally with everyone who joins regardless of their contribution. It would be better if only the best traders do all the trading so that there are more profits to be shared with the less fortunate members.

 

[Pat494]

I disagree with the idea of a competition because competition is a nasty free-market concept where only the best win, and that is unfair. Anyone who is here to make as much money as they can is nothing but a greedy capitalist pig.

Instead, I think we ought to open up a community trading account and share the profits equally with everyone who joins regardless of their contribution. It would be better if only the best traders do all the trading so that there are more profits to be shared with the less fortunate members.

Has he converted ?
I think someone is pulling the wool over the eyes.
Or do I detect irony !! Good grief. There is intelligent life here after all Mr. Scot

 

[DionysusToast]

there's nothing preventing members from participating in the comp' and trading their own accounts.
Tim.

That very much depends on how the competition is structured and to some extent how the trader trades.

 

[Atilla]

I disagree with the idea of a competition because competition is a nasty free-market concept where only the best win, and that is unfair. Anyone who is here to make as much money as they can is nothing but a greedy capitalist pig.

Instead, I think we ought to open up a community trading account and share the profits equally with everyone who joins regardless of their contribution. It would be better if only the best traders do all the trading so that there are more profits to be shared with the less fortunate members.

DT I take back what I said.

There is bragging on this site :cheesy:

Cry me a river

 

[timsk]

That very much depends on how the competition is structured and to some extent how the trader trades.

DT,
Well, in the event that the two conflict, then the member has to decide which takes priority. How about giving us the benefit of your thoughts to help mitigate this possibility and provide some suggestions for the type of comp' you'd like to see?
Tim.

 

[Triggerfish]

.....there's nothing preventing members from participating in the comp' and trading their own accounts. It's aimed at members who enjoy comps, think they're fun, like the prizes, want to demonstrate their trading skill or just fill in time whilst gazing at their screens etc, etc.

It is interesting that in the REAL markets, it has a totally different outlook from what you have suggested in a competition.
.....In the real markets, it is not fun, in fact it is very serious indeed.
.....In a competition, we aim for the prize where the real market rewards you for your success/punish you for failure.
.....In the real markets, there is no need to demonstrate the trading skills to anyone.

To really talk about trading skills, as what "tar" has suggested that with £1 per point, this truly limits the traders abilities as a trader should be able to vary accordingly to the situation and have the ability to have the conviction to maximise the situation in hand, with £1 per point limitation, this clearing is very basic. It is like you are a F1 racing car and you must drive it on a 30mph road and observe the speed limits at all times.....that isn't skill!

 

[Vasco da Banana]

It is interesting that in the REAL markets, it has a totally different outlook from what you have suggested in a competition.
.....In the real markets, it is not fun, in fact it is very serious indeed.
.....In a competition, we aim for the prize where the real market rewards you for your success/punish you for failure.
.....In the real markets, there is no need to demonstrate the trading skills to anyone.

To really talk about trading skills, as what "tar" has suggested that with £1 per point, this truly limits the traders abilities as a trader should be able to vary accordingly to the situation and have the ability to have the conviction to maximise the situation in hand, with £1 per point limitation, this clearing is very basic. It is like you are a F1 racing car and you must drive it on a 30mph road and observe the speed limits at all times.....that isn't skill!

So you don't think it takes skill to trade FX and indices with £100 margin?

 

[Atilla]

It is interesting that in the REAL markets, it has a totally different outlook from what you have suggested in a competition.
.....In the real markets, it is not fun, in fact it is very serious indeed.
.....In a competition, we aim for the prize where the real market rewards you for your success/punish you for failure.
.....In the real markets, there is no need to demonstrate the trading skills to anyone.

To really talk about trading skills, as what "tar" has suggested that with £1 per point, this truly limits the traders abilities as a trader should be able to vary accordingly to the situation and have the ability to have the conviction to maximise the situation in hand, with £1 per point limitation, this clearing is very basic. It is like you are a F1 racing car and you must drive it on a 30mph road and observe the speed limits at all times.....that isn't skill!

Are you 100% against the competition or would you like to in some way contribute in shaping its design?

You could simply just come right out and say it like NT has

 

[Triggerfish]

So you don't think it takes skill to trade FX and indices with £100 margin?

It will only demostrate basic skills with that kind of money, should one who is consistent in winning, one would naturally adjust the stakes when required. Since there is a limit due to the margins available, one cannot show these advanced skills by adjusting the stakes.....hence limitation.....afterall, trading is about making $!.....unless we don't want to see those skills?.....or we only want to see basic skills.

Are you 100% against the competition or would you like to in some way contribute in shaping its design?

Against the competition.....No!
Contribute.....It will be what will be.

 

[Atilla]

It will only demostrate basic skills with that kind of money, should one who is consistent in winning, one would naturally adjust the stakes when required. Since there is a limit due to the margins available, one cannot show these advanced skills by adjusting the stakes.....hence limitation.....afterall, trading is about making $!.....unless we don't want to see those skills?.....or we only want to see basic skills.


Against the competition.....No!
Contribute.....It will be what will be.

I like staring at flowers too

 

[DionysusToast]

DT,
Well, in the event that the two conflict, then the member has to decide which takes priority. How about giving us the benefit of your thoughts to help mitigate this possibility and provide some suggestions for the type of comp' you'd like to see?
Tim.

Well - I think that this "involve the members" is all well & good - but shouldn't some suggestions come from T2W staff too?

I would say that you should alllow all markets, not just forex. With the last comp, you alienated non-forex traders and the whole thing was pretty crass in terms of it being a self-promotional idea (and I should know). Be subtle about it. If you have to promote a new site, that's fine but find a way to be more inclusive.

If trades have to be entered twice by a live trader because it is a longer-running 'grow an account' type competition, then there is a lot of scope for making it too much hassle...
- a short term trader would need a way to automatically replicate their trades because of the focus they have on the early part of the trade
- you have to support the same sort of exits/scaling that the trader has

For a SIM trader, it's no hassle because they just have to change the SIM account they use. For a live trader, it could very quickly become a hassle. There is also the "shoot for the stars" aspect where someone could go all-in just to with the comp. It becomes a d!ck swinging competition, has no educational value and rewards high-risk behaviour and more so the shorter the horizon of the competition. If it lasts a year, that'd probably wash out.

You could have a "Trade of the month" competition. Not as the only comp but just as one idea.
- Submit a trade within 5 minutes of entry on a competition forum post.
- Trades can only be sumbitted before they are closed
- Evidence must be provided that it was actually taken - live or sim doesn't matter
- Trader follows up with documentation of the trade, why it was taken, how much was risked, where the exit was, why the exit was there

No hindsight trades allowed. Judging will be based on risk taken, how well trade was managed, educational value of notes that come alongside the trade.

This comp also brings quality content to the site.Huzzah.