Daily Comp

[Terry]

Can somebody please explain in more detail how the daily competition works. I have followed all the instructions on:

http://www.trade2win.co.uk/competition/daytrading.php

But I need more specifics on the last paragraph. (i.e. "/s brcm 82 + or - 2" What exactly is the -2?)

What does covering your position do? Does it close your position or do you need to sell to close the position.

Some examples of each of these scenarios will be appreciated.

 

[ChartMan]

+ "2" is the profit that you have made/lost so

/me sells BRCM 82 +2 means that you have sold BRCM at 82 having bought at 80 and therefor made +$2.

Buying goes with selling, and shorting goes with covering.
so you BUY at 80 and sell at 82 ( going long)
and you short at 82 and cover at 80 ( going short)
You go long in the expectation of the stock rising in price and make a positive (+$2) profit.If you go long for 80 and sell at 79, you make a loss of $1 so you type :
/me sells BRCM 79 -1

You go short on the expectation of the stock going down, and hope to buy it back later at a cheaper price ( covering) so:
/me covers BRCM 78 +2
means you shorted at 80 and bought back at 78, thus making +$2
Hope this helps.
Unfortunately at the moment, I think the daytrading competitions are not being run...