DON'T VOTE ON THE POLL UNTIL YOU HAVE READ!
Some of the guys from chatzy were talking when ceydababy pointed out two great offers on one of the new spread betting sites:
£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Basically, any losses of £500 (which you deposit) will be refunded and withdrawn again or continued to be traded.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:
- 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 At the end of the week/month all profits are withdrawn and the account is reset to £500.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.
- 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:
- [Lots of members can compete and join as long as the offer still runs / chance to make money] [Less leveraged accounts / lowered stakes]
- [Same competition just without £150 each / discussions involving trades to be placed / more capital / more likelihood of making money] [Arguments over trades + account keepers]
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"]