T2W Forex Competition - Tell us what you think!

[Sharky]

We launched the T2W Forex Competition last year here: http://www.trade2win.com/competition/

The competition has been in 'beta' ever since, with little extra work done on it to improve on the first beta version.

Consequently it's languished over time, players have little incentive to play and the game never really had an opportunity to shine.

Well, we're now thinking about the next version and what we can do to improve it.

I'd like to ask all T2W members to tell us what you think would me the competition great! Spare a moment to imagine the 'ultimate forex competition', how would it work, what would make it so successful. Think about how unlike a broker, having the competition on here enables members to see how others trade, and we have the ability to aggregate data about how people are trading.

So please add your ideas to this thread, we're looking to spend the next few weeks upgrading the competition, and the more ideas and suggestions we can come up with now will make for a much better competition when it's finished.

I look forward to reading your thoughts! :smart:

Paul.

 

[Sharky]

To kick off things, here's a collection of comments received since the forex competition went live:

- Needs a really good monthly prize to attract members
- Bug free, level playing field
- Fixed start up and shut down times
- Smooth data feed
- Expand the pairs to include some non USD crosses
- Link to full rules
- Adjudication
- Forex comp forum header
- Simple easy to follow rules.

And some questions:

- Length of competition, 1 month? Complete reset at this point?
- Which pairs to allow?
- Fixed spread? (At the moment it fluctuates)
- Switch from points based to pounds/dollars based - so you can bet different amounts on each pair?
- Is the existing price feed/platform stable enough - how do prices quoted/updated compare with the real thing?

 

[peto]

I don't understand the points system...what are those numbers next to the leaderboard, monthly or total? Where am I in the leaderboard?...it should be possible to find ones position, however low.

 

[Mathemagician]

Couple thoughts...

Why just forex?
Maybe longer-term competitions made up of a series of short-term ones. e.g. quarterly = 3 months, annually = 12 months = 4 quarters, etc.

jj

 

[rathcoole_exile]

would you include currency futures or only spot Pairs ?

 

[hornblower]

I would rather spend my time trying to make money trading fx
spending time playing a competition is a waste of my time

 

[Sharky]

I understand why you might consider it a distraction from the real business of trading your account - but have you considered new traders who would be better off paper trading than risking their real money? Also forex system traders, who could set up their systems for all to see - perhaps the lattar might be of interest to you?

 

[arabianights]

If you want to attract system sellers etc will there be an api for the competition?

As others have said only newbies are likely to want to trade for fake money - there should probably be a newbie category as well.

 

[Sharky]

Yes we can build an API for system sellers! Or for anyone who wants to experiment with a system, for that matter. I'd like to hear from these people about what they would want from the competition.

 

[trendie]

the original comp had bugs such as being able to buy currencies for ZERO, and making thousands of pips instantly.

the was lack of clarity of month open and close, such that it was difficult to decide how many pips someone made if they hadn't closed the trade themselves.

following on from the above, trades that straddled months are ambiguous. ie, do you treat it as an existing trade following on, or close it for the old month, and re-open for the new month.

the above are clearly pedantic, but if you dont address them, you will get the kind of hullaballoo that you get when members are banned when nobody knows why or which rules are being followed, etc.

Has an actual prize been decided yet? The value of which can obviously make it all worth it.

I agree with hornblower that we should be trading, not playing, but I think the comp opens up the chance to play swing-trades, which shouldn't take up much of our time.

I like the API idea. Need more info on it. Would the new comp allow the placing of Stop-Orders, etc.