T2W Forex Contest - Week 3

[Sharky]

How to enter

Entry is free and takes just a couple of minutes. First, sign up on ForexDesk, using the invitation code "T2WCOMP" and your T2W username. Once you're activated your account, log in and create a new practice account using the default settings. You can call it whatever you like but you must add "#3" to the name, to enter this week's contest. Then make at least one trade during the week to qualify for the prize.

More detailed instructions here: http://www.trade2win.com/boards/t2w...ew-t2w-forex-contest-starts-sun-15th-may.html

Rules

- Contest starts today Sunday 29th May at 6pm ET, 11pm BST.
- Contest finishes after 5 days, on Friday 3rd Jun at 6pm ET, 11pm BST
- Enter any time before the contest finishes.
- The winner will be judged by their P&L for the week.
- Only entry per person

Prizes

- Top Trader (Highest P&L)
The most-wished-for, most-gifted, and the most 5-star reviews of any product on Amazon.com... The Kindle eBook Reader (Wi-Fi, Graphite, 6")




- Best Suggestion
A nifty little SanDisk 8GB Cruzer Blade USB drive.

(To enter just click the "Feedback" tab on the right hand side of the ForexDesk website, click the 'Share an idea' tab and post your suggestion about how to improve ForexDesk or the T2W Forex Contest.)

Good Trading! :clover:

 

[billnye5]

Looking forward to this, let the trading begin!!!

 

[hoodoo man]

I see this competition is being offered regularly. While things like the Kindle are nice toys, perhaps a cash prize would attract some more serious interest?

How about a month long competition with a cash prize of £1,000 for the best trader?
Or weekly competitions with £250 to the charity of the winner's choice?

Alternatively, how about run the competition for a year, with the #2 position at the end of each month receiving a Kindle or similar, and the #1 position by year end receiving a grand prize of £10,000?

The validity of a trading competition over five days is somewhat questionable. Over a longer period, there is more data. Perhaps have different categories of winners - one for overall P&L, one for % of profitable trades, another for whatever measure of risk adjusted return is selected.

 

[billnye5]

Over a year people would get bored of seemingly endless competition, i'd say a month maximum. Also, I believe the option is there for cash equivalent anyway? And considering these competitions are FREE, I wouldn't mind a bar of chocolate as a prize let alone whats been offered recently, Apple TV, $100 as examples.
Different categories would be useful, combined overall positions giving a better view of a overall winner, however that does complicate things for the staff of the site sorting out.
I do agree with the longer competitions as there is a wider range of data and luck will eventually run out, which is when skill would take over

 

[Trader333]

The weekly competition will be replaced by a monthly one in due course.


Paul

 

[duyk20]

will join this week.
Sharky, would you mind to explain how you guys judge the P&L?
Thx
Luiz

 

[Atilla]

Sick and tired of TVs but the Kindle - that's a good prize to compete for.

I'll have to revise my strategy and raise risk tollerance & margins in order to make a dash for the prize. Consistency and caution have been thrown into the wind.


You've got to be in it to win it - I'm all in!

 

[GlenGary]

Good luck Fellas,

 

[timsk]

I've never traded forex before and I know precious little about it. But, how hard can it be? I'm sure it's an absolute piece of cake and I fully expect to win the Kindle. Sorry guys 'n gels, now that I'm in the comp' I'm afraid it's pretty much game over for the rest of you!
:cheesy:

 

[Sharky]

I see this competition is being offered regularly. While things like the Kindle are nice toys, perhaps a cash prize would attract some more serious interest?

How about a month long competition with a cash prize of £1,000 for the best trader?
Or weekly competitions with £250 to the charity of the winner's choice?

Alternatively, how about run the competition for a year, with the #2 position at the end of each month receiving a Kindle or similar, and the #1 position by year end receiving a grand prize of £10,000?

The validity of a trading competition over five days is somewhat questionable. Over a longer period, there is more data. Perhaps have different categories of winners - one for overall P&L, one for % of profitable trades, another for whatever measure of risk adjusted return is selected.

Our long term goal is definitely to move to a monthly contest. It's still early days and like all new products, we anticipate bugs to fix, tweaks to existing features and new ones to add. So we're pretty happy right now to keep the prizes and consequently the number of entrants relatively small. The feedback helps a lot and we're really pleased how stable the platform has been, given it's only been 2 weeks.

I also like the idea of different criteria for the winners and that's something we'll probably experiment over the coming weeks. Having a weekly contest gives us a bit more flexibility to change the format and to grow awareness slowly.

Over a year people would get bored of seemingly endless competition, i'd say a month maximum. Also, I believe the option is there for cash equivalent anyway? And considering these competitions are FREE, I wouldn't mind a bar of chocolate as a prize let alone whats been offered recently, Apple TV, $100 as examples.
Different categories would be useful, combined overall positions giving a better view of a overall winner, however that does complicate things for the staff of the site sorting out.
I do agree with the longer competitions as there is a wider range of data and luck will eventually run out, which is when skill would take over

Yeah I agree that a year is probably too long, at least on it's own. Possibly if it was run in conjunction with other shorter term contests then it could work well especially with a larger prize.

will join this week.
Sharky, would you mind to explain how you guys judge the P&L?
Thx
Luiz

Sure, P&L is basically the equity in your account, minus income from rollover.

Now it might be useful to explain the difference between equity and the balance on your account. We decided to model this on the way FXCM does it:

What is the difference between balance and equity?

Equity is more important than balance because equity reflects the current value of the account based on the profit or loss on all open positions. If you closed all open positions, the equity is the amount of funds that would be available.

The balance is the value of the account before any open positions were created. It is an old value if there are open trades, making it less important.

Below are examples of the difference between balance and equity:

1. If there are no open trades, then the balance and equity are equal:



2. If there is a floating profit, then balance will be lower than equity:



3. If there is a floating loss, then balance will be higher than equity:



Keep in mind that the equity is the most current value of the account and the balance column updates to the equity value when all open positions are closed.

 

[Atilla]

Hi Sharky,

I've renamed my old

Demo Account 1

to

Atilla#3


and it keeps reverting back to Demo Account 1 again. Done it twice so far. Fuddy duddy bug... :whistling

 

[Sharky]

I checked your account Atilla, and I can see Atilla#3 but no Demo Account 1, can you explain where it's reverting back?

 

[Sharky]

Day 1 of the contest, and the leaderboard is looking as so:

 

[Atilla]

I checked your account Atilla, and I can see Atilla#3 but no Demo Account 1, can you explain where it's reverting back?

I've had to rename it back #3 twice.

Next time I'll leave it as it is.



I just knew that Euro turn around would be coming anytime soon.

Back in 5th position...

Bring it on dudes... :smart:

Well maxed out on margin though...

 

[Atilla]

If 1.4250 support doesn't hold then we can say hello to my little friend @ 1.40

 

[Atilla]

I checked your account Atilla, and I can see Atilla#3 but no Demo Account 1, can you explain where it's reverting back?

It's gone again boss... Scr capture attached.


Now you see it - now you don't. It's playing tricks with mi eyes...

CV up to no good again is he? :cheesy:

 

[Atilla]

Watch this space guys...

EURUSD getting ready for a swan dive...


Hoodoo Man - Only thing that may possibly save the EURO is the Chinese coming to their aid. Otherwise you are looking at riots and the army on the streets of Greece. CIA have already done the anaysis and that is their verdict not mine.

As for Spain - Portugal and Ireland - it will not be pretty.

 

[timsk]

EURUSD getting ready for a swan dive...

I've just gone long!

 

[Lightning McQueen]

Hi Sharky,

I've renamed my old

Demo Account 1

to

Atilla#3


and it keeps reverting back to Demo Account 1 again. Done it twice so far. Fuddy duddy bug... :whistling

lol you've disapeared again mate!

last i saw you were loaded right up and climbing the leaderboard.

have you blown up, done a kimbo and gone home?

was a shame that, i enjoyed watching kimbo's bomb strategy in action, now we'll never know if it was tsar bomb or wet fart, i suspect a margin call did him

 

[Atilla]

lol you've disapeared again mate!

last i saw you were loaded right up and climbing the leaderboard.

have you blown up, done a kimbo and gone home?

was a shame that, i enjoyed watching kimbo's bomb strategy in action, now we'll never know if it was tsar bomb or wet fart, i suspect a margin call did him

Haha - yep I'm there as Demo Account 1 - I'm way ahead of you all but you can't see me...

I've got stealth techno matey - catch me if you can...