trader_dante
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Pah! Nothing is dangerous with a 100% win rate.
I'm in the competition too although joined this morning.
Just got the first winner of +16 in GBP/USD.
I absolutely refuse to get out of any trade for 5 f*cking pips.
LOL
The £100k should go to whoever bagged the most points/pips in the ten trades.
That would have been an interesting competition too but the way they did it allowed people to join at whatever time. You'd be pretty disadvantaged if you joined with only 2 days to go and some guy had 500+pips already
Or the person that has the most consecutive winning trades - although that would probably be teaching bad habits (incidentally probably also much better for Worldspreads bottom line), but goes well with your 100% win rate thing we were talking about earlier!
Or the person that made the 10 trades with the longest average time spent in those trades!
From WS's points of view this comp was a great idea as it would appeal to traders of differing style and ability (as the cost of entry is pretty low). The headline £100k figure would have attracted a lot of traders too - which, essentially is WS's aim - to attract lots of new clients and hope they continue to trade with them.
Thus setting the comp in a way that there will be many winners is advantageous to them as then there are more traders who might use the winnings and their own funds to continue to trade with WS, rather than making the conditions for winning much harder and thus only 2-3 winners who will most likely take the winings and run so to speak.
IMO it was certainly a novel idea (compared to the usual demo accounts competitions you see where the highest % gain over an x period wins - which invoved pretty much betting the whole account on every trade and hope you get to a big enough level quickly and can then scale down and watch how the competition peform) and was quite fun to participate in.
Thus setting the comp in a way that there will be many winners is advantageous to them as then there are more traders who might use the winnings and their own funds to continue to trade with WS, rather than making the conditions for winning much harder and thus only 2-3 winners who will most likely take the winings and run so to speak.
IMO it was certainly a novel idea (compared to the usual demo accounts competitions you see where the highest % gain over an x period wins - which invoved pretty much betting the whole account on every trade and hope you get to a big enough level quickly and can then scale down and watch how the competition peform) and was quite fun to participate in.
It remains to be seen how many win. I don;t think getting 10 in a row is that easy, it takes discipline and a bit of knowledge. However, it's clearly not impossible like some people thought either.
Something less than 50 winners would be nice for those in the money
I do think Worldspreads could improve their speed of their platform a little, it's on the slow end of all the platforms I've used but it's simple enough at the same time. If you were to set your orders (like you probably should...note goes to all those entering market orders out there) then it would probably be good enough given the zero spreads.
Something less than 50 winners would be nice for those in the money
I do think Worldspreads could improve their speed of their platform a little, it's on the slow end of all the platforms I've used but it's simple enough at the same time. If you were to set your orders (like you probably should...note goes to all those entering market orders out there) then it would probably be good enough given the zero spreads.
It remains to be seen how many win. I don;t think getting 10 in a row is that easy, it takes discipline and a bit of knowledge. However, it's clearly not impossible like some people thought either.
Something less than 50 winners would be nice for those in the money
I'd be surprised if there were less than 100 - still not bad - better than nothing!
Agree - great marketing idea.
Although with winning I think the £100k should have been split like this:
- £50k - Outright winner(s) winning a share of say £50k for the person(s) that hit given criteria (eg most wins in a row, most points within 10 wins, longest duration within 10 wins etc).
- £40k - Split between anyone that does the 10 in a row (like the £100k is now).
- £10k - Buying various "presents" for xmas (Ipads, Iphones etc) - 20ish other people win for hitting 8 (or whatever) in a row!
Agree - competition much more fun that all the demo account fluff, a winner will presumably increased their WS account by at least 50 points x £pp.
It remains to be seen how many win. I don;t think getting 10 in a row is that easy, it takes discipline and a bit of knowledge. However, it's clearly not impossible like some people thought either.
Something less than 50 winners would be nice for those in the money
I do think Worldspreads could improve their speed of their platform a little, it's on the slow end of all the platforms I've used but it's simple enough at the same time. If you were to set your orders (like you probably should...note goes to all those entering market orders out there) then it would probably be good enough given the zero spreads.
If you're trading 'normally', I think ten 5pip/pt wins in a row is pretty unlikely. IMO, taking (small) losses is one of the main things you have to do to be profitable overall.
Agree about WS's platform. I haven't tried it recently, but if it's still as slow and annoying as it was a while back then they should invest the £100k in IT instead of running competitions. Concentrate on getting some of their ex-clients back, not signing up new ones.
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Guess that's it. Most would be prepared to take some drawdown to win 100k but it seems it will far less than 100k for most, who knows. Skews the risk reward.
I suppose we should say happy birthday to WorldSPreads!
tar
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Hi tar,
A few Qs . . .
1. How did you decide upon your current price?
2. How did you decide upon the 5pt spread?
3. How will you adjust the price between now and when the results are announced?
Anyway, I'll play: long @ 12.
Tim.
"A recent study of WorldSpreads customers' spread betting activity showed that almost three quarters of clients' bets are closed in profit. By way of reference, seven WorldSpreads’ clients placed 10 such consecutive winning trades between May and July of this year."
But this contest is different , participants should make at least 5 pips profit , anyway it is price discovery process , as long as there is more buyers i will move the quote up
It depends on your trading method IMO. For example if you trade a method / system that gives a high win rate shooting for 30-60 pips say then to get 10 x 5 pip winners would not require much deviation from your method...but if you normally trade a method / system that produces a low win rate but higher %R then you'd have to change your method in order to get the 10 in a row.
I think the the FX market moved favourably for this competition near the start with the Ireland bailout problems causing EUR to fall pretty hard and constant for a number of days - I bet a fair few traders scalped a lot of 5 pip winners during this time for the comp.
On the whole I found te WS platform to be ok...like you and others have said it's a bit on the slow side at times in terms of execution...though a market maker will never be as quick compared to an ECN / DMA broker. I did find that their price feed was at times up to 3 pips different to other FX brokers are use for charting which is something I've not come across before.
I think the biggest challenge for a lot of traders for the comp would have been discpline and patience...if you think about it 10x5 pip winners in a month is quite straightforward....waiting for the best setups / opportunities is likely to what proved the hard part for most traders I reckon.
