Contest for REAL accounts vote results
Contest for REAL accounts Discussion
Mar 20, 2010 at 00:55
1,573 Views
6 Replies
forex_trader_576
Member Since Sep 09, 2009
5 posts
Mar 20, 2010 at 00:55
Contest on demo accounts encourages reckless trading. In the end you'll have lucky traders who probably would not do the same thing again if they were trading real money.
Please have contest for real account holders as well.
Please have contest for real account holders as well.
Member Since Aug 31, 2009
131 posts
Mar 20, 2010 at 03:25
(edited Mar 20, 2010 at 03:25)
Yep, I suggest Deal Accounts AND Real Accounts - 2 Categories. I want to see the shoot for the moon stuff you'll only see on demo plus the more safety minded real money traders.
It ain't easy being Cheesy!
Member Since Aug 20, 2009
266 posts
Mar 20, 2010 at 05:01
I think there should be a reasonable minimum, like $1000 to discourage the same reckless trading just because it is a $100 account.
For the demo accounts I would suggest that there be an approved list of brokers allowed, so we don't have the scam brokers with awesome demo accounts tainting the results.
For the demo accounts I would suggest that there be an approved list of brokers allowed, so we don't have the scam brokers with awesome demo accounts tainting the results.
Wealth Creation Through Technology
Member Since Aug 31, 2009
131 posts
Mar 20, 2010 at 09:35
Real money will get real fills. I dont think the amount matters as much as the execution. Shoot for the moons and extreme scalpers will prob flame out just having to get real fills. I'd get a $100 account just to play with in a contest but 1K makes it too serious and kills the fun. Most real-money strategies are slow and cautious. I'd hope the contests would have more action than that.
It ain't easy being Cheesy!
Member Since Jul 31, 2009
1444 posts
Mar 20, 2010 at 11:57
Guys, we will definitely add real account contests if enough are interested - you know you always get your way 😄.
Obviously, no one will object to trade a demo account for a chance to win real money, so that's what we're starting with.
Syed, referring to your comment 'Contest on demo accounts encourages reckless trading' - we do not completely agree with it; the contest will run over the course of 30 days, 1 account per user; with reckless trading a trader is more likely to wipe out his account before the end of the 30 day period, than to be at the top.
Obviously, no one will object to trade a demo account for a chance to win real money, so that's what we're starting with.
Syed, referring to your comment 'Contest on demo accounts encourages reckless trading' - we do not completely agree with it; the contest will run over the course of 30 days, 1 account per user; with reckless trading a trader is more likely to wipe out his account before the end of the 30 day period, than to be at the top.
Member Since Dec 10, 2009
25 posts
Mar 24, 2010 at 15:52
I totally agree with Syed, demo contests will only encourage the use of VERY unsound trading tactics which will be able to generate short term profitable results. For example, a trader may use a martingale system and get very profitable results for a few months which wouldn't be sustainable in live trading. You are also risking the issue of systems which CANNOT be traded in a live account but are EXTREMELY profitable in demo. For example, one could use off-quote 1 minute channel scalping, which is impossible to do in live testing due to requotes but generates HUGE amounts of money in demo accounts. These are very important issues, specially the last one which IS a very clear reality. Scalping systems ALWAYS overestimate (to a GREAT extent) profits in demo trading due to the fact that slippage, spread widening and requotes do not happen. There should be a minimum average profit per position (at least 5 times the spread eliminates these problems) on the contest rules to avoid these problems.
There are another ton of issues, related with what Syed mentioned. A person could put up a huge risk and multiply a demo account by 5, then stop trading and win the contest. The person could wipe the account 19 out of every 20 times but this person will win a contest eventually by doing this. Imagine if two people decided to cooperate, they could start the demo accounts, take huge risks on opposite directions with one of the two accounts doubling while the other gets wiped. This could lead to an account effectively winning through such a strategy.
I think that a demo contest encourages unsound trading tactics, risky trading and unrealistic expectations. Very strict rules like a minimum average profit and a minimum number of trades are required to prevent the most cheaty approaches but trading styles like Martingales, grid trading, etc (which are very unsound) will still be encouraged and rewarded, also giving people the dangerous impression that these trading styles can be long term profitable.
Just my grain of sand :o) Real 1000 USD account contests would be MUCH better ! Thank you for listening and for the great service you give to all of us ! :o)
There are another ton of issues, related with what Syed mentioned. A person could put up a huge risk and multiply a demo account by 5, then stop trading and win the contest. The person could wipe the account 19 out of every 20 times but this person will win a contest eventually by doing this. Imagine if two people decided to cooperate, they could start the demo accounts, take huge risks on opposite directions with one of the two accounts doubling while the other gets wiped. This could lead to an account effectively winning through such a strategy.
I think that a demo contest encourages unsound trading tactics, risky trading and unrealistic expectations. Very strict rules like a minimum average profit and a minimum number of trades are required to prevent the most cheaty approaches but trading styles like Martingales, grid trading, etc (which are very unsound) will still be encouraged and rewarded, also giving people the dangerous impression that these trading styles can be long term profitable.
Just my grain of sand :o) Real 1000 USD account contests would be MUCH better ! Thank you for listening and for the great service you give to all of us ! :o)
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