Yes for sure some persons could gamble a bit and 100 should be enough, personnally i prefer daily contests cause i don't have the time to trade every day, here is an example of prizes you could give (based on an existing contest) :
Preference between direct cash or trading account, i prefer that the money goes in a trading account. If you are not autorized to post the link could you send me a pm.
thank You very much for the posting and the interesting input.
You write that You prefer Daily contests because You dont have the time to trade every day. please let me try to understand this sentence :) You mean that because You dont have time every day to trade, a weekly or monthly contest would not be good for You? but for a Daily You could take Your time and choose a day to participate. is that right?
interesting opinion that You prefer the cash award in a trading account and not to Your private account. because most of the traders I talked to, they are happy to get the money to their private account and then want to decide with which broker they want to trade in real and how much of the award to risk.
I assume that the price ranking You gave as an example is for a Daily
thank You for the offer to PM You. I will PM You as soon we schedule the first beta contest and send You an invitation.
I am not so familiar with the sharpe ratio but I quickly read about it and if I understood it right, I think it is a good idea. at least it sounds fair to me. but I ask myself why is it not used by other contest provider?
I will over the weekend PM You with info about our site. we are live and beta. first beta contest for bug finding should start at he beginning of next week. it wil be a weekly demo contest.
Just for an example about such a contest, you can see on instaforex daily or weekly and monthly contest with some very good contest rules, examples:
Monthly Trading Terms on Great Race contest
1. After the Contest registration is completed the Participant becomes a demo account holder. 2. Initial deposit is 100000 USD for all participants and it cannot be changed. (this deposit could be vary) 3. 1:500 leverage. (this is vary too, depend on the deposit) but all insta contests use 1:500 4. Demo account is opened for every step of the Contest. 5. All orders put at non-market price are destined to cancellation. The Contest Administration reserves the right to disqualify an account, in case it was employed for trading at non-market quotes. 6. Contest participants may use Expert Advisors and any trading strategies without restrictions. (this optional) 7. Major currency pairs and Forex crosses are the only available trading instruments at the Contest. 8. Minimal trade volume is 0.01, maximal - 10 lots. A step is 0.01 lots. 9. Contest participant can change his trading account to Swap free by contacting the Support Department. 10. The maximum number of open trades including pending orders is 5. 11. Stop Out level is 10%.
All trader can only open 5 order with 10 lot max. Including pending order. And the other charts cannot open, only major currency could.
This is a very good for money management and skill to trade. a Trader cannot gambling with their contest account. They will be stick to their strategy, whether intraday, scalper, or swing trader, etc.
It only a suggestion to you. Please take a look on their contest rules. Daily or weekly or monthly.
a little profit now, and will become a huge profit later
thank You very much for your posting, each opinion is very helpful.
lets start with 100k initial deposit and leverage 500:1. dont You think that is far to much to have 500:1 leverage? the 100k initial deposit I think that 100k or 50 or even 10k are somehow acceptable and will not have a big impact on the gambling effect. if I am wrong please correct me.
I agree that this rule all in all gets very near to real trading. but for example the stop out level of 10% seems a bit tough and I am sure that most of the traders will not like it.
but please get this conversation going, because it is very helpful to find a good and acceptable rule. but what I am wondering if traders are really interested in a more strict rule or they like to have this gambling rules?
I thought I will inform You that our first weekly beta demo contest is starting on Sunday night and is open for registration. $1000 CASH Prize Pool. I will not post here our address because I respect this forum but if some one is interested I will PM.
to admin if this posting was not acceptable , I apologize and please take it down 😄
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