It's always great to have these trading competitions, as it encourages people to focus, to learn, and it also attracts users to this website en-mass and is a great promotional campaign for the sponsoring broker.
However, I usually get put off rather quickly as the trading ground rules and limits are simply not clear enough (at least from what I've been able to see).
The thing that irritates me the most is that you'll have these traders who will take a gamble, bet the maximum amount of lots they can on a few trades - and suddenly be up 1500% in a couple of hours/days - of course invariably they blow up their accounts but it creates skewed ranking tables and a false atmosphere of temporary 'success' for people at the top.
The only way to remedy this gambling is to have a hard limit on the maximum number of lots any account can trade with however big that account gets. This way, the competition will be fairer, and garner more interest as the truly sensible traders will feel that it is a realistic competition where true trading skill is being evaluated, measured and benchmarked against others. With real money, the unrealistic and silly risks people take would just not occur. Once you have a gambler with a 'run-away' trade which puts them 2000% ahead of about 95% of other co-traders in a competition, whether we 'know' they might blow up or not, it cuts down interest as the sensible trader from the 95%, who is trying to show his real skills and risk-management, gets turned-off. This very quickly results in people in a competition leaving en-mass as they know they do not have a realistic chance of catching up with the unrealistic 'top performers' who might win the competition not through skill but through luck.
Site Admin: PLEASE consider making sure that the next competition actually has some sensible constraints (ie maximum lot size), and clear explanations of how much trades and how leverage will work. By doing so, you will create a tighter competition where more people will feel like that their taking part is actually worth it, as they might have a chance of winning - plus you'll have more people visiting the site, so it's ultimately good for the site/you.