Trading challange

[Tansen]

Was thinking we should have one like you can open a challenge like

"Trader Challenge Jack Vs Tansen"

as the tag then in the body specify the rules like $100 myfxbook linked thread open for discussion and updates after trade has closed.

Or open challenge

"Trader Challenge: Open Call"

and those who wish to take you on responds.

 

[jack]

Aside from the fact that we both know I'd completely destroy you in a trading challenge... ;P I really don't think such a thing would be a good idea to promote.

For one, putting some people into a limited time and performance critical situation will not bring out the best trader in them.

Heck, look at all the demo contests out there from myfxbook, everyone over-leverages and holds losers to make it into the top 10, or they blow out trying. No one, not a single person, practicing proper trade / money / risk management ever came close to winning.

Lastly, one thing a trader needs to do before making it big time is kill their ego.. and investing thought, effort, etc.. into an "I'm better than you" joust on some arbitrary time-frame just reinforces that false sense of superiority that will later need to be broken down (usually by the market or other traders.)

All that being said, if two people want to have a trade-off here, I won't stop them.. I'm just saying I don't want to encourage it or pressure people into participating.

 

[Tansen]

Oh I meant for it as a means of friendly competition with sub rules like you lose 5% or equivalent NAV in a week your out for that week. Or 10% and your done. Or limit each trade like you have to take a $50 account and restrictions are limit 500 unit traded with a capped stop at like 50 pips.

Sometimes it maybe the competition that stirs things up

It'll be like that scene from zoolander you'll pull out your underwear and ill have a severe wedgie

 

[jack]

Well, maybe there's something there to be played with...

Let me think about how it could work where the challenge might attract people to join up and participate.

No promises, since generally speaking real money contests tend to drive people away more than include them... especially if the action is high (like $1k minimum buy-ins, which I think would be required to make it meaningful.)

Plus, I'd have to reach out to a partner or 3rd party who could do the monitoring and reporting (like myfxbook,) and keep things fair and unbiased.

Lots to consider... but yes, maybe there's a way of doing this 'right'.

I've always wanted to set an example in the contest / trader comparison space that properly measures trader's skill on trade / risk management, not just the high leverage bust-out show that we see with contests today.