Weekly Trading Contest 4

Hello and welcome to the new trading contest.

Please feel free to post issues, concerns, likes, or just chat with other participants.

Important changes to this contest:
  • Minimum winning trade duration: 60 seconds
  • Robot/EA trading is disabled; EA's will not work

We will look to the contestants for feedback on these new rules.

Thank you and good luck!
[quote=Jason Peterson]Hello and welcome to the new trading contest.

Please feel free to post issues, concerns, likes, or just chat with other participants.

Important changes to this contest:
  • Minimum winning trade duration: 60 seconds
  • Robot/EA trading is disabled; EA's will not work

We will look to the contestants for feedback on these new rules.

Thank you and good luck![/quote]


great contest. why not starting early? let start it today, it is better than waiting till 21 feb :thumb:
[quote=anas baswedan]
great contest. why not starting early? let start it today, it is better than waiting till 21 feb :thumb:[/quote]
Hi Anas,

Thank you :) !!

Sorry it just kind of worked out that way with the weekend, and putting some time between old contest end and new contest beginning to disable EA's, but I will look at what can be changed so in the future we can begin one immediately, even if EA's are being enabled/disabled.
it's good that they turned off the trading of advisers.
Multiple entries per person are prohibited and enforced via SMS verification and IP address tracking.

rule above is not effective to prevent same person have multiple accounts.

the reasons :
SMS verification can easy tackle with free sms online or free second phone number.
there are many services like google voice,hushed, conxhub, 2ndline, phoneburner, mightycal,
twilio, and many more.

also real fact in some countries, there are very easy and very cheap to get new phone number.

IP address tracking can easy break with free VPN or free proxy or free wifi.


if you are going to be able to block people from registering multiple accounts, The best ways are :

1) Device fingerprint. this method require technical programming skill.
Device fingerprint detector will block 1 device registering multiple accounts.
ask your web developer to add this feature. if they are expert they can easy do it.

2) Create contest registration form require informations :
- real name on payment processor (non editable/can't changed)
- email on payment processor (non editable/can't changed)
then add rule only verified paypal,skrill,neteller,stickpay holder can get contest prize.

that's my suggestion to help contest organizer arrange this contest fairly.
My tern to get win it....lol
Where password
I want acountnumber
Passwored
[quote=Zakaria Mokaddem]Where password[/quote]
Hi Zakaria,

It's under the link 'My login credentials' on the contest homepage, however it will not display until the contest begins, so that no trading is done before the contest starts.
[quote=jual ban]Multiple entries per person are prohibited and enforced via SMS verification and IP address tracking.


2) Create contest registration form require informations :
- real name on payment processor (non editable/can't changed)
- email on payment processor (non editable/can't changed)
then add rule only verified paypal,skrill,neteller,stickpay holder can get contest prize.

that's my suggestion to help contest organizer arrange this contest fairly.[/quote]
This a great suggestion, yes we've used device fingerprints and it's ok, but this is a very nice idea about adding uneditable payment processor info ahead of time and I think we will implement that :thumb:
[quote=Mohd faizal]My tern to get win it....lol[/quote]
Will the skill or luck match the confidence...hahahaha, good luck and have fun!!! :)
Hi Jason, how if we use EA for TP/SL order and manage trade (close partially/close all trade, etc.). All trade place manually, just like one click trading with custom options. The trade it self still need PUSH the BUTTON. Thank you
Hello Jason

Thanks for doing the contest.


I suggest that a maximum drawdown of say 10% should be implemented. If exceeded, contestant will be eliminated. This will help the traders to become more disciplined and will manage their risk properly.

Thanks


Fernando
[quote=Fernando Ignacio]Hello Jason

Thanks for doing the contest.


I suggest that a maximum drawdown of say 10% should be implemented. If exceeded, contestant will be eliminated. This will help the traders to become more disciplined and will manage their risk properly.

Thanks


Fernando[/quote]
For a week-long contest, it makes no sense to add this condition.
Hello UserTrader

Thank you for your comment. This suggestion is to prevent winners "getting lucky" by simply waiting for large negative position to recover. Sometimes the negative position could be higher than 50% drawdown.

By having a maximum drawdown limit, the winners will be filtered based on their skill and not based on their luck. I don't see a problem even it is only a week long contest. A win is a win even if you achieve a small profit only but you have managed your risk properly. This will help traders in the long-term. After all, many of us would want to become successful because of skill not just because of luck.

It doesn't make sense to me to have a booked a profit of 50% whilst you have still have a negative open position of 75%.

Peace.

Kind regards




[quote=UserTrader ][quote=Fernando Ignacio]Hello Jason

Thanks for doing the contest.


I suggest that a maximum drawdown of say 10% should be implemented. If exceeded, contestant will be eliminated. This will help the traders to become more disciplined and will manage their risk properly.

Thanks


Fernando[/quote]
For a week-long contest, it makes no sense to add this condition.[/quote]
[quote=Fernando Ignacio]Hello UserTrader

Thank you for your comment. This suggestion is to prevent winners "getting lucky" by simply waiting for large negative position to recover. Sometimes the negative position could be higher than 50% drawdown.

By having a maximum drawdown limit, the winners will be filtered based on their skill and not based on their luck. I don't see a problem even it is only a week long contest. A win is a win even if you achieve a small profit only but you have managed your risk properly. This will help traders in the long-term. After all, many of us would want to become successful because of skill not just because of luck.

It doesn't make sense to me to have a booked a profit of 50% whilst you have still have a negative open position of 75%.

Peace.

Kind regards




[quote=UserTrader ][quote=Fernando Ignacio]Hello Jason

Thanks for doing the contest.


I suggest that a maximum drawdown of say 10% should be implemented. If exceeded, contestant will be eliminated. This will help the traders to become more disciplined and will manage their risk properly.

Thanks


Fernando[/quote]
For a week-long contest, it makes no sense to add this condition.[/quote][/quote]
basically you are right.
[quote=Jason Peterson]

Important changes to this contest:
  • Minimum winning trade duration: 60 seconds
  • Robot/EA trading is disabled; EA's will not work

We will look to the contestants for feedback on these new rules.
[/quote]


MT4 is designed for automated trading. Not sure why people would have such a problem with automated trading.

Should Liquidity Providers also be banned from using bots to assist them with their work?

Although I do respect that you can have the occasional contest without EAs. But I think more effort should be put into banning multis. And promoting risk-adjusted ROI (not just gross ROI). my RA-ROI formula is
Gain / (Drawdown X Standard Deviation)

With a 3-6 hour time period for the SD (vs daily), since the contest is only 7 days. Or use the daily formula, but calculate it every 3-6 hrs vs once per daily reset.

The SD promotes/rewards consistency.
[quote=BTS_CILACAP ]Hi Jason, how if we use EA for TP/SL order and manage trade (close partially/close all trade, etc.). All trade place manually, just like one click trading with custom options. The trade it self still need PUSH the BUTTON. Thank you[/quote]
Hi BTS_CILACAP,

Hm, I don't think it's a possibility to just partially disable EA's ?
[quote=Fernando Ignacio]Hello Jason

Thanks for doing the contest.


I suggest that a maximum drawdown of say 10% should be implemented. If exceeded, contestant will be eliminated. This will help the traders to become more disciplined and will manage their risk properly.

Thanks


Fernando[/quote]
Yes, I agree with this suggest. We hope the winners are won because of their trading skills, not only by luck. Lets say the maximum drawdown is 25% or 50%. This will make the traders open trades carefully, not open "crazy" trades as we've seen on previous contests. I hope this rule will be implemented soon... ;)