Another trading game?

So, here we are reaching the end of the first block of the trading game.

The question now is, should we do it again? So tell me, what worked and what did not work?

As you know we were really keen to keep it transparent and simple so it is disappointing that there was not as much participation as we had hoped.

This could of course be the same no matter what we do competition wise.

On a more upbeat note I think it all ran in good spirits and without any complaints, I may of course regret saying that.

Anyway, I don't have much else to say, it was your game so let us all know what you think.

As a rank newcomer to both trading and this site please take my comments both with a pinch of salt and in the positive spirit intended. I can only reiterate my comments made when this competition was first fielded:

There open and free-format nature of posting the trade execution was always going to make it more difficult to assess relative merit. Without a clear structure to submit entries there is a vacuum into which many will not wish to enter for lack of clear instruction.

The decision to base the relative merits of the trades on the ‘like’ function brought ancillary issues into the process which will operate quite independently of the trade itself – people like people they like even if their trade is less impressive than another’s.

To ask others to make a value judgement on someone else’s trade is to assume everyone has the experience and skill to do so in a way that is meaningful to the final result – and clearly that is unlikely to be the case.

With a view to what could be done to improve participation:

There are many professional measures available which are totally empirical and not subjective in any degree. Calculations based on W:L, average win, average loss, drawdown, absolute P&L etc could all be utilised to provide a more industry-centric assessment of trades.

Everyone wishing to enter the competition does so with a nominal amount of capital ($100K) and at the end of the competition period, the winner is whoever has the best overall performance – however that is to be calculated.

The physical trading to be handled by a 3rd party demo account used specifically for the purpose with each member participating using an account (or sub-account) in their member name. Reset at the beginning of each new competition period.

Just my thoughts.

It's only a fun compo

It's a fun competition so don't take it to seriously and become anal about it folks

neil said:

It's a fun competition so don't take it to seriously and become anal about it folks

Click to expand...

Great compo. Steve

neil said:

It's a fun competition so don't take it to seriously and become anal about it folks

Click to expand...

Difficult not to take that as being directed at me personally neil. Steve asked for comments. Comments were provided. It’s up to you if you want to dismiss mine and to do so publicly, but I fail to see how they could be considered anal.

A competition requires a clear-cut basis for participation and establishing the winner - first past the post/over the winning line. The current setup did neither. I support your attempt to talk it up by stating it was a great comp, but the CEO thinks otherwise – quite understandably - and I’m afraid all the positive vibes and rah-rah-ing in the world won’t fix that.

neil said:

It's a fun competition so don't take it to seriously and become anal about it folks

Click to expand...

It stopped being FUN when money was offered as a prize.
Playing musical chairs is fun, entering a trading competition for money (however large or small the prize) is going to cause ill feeling somewhere. All feedback should be regarded as a good thing.
I replied to Steve in a PM before I saw this thread and I've said almost exactly what PB said.

postman said:

It stopped being FUN when money was offered as a prize.
Playing musical chairs is fun, entering a trading competition for money (however large or small the prize) is going to cause ill feeling somewhere. All feedback should be regarded as a good thing.
I replied to Steve in a PM before I saw this thread and I've said almost exactly what PB said.

Click to expand...

Sorry to be negative and gloomy, as usual, but I just can't be botharsered with such a vague concept. How about a live trading chatroom instead?

Purple Brain said:

Difficult not to take that as being directed at me personally neil. Steve asked for comments. Comments were provided. It’s up to you if you want to dismiss mine and to do so publicly, but I fail to see how they could be considered anal.

A competition requires a clear-cut basis for participation and establishing the winner - first past the post/over the winning line. The current setup did neither. I support your attempt to talk it up by stating it was a great comp, but the CEO thinks otherwise – quite understandably - and I’m afraid all the positive vibes and rah-rah-ing in the world won’t fix that.

Click to expand...

Not directed at you personally PB. Otherwise my comment stands.

Purple Brain said:

Everyone wishing to enter the competition does so with a nominal amount of capital ($100K) and at the end of the competition period, the winner is whoever has the best overall performance – however that is to be calculated.

Click to expand...

I'm with PB on this one. It was a suggestion I made first time around.
If I enter a trade, it may last for one day, or one month. That one trade might be better than anyone else's, but I would penalized.

A game is a game and trading is serious.
However, a few simple games predicting the closing price of the DOW, the FTSE 100 and GBP/US$ at close on a Friday evening would attract a lot more posts and hits, especially with a small prize for the winner of each game. If people could be asked for an explanation of their prediction, all the better.

neil said:

Not directed at you personally PB. Otherwise my comment stands.

Click to expand...

Please accept my apologies for the misunderstanding. The fault it wholly mine.

Mr. Charts said:

A game is a game and trading is serious.
However, a few simple games predicting the closing price of the DOW, the FTSE 100 and GBP/US$ at close on a Friday evening would attract a lot more posts and hits, especially with a small prize for the winner of each game. If people could be asked for an explanation of their prediction, all the better.

Click to expand...

What does the site want though? Examples of good trades and traders or pin the tail on the DOW?

I get where you're coming form and dumbing it down to a level where even crap traders like me can participate is a good one, but what does this site want - quality content or quantity of traffic to hit the ad impressions?

And yes, take the Amazon vouchers or any pecuniary reward out of the loop. If you want to spend $150 a month - make the winner the named donor to a charity of your choice. That would get my attention and participation. FWIW

Old way was the best.

perhaps making it less technical/skilled cld make it more inclusive? (no slight on t2w btw)

from my experience bets on the NFP number / number of doghnuts the fat guy in risk cld eat in a minute / time trap #1 ran out of TP.......have worked much better than anything as sophisticated a trading game.....

..though the working envt was quite unique.

eg sweepstakes work well for the ignorants.

Maybe everyone stick 1,000 buck's in a real trading account.
End of the month show the statements.
Winner gets a free vendor badge
The loser gets another 1,000 bucks to hopefully not loose next month.
Only joking.

Comp was okay, just need's some people in it.

Vasco da Banana said:

Sorry to be negative and gloomy, as usual, but I just can't be botharsered with such a vague concept. How about a live trading chatroom instead?

Click to expand...

We had one of those, years ago. I don't know why it fizzled out. then. but it might work now, especially with a successful live trade thread having been working for years. I doubt wheher I would want to use it, though. I'm not a "competition" man and probably there are many like us content to just read the threads and join in when we feel like it.

Mr. Charts said:

A game is a game and trading is serious.
However, a few simple games predicting the closing price of the DOW, the FTSE 100 and GBP/US$ at close on a Friday evening would attract a lot more posts and hits, especially with a small prize for the winner of each game. If people could be asked for an explanation of their prediction, all the better.

Click to expand...

Mr C is right..........

re forex - I would be happy to offer my strengthmeter (or a derivative) and be the judge/commentator if we had a Game around guessing the Strongest / Weakest Currency moves in the week

ive been doing on my thread for a while now re weekly action movements

N

Purple Brain said:

And yes, take the Amazon vouchers or any pecuniary reward out of the loop. If you want to spend $150 a month - make the winner the named donor to a charity of your choice. That would get my attention and participation. FWIW

Click to expand...

agreed....

Purple Brain said:

What does the site want though? Examples of good trades and traders or pin the tail on the DOW?

Click to expand...

you mean they are not the same ?..damn !