T2W Forex Contest - Week 7

Sharky · Jun 28, 2011

Somewhat later than usual.. (cough, sneeze)... minus the promised twist to the rules which will be postponed till next week...

How to enter

Entry is free and takes just a couple of minutes. First, sign up on ForexDesk, using the invitation code "T2WCOMP" and your T2W username. Once you're activated your account, log in and create a new practice account using the default settings. You can call it whatever you like but you must add "#7" to the name, to enter this week's contest. Then make at least one trade during the week to qualify for the prize.

More detailed instructions here: http://www.trade2win.com/boards/t2w...ew-t2w-forex-contest-starts-sun-15th-may.html

Rules

- Contest started on Sunday 19th June at 6pm ET, 11pm BST.
- Contest finishes on Friday 1st July at 6pm ET, 11pm BST
- Enter any time before the contest finishes.
- The winner will be judged by their P&L for the week.
- Accounts must remain public (not private) for the duration of the contest.
- Mirroring of trades to retain first position lead is disallowed and may result in disqualification.
- Only entry per person

Prizes

- Top Trader (Highest P&L)

This week's prize is a $100 of trading books on Amazon.

Good Trading! :clover:

Sharky · Jun 28, 2011

Straight to Day 2 and shikamaroo takes an early lead with redart in hot pursuit.

buckscollector · Jun 29, 2011

Hi Sharky,
Will watch and get to know how forexdesk works and look at having a go next week.

This site has some interesting stuff.

Cheers

buckscollector

EK1 · Jun 29, 2011

Day 3 of a new week, and redart takes an early lead....will it last??

EK1 · Jun 30, 2011

Thursday's update of the competition leaderboard and it's a close run for 1st place with JahDave, followed by Ross Spur who is narrowly ahead of redart trailing just behind.

A gap to 4th place and below, but it's still all to play for....Good luck all.

Shikamaroo · Jun 30, 2011

y this thread so quiet?

Atilla · Jun 30, 2011

Shikamaroo said:
y this thread so quiet?

Busy week. Lull before the storm... All hell may brake tomorrow???

http://www.marketwatch.com/story/meredith-whitneys-muni-bond-panic-2011-02-08

I like Meredith. She's ace...

Now there is one smart lady to knock those big men out of their big boots.

EK1 · Jul 1, 2011

It's Friday, day 5 of the trading week and it's still nip and tuck at the top with JahDave and Ross Spur battling it out for the top spot!
redart still in 3rd place, might be able to make a late surge perhaps.....

Good luck all!

trendie · Jul 1, 2011

Hope its ok to post here; just a generic question.

how much margin do you need per lot?
eg, if you trade 1 lot GBPUSD, how much margin do you need?
curious, as I noticed in some of the posts, there was mention of margin calls.

also, I know that each week someone wins, but we tend to forget the second and third places.
is it possible to show the aggregate PnL of all 7 weeks combined?

just in case we are surprised to find an "also-ran" in the weeklies is actually consistent enough to be the better trader over the longer term.

Ross Spur · Jul 1, 2011

trendie said:
also, I know that each week someone wins, but we tend to forget the second and third places.
is it possible to show the aggregate PnL of all 7 weeks combined?

just in case we are surprised to find an "also-ran" in the weeklies is actually consistent enough to be the better trader over the longer term.

Good points, as sometimes it's possible to make one trade using max margin and do well.

BeginnerJoe · Jul 1, 2011

I think I should be given a free allowance of virtual profit this week because I couldn't use forexdesk properly, as I was too fast a trader for it. Consequently I had to randomly adjust my trading strategy and ended up throwing all my profits away.

Next week, I will use a new trading strategy for both real and contest trading.

c6ackp · Jul 2, 2011

Good luck with the new strategy Joe - I hadn't been able to participate until Tuesday when I found I could access the site ok on my mobile phone. Unfortunately, I have no 3G signal at my desk so when I see a trade I have to dash across to the other side of the building in order to get a signal!

The +70 pip trade I landed on Tuesday was such a good opportunity that it seemed to be obvious to "every man and his dog", so by the time I had a signal I had 20 ticks slippage. Since I had a trade to reverse that meant 40 pips of slippage!!

So, unless you have something automated, the trick is to be as frugal as possible with your trades...

GlenGary · Jul 2, 2011

yeap,

Sharky · Jul 3, 2011

Congratulations to JahDave who wins the prize of $100 of trading books. He finished with an impressive profit of $19,432.46 on a starting balance of $50,000.00.

Check out how he did it.

Commiserations to Ross Spur in 2nd place who was less than a $1000 away from JahDave just hours before the contest closed, and redart, who had a particularly strong finish to the contest to end in 3rd place.

The full results from this week's contest are as follows:

The new Week 8 contest kicks off tonight (Sunday) at 6pm ET, 11pm BST. We'll be announcing the prize shortly.

To participate in next week's contest, head over now to the ForexDesk Sign Up page, use the invite code: "T2WCOMP" and register with the same username you use on T2W. Once you're logged in create a new practice account, making sure you add "#8" to the name. Now you're all set for the start of tomorrow night's contest.

Lightning McQueen · Jul 3, 2011

hey well done jahdave! you did what kimbo tried and failed, a 1 trade win! nice

Ross Spur · Jul 3, 2011

Don't want to sound bitter (gnash, gnarl, etc), but the rules say you have to make one trade to qualify. According to the Forexdesk site, jahdave didn't close his position, therefore the account shows zero trades.

Atilla · Jul 3, 2011

Ross Spur said:
Don't want to sound bitter (gnash, gnarl, etc), but the rules say you have to make one trade to qualify. According to the Forexdesk site, jahdave didn't close his position, therefore the account shows zero trades.

Yes but rules also say what the highest P&L position is on the close of business on Friday.

I'd have that toe looked at if I were you? :cheesy:

Lightning McQueen · Jul 3, 2011

ouch! lol! do i detect a bit of scratching and biting eh?

i'd say well done for the valiant 2nd ross, but i wont cos you didn't win, or or did you?

i have asked the question of whether closed trades only would/should count last week. looking into the tea leaves i see another possible tinkering to the rules coming on :cheesy:

Ross Spur · Jul 3, 2011

Atilla said:
Yes but rules also say what the highest P&L position is on the close of business on Friday.

I'd have that toe looked at if I were you? :cheesy:

That's the point. You don't have a P&L before the trade is closed.

Quadbike erat demonstrandum.

Atilla · Jul 3, 2011

Ross Spur said:
That's the point. You don't have a P&L before the trade is closed.

Quadbike erat demonstrandum.

Ok not 100% sure but my understanding is that one always has a P&L position when one opens a trade.

T2W Forex Contest - Week 7

Sharky

Sharky

buckscollector

Junior member

EK1

Established member

EK1

Established member

Shikamaroo

Well-known member

Atilla

Legendary member

EK1

Established member

trendie

Legendary member

Ross Spur

Senior member

BeginnerJoe

Senior member

c6ackp

Well-known member

GlenGary

Active member

Sharky

Lightning McQueen

Ross Spur

Senior member

Atilla

Legendary member

Lightning McQueen

Ross Spur

Senior member

Atilla

Legendary member

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