Beat The Broker Compo!

[dilesh23]

Cheers everyone - and count me in at for the booze up or meal at dinesh's mum's / nan's / auntie's restaurant!
Tim.

i wanted her to call it Deli-shh or Dil-icious but she settled for Namaste (indian/nepalese for greetings/welcome) nice post its def helping my insomnia

 

[timsk]

Hi Dilesh,
Apologies for spelling your name incorrectly - a genuine mistake, as was calling Mic 'The_Broker' Mac earlier on in the post (now corrected).
Tim.

 

[Lightning McQueen]

After that fast and furious week it was nice to settle down a bit this morning review what I did, where it went wrong, and what I could be done to improve things. Nothing like a bit of stress from a compo to iron out a strat and test it's strength under pressure.

Not surprisingly there was plenty that I could have done a lot, lot better and my strat now reflects this, have changed right down in time frame to 1 min and added an indicator, yes a tweaked stochastic could have kept me out of bad trades and in the good ones quite well I believe.

Will test that out next week on etx's player account, well you never know when or where the next compo will come from and I want to be better prepared to take on the pro traders just like Tim did so well.

I did learn a lot this week, so that is a positive for me playing on a demo account and what a good demo it is

 

[Directional]

Timsk, great post.

I'd certainly repeat the suggestion that a trading contest in future, if its to be a "trading" contest, rather than a game, should not include a reset function or else be limited in number of resets or have a penalty for resetting otherwise its just a case of trying to pick a bottom or top, and resetting if you get it wrong. It would probably make participants trade slightly more realistically. I would also suggest that the account be marked to market at the end of the day on all positions to eliminate the long/short spread play.

 

[options]

LMQ

Still think you need at least an hour chart open by the side of it m8, Or you will get lost in which way the trend is going and you will have your arrse handed to you on a plate.

It was the getting a line out (No cocaine jokes please) with a trend that made the big money. Not Scalping.

Blimey, that sounds like Jesse Livermore!

 

[TheGoose]

Quote:
Originally Posted by TheGoose

Really am out of the door now people, have a good weekend. The week has been a blast

Ian

P.S haven't got a clue where the Dow is going but i'll say 7415 or 8000.
I think you should all type your predictions now and we'll see on Monday who was right

I'm in the 8k camp
Yep a blast
I hear G M sold a car last week ...hence 8k tonight

CV was the only one to stick his next out in my little prediction game and guess what he was pretty much there - 8046 close, but I was too!!

I only beat the broker once out of 4 days, but was top at some point everyday and if anyone saw my post on Friday night I was sat in second with 175k and I did actually trade £1600 a point on the Dow with the intention of walking out of the door. If I had placed it 5 mins later, this is the truth here, I would have left it to expiry and my realised at the end of the night would have been £900,000. Whether that would have made a mockery out of the competition I don't know, but sure as hell would have been funny! (and enhanced my rep)

Instead I got stopped out on the lows! (all too familiar) AND didn't even go out.

Ian

P.S I've joined the saddo club!

 

[trader_dante]

After that fast and furious week it was nice to settle down a bit this morning review what I did, where it went wrong, and what I could be done to improve things. Nothing like a bit of stress from a compo to iron out a strat and test it's strength under pressure.

Not surprisingly there was plenty that I could have done a lot, lot better and my strat now reflects this, have changed right down in time frame to 1 min and added an indicator, yes a tweaked stochastic could have kept me out of bad trades and in the good ones quite well I believe.

Will test that out next week on etx's player account, well you never know when or where the next compo will come from and I want to be better prepared to take on the pro traders just like Tim did so well.

I did learn a lot this week, so that is a positive for me playing on a demo account and what a good demo it is

You mean you had a strategy?!

I thought everyones technique was to take a random punt - maximum amount long/short on the equities with the minimum stop and pray!

If it went right, you shoot up the leaderboard...if it went wrong, you reset.

lol

 

[options]

Quote:
Originally Posted by TheGoose

Really am out of the door now people, have a good weekend. The week has been a blast

Ian

P.S haven't got a clue where the Dow is going but i'll say 7415 or 8000.
I think you should all type your predictions now and we'll see on Monday who was right




CV was the only one to stick his next out in my little prediction game and guess what he was pretty much there - 8046 close, but I was too!!

I only beat the broker once out of 4 days, but was top at some point everyday and if anyone saw my post on Friday night I was sat in second with 175k and I did actually trade £1600 a point on the Dow with the intention of walking out of the door. If I had placed it 5 mins later, this is the truth here, I would have left it to expiry and my realised at the end of the night would have been £900,000. Whether that would have made a mockery out of the competition I don't know, but sure as hell would have been funny! (and enhanced my rep)

Instead I got stopped out on the lows! (all too familiar) AND didn't even go out.

Ian

P.S I've joined the saddo club!

That would have been some return on 20k.


Oh, Welcome to the club.

 

[dilesh23]

lol dilesh I like what you are trying to do there.

You know as well as I do that this is going to tank.

i never said in which time zone , we might just have seen the bottom, monday and next week its gonna go up and up, i wouldnt put my life savings on it or wait will i

 

[counter_violent]

Being right is not enough

Pic tells the story

 

[Hoggums]

What amazes me is that I'm so highly placed amongst the 1000+ entrants and I was in the top 10 every day even if I did blow up a few times.

Is the other 99% really that bad at trading? What I was doing wasn't genius. I suppose there was a bit of experience there - I was pretty confident there was going to be a rally on Friday night so I just kept entering the market at lower and lower points until I didn't blow out. But apart from that it was just about hopping on the trend whenever there was a minor pullback and taking profits whenever the top of the trend channel was reached.

If I had just held onto my £500/point position on DJI I would have finished at £200K+ on Friday. Not sure if there was a lesson to be learned there. At the time I decided the risk of losing profits was pretty much the same as things continuing up. And when I cashed that position for £100K profit I wasn't going to risk £500pp and wipe myself off the leader board afterwards.

So my experience cost me £100K and 2nd prize ! lol.

Um I'm sure there's a lesson in there somewhere - still trying to figure it out though!

 

[timsk]

So my experience cost me £100K and 2nd prize ! lol.
Um I'm sure there's a lesson in there somewhere - still trying to figure it out though!

Um indeed Hog's!
There's you with your potential £200K position, 'The Goose' with his potential £900k position and me with my potential £250k+ position. During the U.S. lunchtime period I blew £60k in profits because I was bored and took a long DOW trade that I had absolutely no business to be in. A stupid trade and needless loss. Then I recouped it on a short and, when the reversal eventually came, I got out as price made a double bottom. Volume on the $INDU is pants, but on SPY there was clearly a MASSIVE volume blow off occurring, indicating a huge amount of buying pressure coming in and a fast and furious reversal ensued. But, having covered my short, I was sitting in 2nd or 3rd place (I forget which) on the leader board. It was around 7.00pm and time to call it a day. Had I taken this trade instead of the boredom trade, I would have finished £250k - £300K up easily. 'Coulda, woulda, shoulda' - the story of a trader's life; doubtless we've all got a tale to tell. . .

Tim.

 

[Lightning McQueen]

LMQ

Still think you need at least an hour chart open by the side of it m8, Or you will get lost in which way the trend is going and you will have your arrse handed to you on a plate.

It was the getting a line out (No cocaine jokes please) with a trend that made the big money. Not Scalping.

Blimey, that sounds like Jesse Livermore!

Yes, regularly had to get my arrse transplanted back on last week, so just trying to improve on that, point taken though and reinstated the 1hr time frame back into the scheme of things for trend watching.

Cheers

 

[timsk]

What to do with £20k

Okay folks, it's my birthday today and Mrs. timsk has cooked me a delicious meal (she makes a mean fish pie) and I've had a tad more to drink than perhaps I ought to. So, in the spirit of the thread, (spirit being the operative word) I'll post something that I could seriously regret in the (very) unlikely event that I'm the lucky winner of the main £20k prize. The comp' is over, we've had the weekend to review the week just passed and conduct a post mortem. There's only one obvious item on the agenda left for us to discuss: what do you do with the £20k prize money if you're the lucky winner?

Earlier in the thread someone said how great it would be if a T2W member won the main prize - a sentiment that I agree with 100%. So, as the ever so slightly pissssed birthday boy that I am, I lay down the gauntlet and say what I propose to do with it should I be 'The One'.

If I win I will . . .
1) . . .Trade the account actively for a minimum of 60 days - i.e. roughly equal to the quarantine period before the winner is permitted to withdraw the prize money.
2) . . .Trade the account publicly, by which I mean I'll post ETX broker statements showing the daily P/L so interested parties can follow my progress - good or bad.
3) . . . Keep a diary - much like 'The_Broker' did during the comp' - either as a bespoke thread here on T2W or on the ETX Capital web site. In it, I'll outline the strategies used, what worked, what didn't, the successes and the inevitable failures. I'll also illustrate trades with annotated charts.
That's the good stuff, but there are a few caveats. Obviously, I won't be adopting the 'XtremeRisk' policy that I utilised in the comp'. I shall only risk between 0.5% and 1.5% of capital on any one trade. My target will be 1% profit per day, i.e. £12,000 over the full 60 days. This means that there won't be the spectacular gains achieved in the comp', which won't please the ETX marketing department!!! If it all goes pear shaped, I'll stop at a maximum drawdown of 50%, so at least I'll come away with £10k. Hopefully, this won't happen!

There's the challenge folks, is anyone else prepared to step up to the plate and better it? Even if you're not in the running for the main prize - what would you do with the winnings? May the saga of 'Beat the Broker Competition' continue!

Tim.

 

[dal_22]

Let's be honest know one will get that 20k a lot of the people were probably from that brokerage betting for that brokerage, hoping the people from that brokerage beat the broker, so the brokerage gets people in the pot and what do you know someone pplaying for the brokerage actually wins the money and leaving the real players feel like they have been pissing into the wind for a week.

Then again, maybe not.

 

[UKtradergirl]

Let's be honest know one will get that 20k a lot of the people were probably from that brokerage betting for that brokerage, hoping the people from that brokerage beat the broker, so the brokerage gets people in the pot and what do you know someone pplaying for the brokerage actually wins the money and leaving the real players feel like they have been pissing into the wind for a week.

Then again, maybe not.

Perhaps if they didn't want anyone to win they would have made sure the broker came 1st every day??

No i'm sure they are more than happy to pay out the winnings. They probably have made up for it in the number of new and interested clients they have got. They will see it as a marketing fee. Combine that with the fact that the money is going to be paid into one of their accounts- and the chances are the winner will want to trade with it. The winner might be a good trader too- could be the start of a long relationship and many thousands of £'s worth of commissions via the spread.

ETX can't really lose doing something like this.

 

[trader_dante]

There's the challenge folks, is anyone else prepared to step up to the plate and better it? Even if you're not in the running for the main prize - what would you do with the winnings? May the saga of 'Beat the Broker Competition' continue!

Tim.

If I win the money, I will go £25pp long January Crude Oil with an $8 stop.

I will keep rolling the position until we are back above $70 or I am stopped out.

 

[chilltrader]

If I win the money, I will go £25pp long January Crude Oil with an $8 stop.

I will keep rolling the position until we are back above $70 or I am stopped out.

Is that supposed to be taken as a "top tip"

 

[trader_dante]

I also hereby announce that if I win that £20k I will turn it into £1million within one full year, writing a journal as I go along of my experiences with ETX and how I do it.

If I make it, I will donate the full amount to charity. If I fail, I will forsake all my reputation points and publicly announce I am a fraud...

...and that new_trader is a better trader than me.

 

[chilltrader]

I also hereby announce that if I win that £20k I will turn it into £1million with one full year, writing a journal as I go along of my experiences with ETX and how I do it.

If I make it, I will donate the full amount to charity. If I fail, I will forsake all my reputation points and publicly announce I am a fraud...

...and that new_trader is a better trader than me.

oh no! - he's hit the bottle again.. its Sunday night and he's missing the market..
well.. whatever