Vasco da Banana
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city index trading academy
- Thread starter piggybridges
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MrCharts has been doing that for 10 years. (Allegedly). Things hotting up on twitter. Sounds like the pressure is starting to show.
https://twitter.com/search?q=#tradingacademy&src=hash
https://twitter.com/search?q=#tradingacademy&src=hash
fxtraderuk
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Any serious players in the forum know how difficult this business is.
This 'marketing' exercise by City Index only serves to prove that trading cannot be taught in a few weeks with any expectation of achieving consistent results and steady growth.
Rather than sitting on the sidelines laughing at the contestants, it reminds me of that old adage "We are only one trade away from humility"
I wish them luck but the whole exercise looks doomed to failure.
God help them when they are let loose on the forex market.
This 'marketing' exercise by City Index only serves to prove that trading cannot be taught in a few weeks with any expectation of achieving consistent results and steady growth.
Rather than sitting on the sidelines laughing at the contestants, it reminds me of that old adage "We are only one trade away from humility"
I wish them luck but the whole exercise looks doomed to failure.
God help them when they are let loose on the forex market.
the hare
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I am completely baffled by the whole thing to be honest,
I don't know a single trader who could actually perform to a consistent enough standard to survive and win a competition of this nature. If someone told me as was trading GBPUSD for the next 10 weeks I couldn't do it, if someone told me I had to trade instruments completely outside of my experience I'd be dead in the water.
I don't even think they have enough diversification with 10 contestants to ensure one does ok just by luck, it might happen if all 10 did the whole 10 weeks, but the elimination of contestants isn't going to help in that regard.
They run the real risk of demonstrating that 10 people failed dismally, despite the training and the best efforts if their mentors. Surely a better marketing strategy is to show people winning ?
The funniest thing that could happen is the winner makes 100k for losing 50% of their account !
the hare
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Presumably there's something in the rules to stop them doing that.
If I where responsible for marketing at CI I would have probably have just allocated 10k-20k a month to award monthly prizes to whoever made the greatest percentage return over the last month.
For these kinds of numbers you could offer holidays etc for the winners, with iPads, iPhones and such for runners up. You could probably milk some decent PR from that, and ensure that the prize winners are at least PROFITABLE. If they did it right they could probably even make money from giving away the prizes !
As it is, they run the risk of blowing 100k on prize money, whilst demonstrating just how hard it can be to consistently win, and that's not the ideal message to be sending out to the average spread betting punter.
That's exactly how it looks right now, they're proving that they CANT teach anyone to trade successfully.
Vasco da Banana
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Chance of a lunchtime:
We would like to invite you to attend our exclusive Account Holders Only Trading Academy education webinars, conducted by expert traders and Trading Academy mentors Ashraf Laidi and James Chen.
Our live webinar series begins on Thursday, November 15, 2012 (12.30pm), and will be held every week for the duration of the Trading Academy challenge until December 4.
Why attend?
By attending our webinars, you can benefit from the same level of education as our Trading Academy contestants, including an interactive Q&A sessions with Ashraf Laidi and James Chen.
Thursday's webinar will cover Risk Management when Trading the Markets. Topics covered will include:
Optimal use of stop losses
Position sizing
Risk/reward ratios
Inter-market hedging techniques
Log in and trade or register now for place at this exclusive event:
Application Redirect
We would like to invite you to attend our exclusive Account Holders Only Trading Academy education webinars, conducted by expert traders and Trading Academy mentors Ashraf Laidi and James Chen.
Our live webinar series begins on Thursday, November 15, 2012 (12.30pm), and will be held every week for the duration of the Trading Academy challenge until December 4.
Why attend?
By attending our webinars, you can benefit from the same level of education as our Trading Academy contestants, including an interactive Q&A sessions with Ashraf Laidi and James Chen.
Thursday's webinar will cover Risk Management when Trading the Markets. Topics covered will include:
Optimal use of stop losses
Position sizing
Risk/reward ratios
Inter-market hedging techniques
Log in and trade or register now for place at this exclusive event:
Application Redirect
Lord Flasheart
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they rely on the fact that any publicity is better than none. Id like to know how those fools convinced ci that they could teach others to trade.They must have known they couldnt
Lord Flasheart
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They should have invited 10 of us to do it.perhaps theyll go for 100 guys next time and hope to get a winner
Vasco da Banana
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Perhaps City has a new policy of total honesty and this series is a subtle risk warning.
They have now, they all lost money yesterday.
Vasco da Banana
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You' think that someone might have made plenty of prof yesterday, even if it was an accident.
You'd think so. Have a look on twitter. I love the way the guy at the bottom is trying to entice everyone into trading themselves below him by mocking their cautiousness.
donaldduke
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Apparently they are all now net negative over the three weeks.
Day trading without an edge is just like playing roulette (what they have been taught offers them no edge). They win some and they lose some but its mostly lower lows in the equity curve over time.
They will have to do what all gamblers do, and keep on doubling up each week with bigger and bigger accounts looking for that big win with larger size.
Its called Spread 'Betting' for a reason. The spread bet firms want you to keep on doubling up, thats how they make a killing. So if someone in the team does actually make it big in that last week it will only reenforce the kind of behaviour these firms want to promote, ie you can dig yourself out of the hole with bigger and bigger bets.
Day trading without an edge is just like playing roulette (what they have been taught offers them no edge). They win some and they lose some but its mostly lower lows in the equity curve over time.
They will have to do what all gamblers do, and keep on doubling up each week with bigger and bigger accounts looking for that big win with larger size.
Its called Spread 'Betting' for a reason. The spread bet firms want you to keep on doubling up, thats how they make a killing. So if someone in the team does actually make it big in that last week it will only reenforce the kind of behaviour these firms want to promote, ie you can dig yourself out of the hole with bigger and bigger bets.
random12345
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Day trading stocks seems a strange thing to force them to do with a marked up spread... honestly I think I could make money out of Apple and a few select others that are extremely liquid and might have 4 or 5 solid entries, but intraday moves on stocks with a spread in the teens of pts?? Sod that. I'd be happy to break even.
