trader_dante
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I think this should actually be pretty easy if you had got in at the beginning of the competition. Now it will be a bit more tricky with one week to go but still possible I think.
Yeah if you'd started on 15th November then that was more than enough time to wait for the easy 5pip+ setups...but with one week to go then it might be a bit trickier...nothing like trading under pressure
arabianights
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the way to do it would be to wait for the large trends, typically as a reaction to news, then keep getting in and out with no stops and taking 5 ticks.
I don't envisage that this will happen enough between now and the closing date.
I am still tempted to have a go though.
I don't envisage that this will happen enough between now and the closing date.
I am still tempted to have a go though.
trader_dante
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Or you can just buy and sell every level...if your levels are good enough. I think a 5 pip reaction off each one if you pick them right is not too much to expect.
It's worth noting though that someone I know has already tried this and WS slipped them on the 5 pip exit when they hit market meaning their 5 pips turned to 4 and they immediately disqualified themselves...
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arabianights
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That amuses me on a couple of levels
Hotch
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This and the "spirit of the contest" clause.
Hi guys. I was surprised to find very few people were discussing this competition. All of a sudden 4 pages of discussions.
There is of course a possibility of a slip. But it would be wrong to blame Worldspreads for it. There is always a chance of a slip happening. From my experience, they do not slip you on purpose. My advice is to use the limit order 5 points away from your entry. Then you don't need to worry about the slippage problem. But the only snag is that it takes time to place the limit order and the market could have moved by then. Since the minimum distance of the limit order is 5, if the market has moved in your favour, you cannot place a limit order 5 points away from your entry. Many of the trades I made at least went against me initially or remained still so plenty of time to place a limit order.
Good luck guys. I am waiting since Friday for my confirmation. Please do read the terms and conditions. One thing in particular is that you must only have one trade open at a time. You must close the trade and then open another. This is very reasonable because someone could open many trades and just pick the ones with 5 point profit.
There is of course a possibility of a slip. But it would be wrong to blame Worldspreads for it. There is always a chance of a slip happening. From my experience, they do not slip you on purpose. My advice is to use the limit order 5 points away from your entry. Then you don't need to worry about the slippage problem. But the only snag is that it takes time to place the limit order and the market could have moved by then. Since the minimum distance of the limit order is 5, if the market has moved in your favour, you cannot place a limit order 5 points away from your entry. Many of the trades I made at least went against me initially or remained still so plenty of time to place a limit order.
Good luck guys. I am waiting since Friday for my confirmation. Please do read the terms and conditions. One thing in particular is that you must only have one trade open at a time. You must close the trade and then open another. This is very reasonable because someone could open many trades and just pick the ones with 5 point profit.
arabianights
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So are you saying you've managed to make the ten trades twin?
Let me just say that I do not believe that I have infringed the terms and conditions and I would be very disappointed if they claim that to be so.
I believe that many people can win during current market conditions.
I really only wanted to comment on the slip issue and that I have been a client of Worldspreads for 2 years or more. I had not used them for most of that time but when they introduced the zero spreads, I came back. It works really nicely. I don't think it will work so well during announcements but it is superb when markets are quite calm. My only worry is there are so many sceptics out there and they may not be able to offer it ad infinitum. The more people use the zero spreads the better. But I think I am digressing.
The competition is fun but can be frustrating when you have to start the winning trades again.
Surely most traders would think that there would be many winners? I was taken aback when reading the early comments saying the money is safe. But as been discussed, if not 10, the greatest consecutive wins will win. So they are prepared to hand over the money.
The other great thing is that the prize is shared equally. I don't think I would have tried if it was a draw out of the winners.
I believe that many people can win during current market conditions.
I really only wanted to comment on the slip issue and that I have been a client of Worldspreads for 2 years or more. I had not used them for most of that time but when they introduced the zero spreads, I came back. It works really nicely. I don't think it will work so well during announcements but it is superb when markets are quite calm. My only worry is there are so many sceptics out there and they may not be able to offer it ad infinitum. The more people use the zero spreads the better. But I think I am digressing.
The competition is fun but can be frustrating when you have to start the winning trades again.
Surely most traders would think that there would be many winners? I was taken aback when reading the early comments saying the money is safe. But as been discussed, if not 10, the greatest consecutive wins will win. So they are prepared to hand over the money.
The other great thing is that the prize is shared equally. I don't think I would have tried if it was a draw out of the winners.
Is this a fact or a guess?
JSMITH07611
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this competition is far to hard and so many people have already tried and if they were lucky that would mean that its not even worth the prize that we would be receiving.
even if i would do trades and just wait till i was in profit 5 pips and then at say trade number eight the market went against me i would just sit and wait until i couldn't take the loss any more (and especially in current markets where i could loose my pants). Just not worth the bother and aggravation. Anyway that is my two cents and you can let me know if you agree
lol
this competition is far to hard and so many people have already tried and if they were lucky that would mean that its not even worth the prize that we would be receiving.
even if i would do trades and just wait till i was in profit 5 pips and then at say trade number eight the market went against me i would just sit and wait until i couldn't take the loss any more (and especially in current markets where i could loose my pants). Just not worth the bother and aggravation. Anyway that is my two cents and you can let me know if you agree
lol
I definitely agree to this and to his rationale
also remember that they can slip you for their gain and also the market can slip you making it even worse and also there is only a week left hardly any time expecially in very slippage markets! as the markets are wild nowadays from the irish bailout.
B
Black Swan
No matter how bad it gets please don't loosen your pants, there's a good chap...
http://www.worldspreads.com/en/abou...With_£100_000_Spread_Betting_Competition.aspx
"A recent study of WorldSpreads customers' spread betting activity showed that almost three quarters of clients' bets are closed in profit. By way of reference, seven WorldSpreads’ clients placed 10 such consecutive winning trades between May and July of this year."
From this statement I reckon there will be a decent number of traders who meet the 10 in a row condition...the competition will draw in more traders specifically just for this purpose and what with the very strong EUR trends we have had recently and the minimum pips per win being only 5 I would have thought there will be a good number of winners sharing the pot. Hopefully I'll be one of them :cheesy:
Three quarters of bets closed in profit? If that's true it's amazing how many SB cos there are around offering spreads close to zero! Possibly an average punter is happy to take a couple of pips/pts profit, but lets losers run and run?
FWIW, my best effort for consecutive trades is about 25 non-losers in a row, I think, but that would have included lots of break-evens and wins of less than 5pips, which I'd imagine was typical.
SimpleTrader09
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Interesting to read some comments that this is too hard. It isn't hard at all. Personally I would expec there to be aroud 50-100 winners of this comp, each getting 1,000-2,000 while the others who tried number more than 50-100 and lost more than 1-2000 and generally gave worldspreads some free advertising and some easy money.
In fact if only a few people win it I will be annoyed I didn't enter it. Seriously, pick a pair that moves 100 pips a day or more. Try to pick the general direction. No stop, exit every 6 pips (or is it 5) then re-ente. Immediately. If you've got the direction right and it closes that direction (reasonably likely) 60 pips (10 times 6 pips) or more
you've won. Yeah sure it might not be positive expectancy strategy but iver a period of weeks you're sure to have a day where eurusd or gbpusd close 60 pips or more from open.
In fact if only a few people win it I will be annoyed I didn't enter it. Seriously, pick a pair that moves 100 pips a day or more. Try to pick the general direction. No stop, exit every 6 pips (or is it 5) then re-ente. Immediately. If you've got the direction right and it closes that direction (reasonably likely) 60 pips (10 times 6 pips) or more
you've won. Yeah sure it might not be positive expectancy strategy but iver a period of weeks you're sure to have a day where eurusd or gbpusd close 60 pips or more from open.
I was quite surprised by that statistic too. But like you say I bet the average loser is a lot bigger than the average winner. From reading the WS annual report it seems one of their main KPI's is aggressive customer growth (hence all the recent marketing, promotions / offers) so I'm guessing that they must make money from their average client.
Personally I do not think 10 trades in a row of 5pips minimum in a month is too difficult for an experienced trader (especially if you are usually used to shooting for more than 5 pips at a time). I would expect there to be up to 100 winners ...that's probably why the prize is so high as they know there will be a large number of winners (that and the headline large figure will attract a lot of people)
The stats are certainly interesting, has anyone actually achieved what Worldspreads have stipulated in order to win a share of the £100k in their Worldspreads account?
@Ross Spur -agree that its not hard to do the loads of wins in a row, but if you can only have one trade open at any time, and they have to be +5 pts its a little trickier.
Worldspreads win/make money either way - there will be many sitting on huge losses if they didn't cut them quickly, there will be those that talk about it much like we are here giving them their advertising (I'm surprised I haven't seen more), they get new clients to make money from in the future!
I like the fact that the comp is a real account - real money - real emotions etc
@Ross Spur -agree that its not hard to do the loads of wins in a row, but if you can only have one trade open at any time, and they have to be +5 pts its a little trickier.
Worldspreads win/make money either way - there will be many sitting on huge losses if they didn't cut them quickly, there will be those that talk about it much like we are here giving them their advertising (I'm surprised I haven't seen more), they get new clients to make money from in the future!
I like the fact that the comp is a real account - real money - real emotions etc
