THE 2007 TRADING CHAMPIONSHIP! - page 4
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A large initial deposit is not right, there is an opportunity for a lot of risk. Many experts were designed to do just that (the famous sashken expert). The expert should painstakingly earn every quid, and not act on the principle of luck or bad luck.
I totally agree with lsv. The initial deposit should not be more than $500, and all other bans should be lifted. Then the market will show who is worth something. Aggressors will go down to a margin call. Good experts will stay afloat, and the smart ones will earn capital.
Each participant should deposit real money to open a contest account. For example, let it be 100USD and the minimum lot size should be 1USD. And NO restrictions! ;o) They will be automatically considered by the trader, who will lose 100USD in case of failure. Of course, this is not much money, but it will probably force participants not to send frankly stupid Expert Advisors, developed exclusively for luck. Altogether for example with 250 participants the prize fund will be 25000USD!!! Most of the money can be added to the amount of prizes. At the end of the championship there is an obligation to return the rest of the accounts to their owners. For example, winners can withdraw an extra 100-300USD from their account, and still get a nice prize. This of course is an extra effort for the organizers, but it will be more like a real prize! After all, many of those who participated in the Championship have never put a cent on the real account, and therefore are under rosy illusions about Forex (some at the very beginning had positions at half deposit, though not for very long ;o))! These traders had to be cut off at once. That is, if a man is serious about the Championship, he will find 100USD. After all, if he has a profitable Expert Advisor, he will not risk anything. If he does not win the prize, but the Expert Advisor earns some money, he will receive it. The acceptance of money can be arranged as a "registration fee". And the return of the money back to the participants as "a lottery win for a promotional event".
"winning the lottery in a promotional event".
Bravo!!!
Why don't we organize our own championships. And not wait until it's time for the next championships.
To organise a championship of this level, some voluntary efforts are not enough. You need a lot of things that Metaquotes already has, which will allow you to hold the next championship at an even higher organizational level than the last one, making allowance for the problems that have already occurred. And if you just organise the "championship-kitchen" on your own, it is unlikely to get as much attention from the EA writers as this one did.
The radical solution to all disputes, I think, is as follows.
Each participant pays real money to open a contest account.
Why don't we organize our own championships. And not wait until it's time for the next championships.
Frankly, unlike the usual traders' contests, this is really expensive. With good organisation, technical implementation and media support, it comes at a serious cost (even by our company's standards). We are happy to take a break for at least half a year.The radical solution to all disputes I think is as follows.
Each participant contributes real money to open a contest account.
Why don't we organise the championships ourselves. And not wait until it's time for the next championships.
Frankly, unlike the usual traders' contests, this is really expensive. With a good organisation, technical implementation and media support, it's a serious cost (even by our company's standards).By the way, after the Championship we have been promised to provide the chart part with the orders history, logs and orders in the market.
Will it make us happy?
To be honest, unlike regular traders' contests, this is really expensive. With good organisation, technical implementation and media support, it is a serious cost (even by our company's standards). We are happy to make a break for at least half a year.
For example, I was surprised to hear positive feedback on the Championship from people who strictly rejected automated trading. Besides, some of my friends have changed their brokerage companies for those that work with MT4 under the influence of the Championship.
At least it is an indicator for me :-)
I think the radical solution to all disputes is as follows.
Each participant should deposit real money to open a contest account. For example, let it be 100USD and the minimum lot size should be 1USD. And NO restrictions! ;o) They will be automatically considered by the trader, who will lose 100USD in case of failure. Of course, this is not much money, but it will probably force participants not to send frankly stupid Expert Advisors, developed exclusively for luck. Total, for example, with 250 participants the prize fund will be 25000USD! A large part of the sum can be added to the sum of prizes. At the end of the championship there is an obligation to return the rest of the accounts to their owners. For example, winners can withdraw an extra 100-300USD from their account, and still get a nice prize. This of course is an extra effort for the organizers, but it will be more like a real prize! After all, many of those who participated in the Championship have never put a cent on the real account, and therefore are under rosy illusions about Forex (some at the very beginning had positions at half deposit, though not for very long ;o))! These traders had to be cut off at once. That is, if a man is serious about the Championship, he will find 100USD. After all, if he has a profitable Expert Advisor, he will not risk anything. If he does not win the prize, but the Expert Advisor earns some money, he will receive it. You can arrange receiving of the money as "registration fee". And returning the money back to the participants as "raffle winnings during the promotional event".
What a great idea!
True, there will be fewer participants, and that's bad!
Those who have experts have lost the majority. But in fact they also have something to learn from them!
Gentlemen, you forget that by putting up a permanent lot, you completely kill the logic of the experts. Restrictions should be such as not to break EAs.
There is no way we are going to have a competition of neutered EAs.
Renat, I agree with you. We don't need to impose technical restrictions, so as not to tie the hands of EA developers. I would just leave the financial condition - margin call comes at Equity 70% (well, of course, except for trivial restrictions not to create malicious code with loops, etc.).
It does not matter how the EA developer executes - one deal of 100 lots, or 100 deals of one lot, up, down, or sideways, or sideways, heads, tails, or flipping a coin - it is up to him. But a margin call at a specified level will close the account and that's it. You don't need to impose restrictions on the construction, just make it meet financial safety standards. That is quite enough.
Completely agree with lsv. The initial deposit should not be more than $500 and all other bans should be lifted. Then the market itself will show who is worth what. Aggressors will go down to a margin call. Good experts will stay afloat, while the smart ones will earn capital.
Indeed, the Championship, as stated above, must take into account the interests of all parties, including investors. It is being organised with their money, generally speaking. Are you sure that a deposit of USD 500 is of serious interest for a Swiss bank? Surely, it is unlikely. So, the absolute limitation of the deposit amount may hardly be called a compromise for all the parties, while the limitation of a reasonable percentage will allow trading at 500 USD or 5'000'000 USD. It depends on your taste. The main thing is that it is safe.
For example, in the test conditions (preliminary testing of Expert Advisors sent to the Championship) I would use the following phrase: "For a currency pair and timeframe selected by a developer for an Expert Advisor, you should meet in the strategy tester for the period from 01.01.2003 to 31.12.2006 the Equity margin call condition at least 50% for deposits of 5'000, 50'000 and 500'000 USD". This is just an example.