Guest wrote:
You simply can't beat good traders, and if you do 1 month you wont be able to the next. I think the key factor most people overlook in this competition and also the probable reason they fail in trading is they are too worried about winning the competition when they should be about coming out of the community here with meeting good traders and learning from them. I think this has happened to me here, I always dreamed to only talk to a good trader and I did in this community and he has turned my trading around in 5 mins, ofcourse i do have a good background but he showed me how to make money, and I think consistently, I still have to prove that I only learned last month, lol
What I learned is if you take to much risk to win this competition or to win as a trader you will end up with nothing, let's not forget we all loose and good traders walk away with all our money. So it is not risk that will make you win anyhow it is choosing trend, entry, and R/R, exit, and ofcourse popularity points and duka, but I havn't gotten that good or organized in my trades to achieve yet...lol
But in the spirit of the idea that came out here, I do think there should be the prize for highest money or pips over a year or breaking competition record for money because I noticed the best traders here leave and continue their route when we need to keep them here for the community to learn from; and they need new goals or targets, for fun since they are not normally that risky in their trading.....One example is Rahul, he seems to not have been trading, and i know last months the reason he did not do so well not because he is not a good trader but he seemed like he lost interest in competition but had more interest in breaking the money goal of the competition or a big money barrier....but since it is not a common thing to happen we need people like him to stay interested in the community and breaking goals.....
pistek wrote:
I agree with this suggestion. Reason is because in forex, consistency (consistent profitability) is
very important thing (even the most important). Without that traders are forced to risk too much
every month.
Thanks for your input on this subject. However, my idea for having an Anuual Winner is to reward a trader who is consistent over a period of 12 months. He/She doesn't necessarily have to claim # 1 to 10th spot in monthly competition, but how much accumulated profit was made during 12 months.
Here is an example:
Trader 1 - 1st Position Winner in January with 300,000 Total Equity (including initial capital of 100,000) so actual profit made is 200,000. In February the same trader position was 150th and ending equity was 50,000 (because that trader lost 50,000 from initial capital) so his/her accumulated profit would be 150,000 (200,000 January Profit less 50,000 February loss) and so on.
Trader 2: 15th Position in January with 175,000 total Equity (including initial capital of 100,000) so actual profit made is 75,000. In February the same trader position was 12th and ending equity was 200,000 (including initial capital of 100,000) so his/her accumulated profit would be 175,000 (75,000 January profit plus 100,000 February profit) and so on.
Although Trader 1 got 1st position in January, he/she lost half of equity in February and have accumulated profit of $150,000.
On the other hand Trader 2 never came in Top 10 but his/her accumulated profit was $175,000. (25,000 more than Trader 1) plus this trader kept his/her equity intact.
So, who is more consistent trader ?
The reason I am insisting on this subject is unless there is a reward for consistent trader over 12 months period, most of us will blow our equity in last few days of the month, when we think we have no chance of getting in top 10.
Would appreciate, other contestants input on this.
