Trading Contest 1-01-10

[retireme]

To maybe help anyone who cares to listen and to explain my previous post...

What newschool is saying is of course correct, for me. With the contest, I completely disregarded my normal risk/return ratio and my money management went out the window... it was a case of win at all costs and because it was a demo account, I treated it as such.

I went from 7th to 1st and got cocky with my demo trading and broke my own first rule.... it was all downhill from there. At one point I was down $7000 or so. I opted out of the contest at that stage because I realised what I had done, I even posted how embarrassed I was. I didn't stop trading this account though, I went back to what I knew was the right way and slowly, but surely resurrected the account to almost opening balance. As of today the balance is $9902.60.

Some people will read this and say yeah yeah, heard it all before. However, if by admitting my folly I help just one person to avoid the same pitfall, I will be happy.

Thanks and regards
Retireme

[dchappy]

And if these two guys are using your method, then congratulations dchappy.

Hope to see you continue your thread one day, or perhaps start one for mt4.

Thanks Humble ...I don't know what they are using , but it seems to be working ..

I'm down with PC problems for 3 weeks Hope to be back in the saddle soon . Learning a lot just watching....

( nice recovery NickB )

[flinux]

dchappy method is the forex way, at least mine one

[tmanbone]

Thanks Nick. There is something to be learned everyday. Enjoyed watching you trade. I'd like to learn more about your averaging style, where you learned it and the rational behind it. Thanks,

Flinux, I'm curious if your trades have been strictly using dchappy's method. I haven't looked at your stats in a day or two, but last time I looked you were 30 and 0. Impressive trading.

[newschool]

My thought was to keep this fun. When real money is involved it gets a lot more serious. Obviously, there is nothing to keep you from starting your own real money contest thread.

I know that when real money is involved it is indeed less "fun", but we also learn much more with real losses I believe.

I reserve the title for the real money contest organizator

[Humble]

One of the nice things about this forum, is that people's egos do not get in the way.

We are all here with different levels of understanding, knowledge and abilities, as per any other forum, yet no one tries to lift their standing by putting anyone else down, or come across as being better than anyone else.

I had doubts about this trading contest, yet I need not have. However they all resurface when someone wants to use "real" money. People's attitudes will be different simply because a bank of say $5,000- will be a lot of money to some, like a years savings, whilst to others it may be just a weeks pay. Some will make a big sacrifice, like no holiday this year, whilst others will not miss the 5g.

This forum is "real" enough for me.

[rowdy]

*******************************************************
[marq=right]POWER RANKINGS 1-29-10.[/marq]
*******************************************************

Lukx is at it again.
He has jumped back into first place with a whopping 191% gain.

Flinux now is second with a very good
64%.

johny has moved up to third with 13%


1st Place


reallukx

2nd Place


flinux

3rd Place


johny

4th Place


dchappy

5th Place


tmanbone

6th Place


frang0nve

7th Place


rowdy

[tmanbone]

Back to the drawing board.

[rowdy]

*******************************************************
[marq=right]POWER RANKINGS 2-5-10.[/marq]
*******************************************************

Bloodbath!
That is the only way to describe the carnage in this
weeks power rankings. Two players either have a zero
balance from a blown account or were reset by their brokers
or were reset by the participants themselves.
Either way these players have been disqualified. If these
players can bring back their previous trades because this
was just a temporary glitch in mt4stats, I will let them
back in. Please understand that I not trying to be cruel
or harsh. I have to assume the account is blown for whatever
reason.

There is a lesson here. Trading is a very tough business.
It is very difficult to be consistently profitable, and
the contest is clearly showing this.

dchappy is in first with a -2.9% loss.

tmanbone is in second with a -12.1% loss.

frang0nve is in third with a -32.7% loss.


1st Place

dchappy

2nd Place


tmanbone

3rd Place


frang0nve

4th Place


rowdy

5th Place


reallukx

[johny]

Hi Rowdy,

Please check my mt4stats.. Looks like a MT4 stats glitch. I haven't taken any trade this week. So my balance is same as last week's: 11,331

cheers

Johny