it never works... http://elitetrader.com/vb/showthread.php?s=&postid=154169&highlight=scalp+the+pits#post154169
I have to agree, these things are almost impossible to make work. You can't go by "percentage return" since many trade with huge leverage (as with BT), and yet it would have to be real money. If you can come up with rules, then you would have to have a "pot" of sorts.....say $1000 per entry, similar to the World Series of Poker (cool on TV now!). Don
Tha will work...and I will volunteer to hold the money in escrow for the money, make checks payable to: Shill Securities c/o TM_DIRECT
I thought I once read here about a brokerage firm which allowed live, fictitious trading. If such a firm exists, and this idea were to be taken in ernest these would be the sponsors. The starting capital would need to be the same for everyone. As a result, different styles of trading would potentially need different "tournaments" where the capital available would be set accordingly. If such a thing were to be done I would not mind paying a modest entry fee to offset the possible costs incurred to the sponsor brokerage and/or tournament organizers. -rlb
Oh yes, and I think this would make all the world's difference for this site. It would attract new traders, provide a hard and fast measuring stick for who is and who is not full of ..., be a very advertisable aspect of this site - and create a very marketable concept for Baron to sell advertising. One would need to do some research to get an idea of cost:benefit, but on the surface it seems to be solid business opportunity.
Not necessarily. Those who win competitions generally take risks that are far out of line with their usual trading behavior. One might be a lousy trader and yet come out a champion because he got lucky. On the other hand, the truly good, disciplined, objective, profitable traders will more likely do badly because they're holding to their rules. All of which will lead to bawk bawk responses, but there it is.
Can't believe Im saying this Db but your 100% correct...that is the same reason 'simulators' are dangerous, you take no risk and only reward at fake profits