Discussion of the Forex Contest FIXI Markets Forex Contest
Membro Desde Dec 15, 2015
21 posts
Jun 06, 2018 at 13:38
(editado Jun 06, 2018 at 13:46)
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
Membro Desde Sep 12, 2015
1948 posts
Jun 06, 2018 at 18:07
PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
How's my risk profile, think GS might hire?
"They mistook leverage with genius".
Jun 06, 2018 at 21:58
PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
Is there a leaderboard somewhere? How do you know the above numbers?
Membro Desde Aug 04, 2015
1 posts
Jun 07, 2018 at 06:26
hi guys, does anyone know if the platforms we are trading on are linked and verified to myfxbook whilst in this competition?
indunduma@
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 07, 2018 at 06:31
PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
I absolutely 100% agree with you, this is strictly demo and anyone that take these chances on a real account will well be known to what the market can do with you in a couple of seconds lol
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 07, 2018 at 06:32
snapdragon1970 posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
How's my risk profile, think GS might hire?
Too bad that these days GS and most other use quant trading or quant analysis, only doing proprietary trading about 10% of the time and all else in investment banks just sitting there and seeing how the quant trading progresses.
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 07, 2018 at 07:41
tanaks posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
Is there a leaderboard somewhere? How do you know the above numbers?
You can find it here: https://www.fiximarkets.com/trading-competitions/bullseye-june-2018/
Membro Desde Dec 15, 2015
21 posts
Jun 07, 2018 at 11:42
SwissHawk583 posted:snapdragon1970 posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
How's my risk profile, think GS might hire?
Too bad that these days GS and most other use quant trading or quant analysis, only doing proprietary trading about 10% of the time and all else in investment banks just sitting there and seeing how the quant trading progresses.
yes, absolutely, but even automated strategies need a risk manager to allocate parameters that programmers implement,
so a human element of risk-taking or risk-aversion still is at the core.
Membro Desde Dec 15, 2015
21 posts
Jun 07, 2018 at 11:48
SwissHawk583 posted:tanaks posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
Is there a leaderboard somewhere? How do you know the above numbers?
You can find it here: https://www.fiximarkets.com/trading-competitions/bullseye-june-2018/
Well, all you do is go into the list tabs and click on 'Equity' or 'Drawdown' to put the contestants' list in order by
highest to lowest equity, or drawdown, etc.
Membro Desde Dec 15, 2015
21 posts
Jun 07, 2018 at 22:48
PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
As the contest goes on, more interesting data emerge on
the 3812 contestants:
1) only 710 of them have any positive equity (1% or above),
that is just 18% of the contestants;
2) of the ones with 100% equity or above, of which there are 72
- which is 1.8% of the contestants -
a) five of them have 50% or higher drawdown;
b) thirteen of them have 40% - 49% drawdown;
c) eleven of them have 30% - 39% drawdown.
Are these healthy numbers?
The jury is out.
Jun 08, 2018 at 08:39
As a matter of suggestions, it would have been better if the contest has stricter rule, such as fixed lot size such as .1 maximum or maximum number of trades at the same time to 10 or something, in such way all contestants are playing on an even playing field and will have a better chance in showcasing their real trading skills. Most traders in a demo competition such as this one will resort to high risk approach and hope to be lucky and win the price.
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 08, 2018 at 08:39
PipMeHappy posted:SwissHawk583 posted:snapdragon1970 posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
The very top traders' trades all have extremely high leverage
and some of them may well disappear shortly due to overexposure
- of a kind that you would never attempt with real money.
What this says about these contests is that they do not measure
trading business skills or a trader's potential for longevity in the markets
but a Russian-roulette style of 'trading' that has very little to do with
actual trading.
So we are all playing this game but anyone who shoots down criticism
with the words 'You only say that because you are losing' is somewhat
disingenuous, because they know that this kind of risk is like Russian roulette
and no trading firm would let you loose with such risk on their capital,
nor would you individually want to trade your savings in this way.
How's my risk profile, think GS might hire?
Too bad that these days GS and most other use quant trading or quant analysis, only doing proprietary trading about 10% of the time and all else in investment banks just sitting there and seeing how the quant trading progresses.
yes, absolutely, but even automated strategies need a risk manager to allocate parameters that programmers implement,
so a human element of risk-taking or risk-aversion still is at the core.
Indeed, that is what I keep on telling people when they try to come with robots this and that, they are just, well, yeah, stupid lol. Even GS and those places have people behind the desk that watch the orders, they don't do anything though, but they do watch it and once in a while, they do proprietary trading.
I personally have rather decided to develop a quantitative analysis system that merely analyses everything, but not trade at all, I will never allow that and also works on fundamental structures with the involvement of candlesticks and then I trade alongside it running each potential trade model through all the fundamentals that there is, for instance currently the trade wars and also leverage it to my risk involved with institutional positioning.
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 08, 2018 at 08:41
PipMeHappy posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
As the contest goes on, more interesting data emerge on
the 3812 contestants:
1) only 710 of them have any positive equity (1% or above),
that is just 18% of the contestants;
2) of the ones with 100% equity or above, of which there are 72
- which is 1.8% of the contestants -
a) five of them have 50% or higher drawdown;
b) thirteen of them have 40% - 49% drawdown;
c) eleven of them have 30% - 39% drawdown.
Are these healthy numbers?
The jury is out.
Affirmative, they are far from healthy, but in the end, it stays a contest and merely a demo account.
I understand the problem though that some people see this and think this is easy and they will be able to get rich quick. LOL if that were true we would have all be billionaires by now, but quick money will never exist.
Also not that MyFXBook drawdown suck. Their mathematical calculations make 0 sense adding to the drawdown each and every time also when you hit SL, which is inevitable and working on the percentage of drawdown depending on how much got hit.
forex_trader_441643
Membro Desde Jul 03, 2017
11 posts
Jun 08, 2018 at 08:41
PipMeHappy posted:PipMeHappy posted:
Out of interest, since the contest opened (last Sunday night)
out of the 3812 contestants there are already 807 whose
equity is negative and already 329 who have a drawdown of
50% or higher.
As the contest goes on, more interesting data emerge on
the 3812 contestants:
1) only 710 of them have any positive equity (1% or above),
that is just 18% of the contestants;
2) of the ones with 100% equity or above, of which there are 72
- which is 1.8% of the contestants -
a) five of them have 50% or higher drawdown;
b) thirteen of them have 40% - 49% drawdown;
c) eleven of them have 30% - 39% drawdown.
Are these healthy numbers?
The jury is out.
I have 23% drawdown for instance but my account never went under 9,1k lol, and that is purely because I was playing around
