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  • Hey guys,

    After discussing with the team, we've decided this will be the last month of the top trader competition.

    Reading the comments above affirms that as the right decision.

    You guys are constantly pissed off because you see the formula as flawed, we're constantly pissed off because of the need to consistently monitor and repair the statistics engine, which takes us away from improving the site in other ways.

    But the kicker is, after giving away $20k in prizes, we're no closer to finding our next professional trading strategy.

    We'll continue with monthly competitions of some sort, but I think it makes more sense to reward those in the community that are adding value.

    Any ideas for a new format are welcome, but it can't involve us building statistics.

    Thanks to all those who have participated and I apologise for your frustration over the past 12 months.
    Click here to check out the most popular forex channel on YouTube

    Comment


    • Originally posted by Nick View Post
      Hey guys,

      After discussing with the team, we've decided this will be the last month of the top trader competition.

      Reading the comments above affirms that as the right decision.

      You guys are constantly pissed off because you see the formula as flawed, we're constantly pissed off because of the need to consistently monitor and repair the statistics engine, which takes us away from improving the site in other ways.

      But the kicker is, after giving away $20k in prizes, we're no closer to finding our next professional trading strategy.

      We'll continue with monthly competitions of some sort, but I think it makes more sense to reward those in the community that are adding value.

      Any ideas for a new format are welcome, but it can't involve us building statistics.

      Thanks to all those who have participated and I apologise for your frustration over the past 12 months.

      this is very simple nick, at least the way i see it.

      winner is the least amount of running dd to highest gains achieved, that to me is a true contest.

      just take a look at pic below, and you will have an idea how much dd i had. run time middle june till now.

      but then again, if you look for somebody running a large account, the gains need to be dialed down significantly or nobody takes you serious.

      so i for one am already very happy using your platform to provide my signals. thanks for making this possible, your underlying technology and customer support are the best there is.

      cheers
      Attached Files
      Last edited by reinerh; 11-06-2017, 10:06 PM.

      Comment


      • Originally posted by Nick View Post

        Hey Reinerh,

        I just took a quick squizz at a few of your Myfxbook statements. Well done, you're killing it

        My only concern is your history is still a little short. I'd like to to see at least 12 months before we started doing detailed due diligence on the strategy.
        hey nick,
        no problem whatsoever, i respect that 100%, i will get there eventually markets permitting.......

        thats where history comes in = building trust and yes i am fully aware that i have not much to offer yet in that regard, stay tuned.

        only myself can know the underlying strategy used, and with time i hope to peek your interest eventually.

        keep up the good work,

        cya
        Last edited by reinerh; 11-06-2017, 10:10 PM.

        Comment


        • What was wrong with the previous winners ? On the surface it looks like there are some good traders in there - am I missing something.

          Comment


          • Originally posted by gpfwestie View Post
            What was wrong with the previous winners ? On the surface it looks like there are some good traders in there - am I missing something.
            Yes, there are some good traders. But nothing I'd be willing to stick $100k of my own money behind as yet.

            Coincidentally, I had a meeting earlier today with a hedge fund manager who has expressed interest in tapping into our community in a hope of sourcing traders.

            The guy learned under Paul Tudor Jones and has a couple of decades experience in the hedge fund space. He's looking to find traders that can consistently produce "alpha" and allocate big chunks of money accordingly.

            I'll let you know more when the deal develops further, but initial discussions are quite exciting.

            The most appealing thing is they will be running the competition using stats from FX Blue, we simply introduce guys like you as potential traders and we all share in the rewards.

            Click here to check out the most popular forex channel on YouTube

            Comment


            • Hi Nick,

              Its a shame you have decided to close the competition, will some kind of leader board/stats still be active? as its good to track the progress of accounts that are under currently competing.

              I think just leave it as it is and just dont award any monthly prize,
              Last edited by minkw; 11-07-2017, 08:14 AM.

              Comment


              • I'm with minkw on this one.

                Keep the board active, just name it differently or whatever, prize or no prize.

                I liked seeing how the the guys are doing with just one click, instead of stalking myfxbooks.

                Now if it takes too much work, forget about it, but the interface is already there?

                Can't go wrong I say.

                Comment


                • Well done Nick

                  maybe without a prize we will not see anymore a winner with 0.% statistics. It could be a good Idea

                  Imho a simple gain/DD rankinq would be enough and avoid all the pissing we saw in the last months

                  I liked the idea of the competition but it was spoiled and not due to Nick

                  Happy to see some news here in the near future

                  Comment


                  • Maybe just rename is to "Community Leader Board" or something, and the description being something along the lines of "track our community of traders etc"

                    Comment


                    • Above guys make good points i think. Then use the money to reward active members or best trade ideas for the month or something like that. Best username award.

                      Comment


                      • I'll be a bit gutted about losing it. I use it as a filter on the traderoom chat / ideas.

                        Comment


                        • Originally posted by gpfwestie View Post
                          I'll be a bit gutted about losing it. I use it as a filter on the traderoom chat / ideas.
                          I am not happy about losing it too, just confident looking forward a better one. People, and myself, love competition so I still hope for a new one

                          Comment


                          • Hey all!

                            Just got up to speed with reading the recent comments.

                            Following on from what Nick announced earlier this month, this will be the last month of the contest (for the aforementioned reasons Nick has stated).

                            This is what we'll be doing moving forward with the pool of $1,500 USD.

                            On the day of non-farm payroll announcements (which most of the time, is the first Friday of each month!), we will be announcing 3 winners of the following categories:

                            1) Random raffle: $700 USD.
                            2) Top trade idea contributor: $500 USD
                            3) Top trading room contributor: $300 USD

                            Points 2 and 3 will be an assessment of the entire month. It is also at our discretion to whom these cash prizes are awarded (exc. point 1). This isn't to say it will always be discretion, but at least for the foreseeable future.

                            The cash prizes will be credited to the winners nominated live IC Markets account (same as it is now).

                            Top trade contributor isn't assessed solely on the performance of the signals within the month but on a mixture of regularity, clarity and well thought out trade plan with a clear explanation. Engaging with peoples comments on your trade ideas are important too.

                            Top trading room contributor: this is all about engagement in chat, being inquisitive and asking interesting/important questions, helping other members out and being on all-round quality member of the room!

                            You can only win one category for that month.

                            Now for those asking why we're divvying the lions share out as a random raffle; this is because we appreciate that a relative portion of our members is new to Forex. It's quite daunting for new members to have to start chatting (in respect of contributor award) or placing a trade idea (when they don't understand how to trade) when they're fresh into this world. We don't want such members feeling left out but instead have the same chance as everyone else of winning something the moment they become a member.

                            I can appreciate (considering I worked countless hours closely with Will on the stats!) that for some of you, you're not going to be happy with this change and you want to keep the leaderboard. This is something we understand and in an ideal world would want to do if we could wholeheartedly rely on it being accurate (of which we can't!).

                            Nothing is set in stone and the above is subject to change only in the best interest of our members in the trading room.

                            We really do appreciate all your efforts and those that got involved in the trading contest, but for now we'll be setting that to bed and focus our efforts on continuing to build on the already fantastic community here and inside the room!

                            Feel free to fire off any questions.
                            -"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today"-

                            Follow me on Quora for Q&A on Forex: https://www.quora.com/profile/Dominic-Gilbert-2

                            Comment


                            • Hi Dom,

                              Thanks to you and the team for all the hard work you have done to enable the competition to date.
                              I understand the reasons for the withdrawal. I've enjoyed being a competitor and appreciate it is time to move on.

                              Regards, Bill

                              Comment


                              • I feel sorry for those determined traders who really saw this competition as a way to make it to the big leagues, but I understand fully for the amount of energy necessary to keep the community happy while pursuing the goals of forexsignals.com

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