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Top Trader Contest - Let's Make a NEW and GOOD FORMULA!!!!!!

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  • Top Trader Contest - Let's Make a NEW and GOOD FORMULA!!!!!!

    Top Trader Contest - Let's get together as a community and make a NEW and GOOD FORMULA!!!!!!

    Hi guys,

    I have come upon an idea whilst I was having my 7th coffee on the day.....

    I'm sure we all come from different backgrounds. Some of us are pimps, some of us are models, some of us are doctors and some of us a engineers.

    Now I think we can all agree that the current formula is causing both consternation and constipation. Alas seemingly Nick and Dom et al appear to be too busy to change it or lack the desire to change it which on the surface seems strange but it is what it is and all businesses have multiple facets and resource drains so it's also not surprising. However as this will ideally benefit not just the website but also the community there is nothing to stop us as a community to help out as in the end it will also benefit us.

    So what I propose is that some of the smarter heads on here with a mathematics background or not suggest some new formulas. We as a community could choose the best 2 or 3 and then offer those choices to the forexsignals.com team to choose from. Everyone benefits.

    Currently the formula is this:- Gain(equity)/(worst drawdown*std deviation)

    Where most of the "problems" and "discussions" are coming from is the weighting of the std devaition. Please read this thread for clarification.

    https://www.forexsignals.com/forum/f...trader-contest

    So what I propose is that if you have a better idea then to put it on this thread as a CLEAR mathematical formula and we could all discuss it.

    I will put my own take on it this week once I can think of a good replacement. Hopefully at least 2 or 3 members out there have some knowledge on this and.or desire to help. 100% would be fine to steal the formula from somewhere else. But I think the key is to try to find a balance between simple and complex as it should be understandable to people, we aren't trying to develop a pathway to fly to another universe here.

    Happy trading everyone.

    BRM


  • #2
    Originally posted by Big River Man View Post
    Top Trader Contest - Let's get together as a community and make a NEW and GOOD FORMULA!!!!!!

    Hi guys,

    I have come upon an idea whilst I was having my 7th coffee on the day.....

    I'm sure we all come from different backgrounds. Some of us are pimps, some of us are models, some of us are doctors and some of us a engineers.

    Now I think we can all agree that the current formula is causing both consternation and constipation. Alas seemingly Nick and Dom et al appear to be too busy to change it or lack the desire to change it which on the surface seems strange but it is what it is and all businesses have multiple facets and resource drains so it's also not surprising. However as this will ideally benefit not just the website but also the community there is nothing to stop us as a community to help out as in the end it will also benefit us.

    So what I propose is that some of the smarter heads on here with a mathematics background or not suggest some new formulas. We as a community could choose the best 2 or 3 and then offer those choices to the forexsignals.com team to choose from. Everyone benefits.

    Currently the formula is this:- Gain(equity)/(worst drawdown*std deviation)

    Where most of the "problems" and "discussions" are coming from is the weighting of the std devaition. Please read this thread for clarification.

    https://www.forexsignals.com/forum/f...trader-contest

    So what I propose is that if you have a better idea then to put it on this thread as a CLEAR mathematical formula and we could all discuss it.

    I will put my own take on it this week once I can think of a good replacement. Hopefully at least 2 or 3 members out there have some knowledge on this and.or desire to help. 100% would be fine to steal the formula from somewhere else. But I think the key is to try to find a balance between simple and complex as it should be understandable to people, we aren't trying to develop a pathway to fly to another universe here.

    Happy trading everyone.

    BRM
    Love your enthusiasm BBM.

    I acknowledge that the competition has been poorly maintained and I'd like to explain some of the reasons why we've lost a bit of interest over the past 6 months.

    Stats are a *****.
    And it never ends. Just when we think we've got them mastered and everything is in alignment, an anomaly happens which takes a day to work out, then fix.

    What's more frustrating is that traders treat Myfxbook as the holy grail of stats, however there are often small errors in their reporting. If a traders stats on the competition are different to Myfxbook, who do you think people complain to? That's right, us. So we then need try and reverse engineer the error to get it to match. Will and Dom have quite literally spent thousands of combined hours trying to get our stats working, both on the competition and inside SimpleTrader.

    Even after all that effort they need constant monitoring for the random strategy that hedges bitcoin with 29 positions and closes trades right on rollover... you get the idea.

    The community doesn't really care.
    Out of the 2>300 people that register for the trading room each month, maybe 2 enter the competition.
    Perhaps that's a symptom of the lack of love we give it, I'm not 100% sure. But I do know that we've given away about $20k since we started and it's generally to the same handful of traders. Which in it's self is fine, but none of the strategies have excelled to a point where we can start incubating them as traders.

    I'm mindful of us becoming a jack of all trades, and master of none.
    If you look at all the stuff we have on the go:
    - Managed accounts
    - Trading academy
    - Live trading/streaming
    - Legacy trade copying
    - 3rd party trade copying (SimpleTrader)
    - Podcasts
    - Trading competition

    Now, when you look at this list, we're pretty mediocre at all of them. I believe that's because we constantly split our focus...

    I think we'd be better to offer $1,500 in prizes to members who add value to others in the community instead of the competition. We're still evaluating internally, but don't be surprised if we forgo it at some point.




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

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    • #3
      It will never end, in all honesty. Because some are smart enough to adapt.

      I'm not saying this to throw the stone, it's good we have intelligent people here.

      No matter what the rules are, it's getting kinda clear who knows what he's doing and who's not, since we're getting close to one year now.

      I'm not gonna name anyone, but I'm pretty sure I wont ever follow a guy that won the comp with 10 bucks in gains or whatever.

      Sure, kudos to him and all that but I'm looking at people that produce. And there are a few.

      The competition is a brilliant idea tho, one of the best you had for this site.

      Comment


      • #4
        I know this idea got more or less shot down after a single post hence my lack of interest after my initial excitement.

        However. Whatever I had some time today to think whilst a very attractive but unfortunately very boring lady was talking to me during my morning coffee.

        I would propose to take the volatility completely out of the equation but replace it with a "test of time" modifier. CLEARLY this doesn't get included on the monthly award.

        MONTHLY EQUATION
        monthly equity / monthly drawdown

        TOP TRADER ONGOING CONTEST
        (equity to date / drawdown to date)*multiplier

        multiplier =
        1.00 - for an account with less than 6 months history (effectively NO BONUS)
        1.10 - for an account with 6 to 12 months history (effectively a 10% BONUS)
        1.20 - for any account with more than 12 months history (effectively a 20% BONUS)

        This gives more credence to older accounts as older longer accounts have obviously more viability as they have weathered different market conditions.

        Sorry if this is basic but it's essentially a brainstorm over coffee but I still think it's better than the current formula.

        Hope it's easily understood.

        Comment


        • #5
          Wow, I got quite good ideas of this post, now let's try to do something good out of it

          Comment


          • #6
            Originally posted by Big River Man View Post

            MONTHLY EQUATION
            monthly equity / monthly drawdown

            TOP TRADER ONGOING CONTEST
            (equity to date / drawdown to date)*multiplier
            brm,

            please take a peek in my thread, the update i posted last week, thread = impulse.

            my formula, quite frankly it does not get any simpler then that.

            it sure be nice if you guys could come up with something workable.
            Smart traders never hold positions over the weekend.

            Below my new home, all accounts fully verified.

            https://www.myfxbook.com/members/forexfidelitas

            Comment

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