Official standings for the contest can always be found here:
http://www.worldcupadvisor.com/worldcupchampionships/default_nwcc2.aspx
Currently, I am in 4th place with 52.7% return. Equity curve is at the bottom Right now, I have 7 open positions. 1 good size winner, 3 mid size winners (1 of those is a double position), and 3 small losses.
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Trading Process, Step 05
The Trading Process - Other Considerations
Last time, I discussed that as part of your Trading Plan, you need to have objectives for any performance metric (win percentage, trading frequency, etc - think about it, and go beyoned the few I've given you) that you think are important. If you don't you'll either create or buy a system that does not "fit" you. And doing that almost always leads to disaster.
Besides the strategy (which we will discuss next time)and its performance parameters (which I've already described), it is critical for you to figure out some other things, BEFORE TRADING. Here is a partial list:
Platform - what trading platform will you use? Does it come with historical data, charts, backtest capabilities? If it is an order platform, does it send orders directly to exchange, or does it hold oders on the platform's server? Have you spent time practicing with it, so under pressure you don't mix up buying and selling, mix up limit orders and stop orders?
Time - do you have the time to spend 1) actually trading and 2) researching new trading strategies? If your approach requires you to check your computer every hour, can you do that? When I had a full time job, I made sure all my strategies could be run end of day. Don't buy an off the shelf system before figuring this out. Again, it is all about "fit" - the system has to match your time constraints.
This list could go on and on, but I hope you see my point - think about all this BEFORE you even start trading!
Next time: The Actual Trading Strategy
hi,
ReplyDeleteto participate with this trading contest, you have to register with PFG? in your opinion what is PFG like as a broker? (service, platform, commission, etc)
Appreciate your input.
Hello hilmy83 -
ReplyDeleteTo participate in the contest, you have to open a futures acct (see http://media.worldcupadvisor.com/publication/?i=77064 for details).
As far as PFG Best goes, they are generally pretty good. Cimmissions for contest acct are a bit higher ($6 RT), and their platform is decent.
Should say "Commissions" - sorry!
ReplyDeleteso your account does not necessarily have to be with pfg best? Cause i signed up for the contest and thought that i supplied my broker's name (oanda) but seems like i signed up for new account with pfg best instead. Feel like i'm being misled. NOw i'm probably will get sales call from them soon..sigh.
ReplyDeleteDid you read the official rules? That should tell you what is necessary.
ReplyDeletehttp://www.robbinstrading.com/pdf/wccfft2012.pdf