The numbers that are coming in for both the demo and
live accounts are just phenomenal. Let me give you an
idea.
Live accounts
1st Place 927.93%
2nd Place 600.00%
3rd Place 500.00%
Demo Accounts
1st Place 2305.23%
2nd Place 1120.70%
3rd Place 1000.00%
That’s per month young Jedi’s
Anyway, confirming the results is proving to be a lot
harder than I first thought. With different time frames
and English not being every ones first language, is
taking time.
I will update the blog and this page regularly now:
http://www.surefiretradingchallenge.com
Mark
I think the difference is that a whole bunch were
disqualified. Those figures were probably the very
early unverified results.
a. Second winner: 200.12%
b. Third winner: 156.23%
Are correct.
They are not that mechanical. There is a lot of
discretion in their trading.
I have had no results from the Feb 08 competitors. I am
excited to see how those turn out.
Mark
Hi Mark,
Thanks for your reply. I also think like you.
I am now devising my own trading system, and I will compare it with the 6 winning systems to see if I can compete or not.
I am receiving a lot of marketing emails telling about these 6 winning trading systems to be revealed soon next week.
I noted that the second and third winners of real accounts are:
a. Second winner: 200.12%
b. Third winner: 156.23%
But from the beginning thread of this blog, the results of second winner is 600% (real account), and third winner is 500% (real account).
So, which number is correct ?
+ Also, I noted from the marketing emails saying that these 6 winners are not professional traders, and almost all of them are having full-time job / day-time job?
Is it correct ? If it\’s correct, I really admire them, because with their full-time job, they still could manage to win BIG like this. It\’s great, and very encouraging.
+ So, their manual trading systems should be mostly mechanical systems (because they did not have much time to monitor the trades and computer all day long due to their day-time job, right ?).
+ Or maybe, their trade setups often occur during a specific trading session such as: Asian trading session, European/U.K trading session, or U.S trading session ?
I am really very anxious to see these 6 systems to be released asap on Feb. 24th, 2009.
Thanks for this organizing of competition on constant basis.
James
P.S: Any results from any attendants of Feb. 09\’ competition as of today? Are the results as promising as the last batch of Dec., 08\’ winning results? And is there any winner of last Dec.08 who re-joined the competition in order to make a higher winning record?
Now that’s good question. I never thought of that. I
actually had to think about this for about an hour
James.
No you can’t use the previous winners systems to enter
the challenge. For two reasons:
1. The previous winner might get upset
2. I want to to get new ideas into the membership
club each month.
But that was a good question. I will put that in the
rules.
Mark
Hi Mark,
Just one question to ask you:
If after learning those winning systems, I use them to attend the next month’s competition, and if I win, will I be qualified for receiving the prize?
Or do I have to use a completely new trading system to win the prize?
Waiting for your reply.
Thanks and regards,
James
Yes, all of that will be included. The actual release
date will be the 24th Feb. I have already announced it
to the Traders Secret Library members.
I will email everyone this week to let them know.
Mark
Dear Mark,
Yes. You are so right.
A detailed description of the trading system/strategy that the Champions used to trade live accounts as well as demo accounts should include the Detailed description of which Indicators/Tools they use to have a Trade setup, how to set up those Indicators/Tools and even optimize those Indicators/Tools to ride on the Trend promptly, because most of Indicators are lagging. And also, how they trade with those Indicators.
So, all trading systems/strategies of the winners of last December, 2008 will be released on the http://www.traders-secret-library.com on Feb. 19 – 20, 2009, right ?
I am very curiously and anxiouly waiting for them to be posted on your website asap.
Thanks a lot
Best regards,
James
Hi James
Yes, no problem with the amounts they started and ended
with. Remember money is relative. There was a time when
$100 meant a lot to me now it’s important but not as
important as it was when I was younger. Feeling
comfortable will always be relative to how much money
you have and how you treat money. I know guys who trade
1-10 million a day. Some of them are under as much
pressure as the guy who trades $500.
Your comments on money management are great as always.
One of the main things I wanted form the champions was
a detailed description on how they trade and what
indicators. I think I got that.
Thanks James
Dear Mark,
I just would like to add something as follows:
1. Please also tell the starting amount of each winner (1st, 2nd, 3rd winners of real accounts and demo accounts) from which they start trading, and the final account amount at the end of the month.
I am just curious to know if there is any winner who could manage to trade small amount and increased such small starting amount to huge amount at the end of the month.
It seems to me that if the trader uses big account amount as starting, they will feel more comfortable to place trades than the trader who has to use small amount and make it become huge account balance at the end of the month.
This is like hidden pressure when trading live or demo accounts with starting small account amount.
This also shows how a good and professional trader can control their good Money Management to always have sufficient money to place new trades when new signals / trade setups occur on any currency pairs in the future.
2. Please also describe in details about the Indicators and tools that the winners used to trade their live or demo accounts, especially about their special settings and optimization of those indicators and tools to create signals / trade setups (when to buy, when to sell; when to exit the trades BEFORE THE TREND CHANGES DIRECTION; where to put the stop losses; how to cut the losses SHORT, and let profitable trades run until the end of the trend to win BIG; etc).
Thanks and regards,
James
Pleasure C Lim
Mark
Thanks for those kind words James.
Yes leverage will be disclosed along with everything
else.
Mark
Hi Mark,
Thanks for your compliments. Your opinions are right. We still highly value those great results of those demo account winners of first, second, and third prizes same as great results of those real account winners of first, second, and third prizes. There should not be any Bias at all.
But could you please mention about the leverage level (1:100, or 1:200, or 1:400, or 1:500) used by each winner of both demo accounts and real accounts so that we can know the potential risks within the trading systems/strategies, and from there, we can lower the leverage suitably when testing or using the trading systems/strategies on live accounts?
Knowing the leverage level used by each trading system/strategy, the trader can easily control the risks when they want to use such systems/strategies on live accounts in the future to avoid high Risks.
The reason why I have bought your ebooks, and became loyal reader/subscriber of your website because you are always helpful, responding to all what your buyers/readers/loyal subscribers asked promptly. This is what I like most and consider it as good after-sales service.
I can recommend any buyers/readers/subscribers to buy anything that you will recommend in the future without any hesitation, because it is worth our money thanks to your good service.
Thanks and regards,
James
Hi James and Mark,
The comments/issues made by James are very helpful for all traders aspiring to improve their skills. Thanks Mark for making this challenge and blog avail for learning. Really looking forward to viewing from the winning traders!
Wow great post James
You are correct in everything you say and all the
criteria you mention are both sensible and desirable.
You are also correct that most of the demo account
use much higher leverage. Much more than someone who
would live trade.
What I think will happen is this. After we have had
four or five Challenges, a common theme will develop.
You will see that the live traders will adhere very
closely to the guidelines you mentioned and the demo
traders will just blow money management out the window.
But here’s why demo account are good for the challenge.
It allows traders to go mad and experiment. Let’s take
most of the demo’s that entered the challenge. They were
horrible over leveraged but many of them had great
concepts. In the hands of an experienced trader the
systems could do well. All that is needed is to tone
down the leverage.
But you make good points and hope everyone takes note
of them.
Mark
Hi Mark,
Thanks for your prompt response.
Recently, I found out that a good and consistently profit producing Trading System / Strategy should include and meet the following Criteria:
1. Win / Loss ration: The Higher, The Better. At least, it should be 2:1. But for a good Trading System/Strategy, it should be at least 3:1, or even 5:1.
2. Profit factor : The Higher, The Better.
3. Maximum Drawdown: The Lower, The Better. Maximum Drawdown should be below 20%. A very good Trading System/Strategy should have maximum Drawdown to be under 10%.
4. Relative Drawdown: The Lower, The Better. This should show how a professional Trader can increase their profits hugely in a short time, but still be able to keep the Relative Drawdown as low as possible to maintain Good Free Margin , Good Equity, and High Margin Level to be able to place new trades when the new trade Setups occur in other currency pairs.
5. Maximum Risk per trade on average: This should be as low as possible. Maximum Risk should not be over 3% per trade for Moderate Trading style, and should not be over 5% for Aggressive Trading style.
6. Profitable trades in % versus Losing trades per month: Profitable trades should be from minimum 75% to 95% to be judged as a Profitable Trading System/Strategy.
7. Average Consecutive Wins versus Consecutive Losses: The Higher the Average Consecutive Wins (versus Consecutive Losses), the Better.
If you can describe the Criteria for the Winning Prizes for the coming Participants for the Feb. 09 Contest, it will be very good.
I often back-test and forward-test many Expert Advisors so far, and I would like to see that a human being like us can win much much more profit than the most profitable Expert Advisor in the forex world.
Above are just my opinions and suggestions, but I believe some of them can be good Criteria for you to put as Conditions so that they will become a good Aim for the ambitious Participants to achieve, and rate their own Trading system/Strategy to improve it even much better in the future.
Also, these difficult Criteria will be able to differentiate a good and consistent profit producing Trading System / Strategy from a lucky winning Trading System/ Strategy.
For example, a lucky winner may only place very safe trades with very high Lot size and win big, and then, does not place trades in most of the month. Each time that Trader places high Lot sizes, he does not have a good Money Management Strategy, and the Relative Drawdown maybe very high, which is very dangerous and may wipe out the account balance at any time in the future.
At the end of the month, that Trader can gain very high profit percentage, but we can not judge those Trading Systems / Strategies as a good and consistent profit producing Trading Systems/ Strategies in the long-term.
I noticed that the Profit Gain / Winning percentage for those participants on Demo accounts won so much higher than those participants on real accounts.
Maybe, those participants on demo accounts do not pay much care on good Money Management method, because in their mind, they might think that they should try best to win as much as possible to win the Prize, but in case the account capital is wiped out, they have nothing to lose because it is only demo account.
So, maybe, they don\’t have good Discipline and good Money Management method when they trade demo account.
I just talked about one of my demo accounts last year, in just one day, I could earn more than 200% profit in a day (sorry that no record to show you). I still remember that on that special day, there are big GAPS on Daily charts of about 6 pairs on that special Monday. Then, I just waited until I saw the Candlestick Reversal Pattern to occur, I place 60% of my available capital for all those currency pairs, and then, in about 10 hours later, my account was up more than 200%.
So, my total trades still meet your requirements, and my profit gain in a day is extremely high. But I can not say that is a good, especially consistent profit producing trading system/strategy, because that special strategy can only appear once in a while.
I hope you understand what I mean in all my above explanations. At least, it should have something similar like Forex Avenger trading system which we can say it is a long-term consistent profit producing system/strategy.
Thanks and regards,
James
Hi James
Great questions. I will try and got all those details
into the explanations.
I am looking around the 19th of this month for the
release.
Mark
Hi Mark,
Thanks. You are right that the trading systems / strategies need to be written in a simple way and with further explanations so that an average trader or newbie trader can learn more easily.
So, in addition to the explanations of the trading systems/strategies, if possible, please explain in further details such as:
1. How often does the trading system/strategy create Buy/Sell signals per day / week? In short, how often do the Trade setups occur in a day / a week?
2. When do the Trade setups occur in a day / a week ? For example, during Asian trading hours, or European / London trading hours, or U.S trading hours ?
3. Is the trading system / strategy a mechanical one? Or does it require constant monitoring of the computer to wait for the Trade setup?
I know these are a lot of work for you to compile a complete trading system / strategy, but these will help even an average trader or a newbie trade can understand and learn more quickly.
Thanks and regards,
James
Hi James
It will be going into the Traders Secret Library middle
of Feb. I will try and get it in there sooner but there
is more to it than just writing down a bunch of rules.
I need to present the systems in such a way that the
average trader will understand.
Remember that English is not the first language of most
of the winners, but I will get it there ASAP.
The results were for just one month. The month of Dec
08.
Mark
Dear Mark,
Yes, I will wait. But please try to post the winning strategies/systems of the 1st, 2nd, and 3rd prizes from those Winners of Real accounts, and Demo account accounts as well.
I noticed from your postings that the % gain from those Winners of Demo account are too fantastic and high. Maybe, because they traded demo accounts, and have no fear to lose money? Hihi.
But at least, they could win very high % Gain. This means that their trading systems/strategies are really good, and I can learn from their trading systems/strategies as well.
I hope you can post 1 or 2 trading systems/ strategies at first in the Traders-secret-library.com for me to download, and learn next week? If next week, I can have 1 or 2 trading systems/strategies to learn from http://www.traders-secret-library.com, it will be very good.
Please post all trading systems / strategies in PDF form for easy download. Thanks.
One more question. The % Gain of those Winners of 1st, 2nd, 3rd prizes of Live and Demo accounts is per 1 month, or 2 months, or 3 months? I am sorry to ask you this question, but because I have not followed up closely with your Trading contest, and I don\’t how when you did start the trading contest.
I am waiting for your further information and reply soon.
Thanks and regards,
James
Thanks for those kind words James
I am working to get it done as fast as possible, but it
won’t be this month. It will probably be the middle of
Feb.
The reason is, there are still outstanding issues with
a few of the winners. I was hoping it would be faster
but it just hasn’t turned out that way.
I will keep you posted James
Mark
Hi Mark,
I am your loyal buyer of The Traderssecretcodes ebook before, and just last week, I subscribed to your http://www.traders-secret-library.com, in order to learn more advanced trading systems, techniques, and strategies.
I got most of the strategies in your libary before when I purchased other systems from other authors.
So, I am more keen and more interested in learning about the advanced strategies and systems from those winners from your contests that you organized last month as of now.
So, please kindly post them in your traders-secret-library.com asap within this Jan, 2009. I am having a week holiday to enjoy Chinese lunar new year. And so, I have more free time to study now.
Thanks and regards,
James Phuc
Hi Julie
Some of the winners strategies will be available here
and some will be in the members area of
http://www.traders-secret-library.com
I am still trying to decided where to put what. I will
keep everyone posted.
Mark
Hello Mark,
Do we get to see the winners trading strategies?
I would love to see them and learn from them.
Julie