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Hey Bros -
While I was laughing through the ads last night, something interesting
caught my attention -
Did anyone notice the centerfold this March, in Futures mag?
It shows a trading contest sponsored by LFG, LLC. To find out more, check
out there web page at:
http//www.FuturesOnLine.com
I already did, and here's the contest highlights:
1) No entry fee
2) You open a $20,000 minimum ($100,000 max) account with them and use
their on-line or desk order entry.
3) Contest runs from June 1, 1998 - Dec 31, 1998 - (They moved it from
April 15)
4) They need 100 or more entries to start or may delay it again
5) You must keep your $ in the account with no withdrawals or additions the
whole contest ... or be disqualified.
6) No T-Bill interest
7) Commissions around $25 and lower depending on acct size.
8) You can trade basically any commodities...futures or options on most
exchanges
9) You hit $5,000 account balance and you're history
10) You can have multiple accounts, but your best account wins only one
prize
PRIZES:
1ST Place
1)If you have largest % return for the period, they give you $1,000,000 in
notational trading funds to trade for a year (like a line of credit)
2) If they see a 30% or greater drawdown, you're history.
3) You get to keep 30% of the profits you make in this "prize" account.
2nd Place
1) Same as above except $500,000 account
3rd Place
1) Same as above except $250,000 account
I don't know if it would be appropriate for this list, but I wonder if it
won't be alot of fun if a number of us entered this contest? We could
actually have weekly postings (on the weekend only) of our results and BS
about what general methods we used to make whatever profits or losses. (War
stories?) System trading, discretionary, etc., it doesn't matter what the
heck we all use.
I look at it almost like the analogy of drag racing. We can all stand
around the parking lot and talk about motors, tires, etc forever...but the
real fun is getting out there and doing what we've been talking about.
I've decided today to personally enter this contest with a single $20,000
account....what the heck? If say, at least FIVE OTHERS on this list do
also, then I think it would be fun for all to look forward to weekly
postings...otherwise I won't mention it again.
And if we all blow out, well we can just use the excuse that we "had a
market drawdown at the wrong time" or something like that. Since we're not
paying anything to enter, and must trade anyway, why not?
I currently use LFG and Leo Web so I'm already set up, though it appears
some company named Daniel Trading is involved and it may mean a new
application..I don't know yet.
Let me know what interested traders think of this idea, and we can develop
it further.
(I have no connections whatsoever other than being a new client with LFG)
Feedback Anyone??
Tom Cathey
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