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Hi Ed
Real money helps but that's not the point.
As a trader I am in it for the long haul. My aim to
to have a maximum drawdown under double digits and
if I make 30% pa with that drawdown I am happy. This
way I know my risk of ruin is low.
While my return will, over time and due to compounding,
produce a great return, it's hardly the return that will
win contests. But it is a rerurn that will keep me in the game
for a long time to come.
regards
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
Voice: 61 2 92673470
Fax: 61 2 92673478
E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
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: From: Edwin J DeGuzman <edwindeguzman@xxxxxxxx>
: To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
: Subject: Re: Robbins Championship
: Date: Friday, January 22, 1999 5:53 AM
:
: Maybe you're misunderstanding me. The Robbins Championship contest is a
: real money contest. You must open an account with Robbins for at least
: $10,000.
:
: With that in mind, do you still feel that "The absolute worst thing you
: can do
: with money, aside from paying taxes, is give it to someone who has just
: won a trading contest to manage the same way he won the contest" ?
:
: And are there other real money trading contests out there? Are any worth
: competing in? Marty Schwartz profiles winners of the US Trading
: Championship, but I don't think they run it any more.
:
:
: Ed
:
: "Hit hard. Hit fast. Hit often."
: - Fleet Admiral "Bull" Halsey
:
: "We're going in and we're going in full throttle...that ought to keep
: those fighters off our backs."
: - Luke Skywalker on Death Star assault tactics
:
:
: On Thu, 21 Jan 1999 08:51:28 -0800 (PST) znmeb@xxxxxxxxxxxx writes:
: >[Quoth the Edwin J DeGuzman:]
: >>
: >> Robbins Trading Group has held a trading contest every year for the
: >past
: >> 16 years. The entrance fee is $1000, which seems rather steep. It
: >runs
: >> from Jan 1 to Dec 31, and the top prize goes to the account with the
: >> highest percentage returns, obviously.
: >>
: >> It seems to be a marketing ploy designed to drum up business, so I
: >am
: >> immediately suspicious of their motives. However, it is in their
: >best
: >> interests to run a fair and impartial contest. Has anyone heard
: >positive
: >> or negative experiences about contestants? What about people who
: >have
: >> won in the past? Or who have made a good showing?
: >>
: >> Thanks,
: >>
: >> Ed
: >
: >As I have pointed out in the past in other forums, and as Nassim Taleb
: >points out somewhere on his web page, the kind of trading system you
: >use
: >to win contests and the kind of trading system you use to manage money
: >are as different as night and day. The absolute worst thing you can do
: >with money, aside from paying taxes, is give it to someone who has
: >just
: >won a trading contest to manage the same way he won the contest :-).
: >
: >Alexander Elder has a section on contests in "Trading for a Living";
: >his
: >view is perhaps even more negative than mine. I will say one good
: >thing
: >about *some* contests. *Some* of them are farily accurate simulations
: >of
: >real trading, more so than one typically gets when backtesting a
: >system
: >with, say, Tradestation. I don't know enough details to know whose are
: >the most accurate; it's not really relevant because if you have a
: >marketable trading system, you're not likely to win the contest and
: >you're simply throwing your entry fee away.
: >--
: >znmeb@xxxxxxxxxxxx (M. Edward Borasky) http://www.teleport.com/~znmeb
: >
: >If God had meant carrots to be eaten cooked, He would have given
: >rabbits
: >fire.
: >
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