I cannot believe that the leader of the Summit/Sanlam trading competition has turned R100000 into R800000,in the last couple of weeks whilst the markets have burned.I hope we get a breakdown of the winners trades at the end to see how the hell that is even remotely possible......
Ja, I can't get my head around how that can be done without geared products....would be very interesting to see the trades!!!! Hey, not knocking the guy/girl, maybe even something to be learnt, but boy it does seem rather lucky!!!!
They're manipulating the market to make that return. There are no geared instruments that are allowed to be traded on the itrade game. So no ssf's or warrants. Only shares. This "competition is an absolute joke, and the fact that Sanlam even entertained these gains has made them lose credibility. The trades are done on the last traded price. For a R100k winning purse, anyone can sell 1 share of a company they own for a ridiculously low price, and then make sure they buy up shares on the game as that trade goes through. This game is a joke.
yeah these virtual trading games dont play by the rules. a mate and I entered the jse schools business game in std 9 (grade 11) in 1997 and for most of the comp didnt get anywhere until we learnt how to play by their rules. the Share Toco at that stage was trading between 2-5c (I think) each day with little or no volume but that didnt matter. we just bought and sold Toco each day as the price changed and finished 3rd in SA... needless to say we didnt learn too much.
Agreed.. the PSG Make a Million was more realistic, because you had to stump up R10k of your own trading capital. If you wanted to start over in the game, put in another R10k. Makes much more sense that having R100k play-money, with no volume impact, and being able to reset whenever you like. Just keep taking risky bets and resetting until you get a nice 200-300% trade to get you out the gates.
I'm not impressed at all with the competition, I entered and promptly went and bought a whole whack of MKX which was at 2 cents at the time. Now that it is 3 cents and I want to sell, they say I can't trade them cos they are not on the list of "allowable" shares. Why the heck did they let me buy them then??? so I now have a 50% gain, but now they want me to reset my portfolio and lose it. Has really p'd me off!!!
Hi Chartist,on my rather acid comments i made on this forum last about naomi,s entry ,week raised their ire.So now we know they read this forum!Naomi received a slightly a snotty letter from them,i think meant only for me.She has lost interest in all competitions and is now a fan of your methods,which leaves me feeling left out!
Well im in the top 5 and I have not made 1 trade since th competition has been on and not manipulated a thing. Obviously being able to by and sell any volume plays a massive roll, as well as being able to buy and sell before the market opens. i make on average 10 -15 trade per day and the volitilty really helps. The rules are the same for everyone. It just sounds like you guys are sore losers