Hi Guys, I think this webtrading challenge only promotes gambling. How can anyone have a sound trading system in a short period of one month. The only way to win is to risk it all at the maximum exposure and hope for the best. As any gambling system you will have different people hitting it lucky at different times and the lucky one wins at the end. Just my two cents worth.
Yes but you not putting your own money on the line so not really gambling. The way I approach these competitions is thinking that coming 3rd 4th or 5th or 100th you get nothing. So bet it all on one company or 3 that are showing some volatility and hope for the best. That way you either go broke or win the cash (and you have nothing to loose) Not the way I would ever trade with real money but its definitely the way to win a competition like this. They could structure it better like some of the other competitions and make you take no more that x exposure to any share, but this one was pretty badly set up I think. But hey free money I'm not complaining.
A good trader is a sustainable one, one who continuously makes money on any capital they many have. These guys who win these challengers double their money in one month. That means if they place themselves on a chess board and double their money each month after 64 months they would have $1.844674407370955e+25. No way in hell is that sustainable, only way to be sustainable is to grow with the economy.
The mission with Webtrader Challenge is to take newbies like myself through the motions and to learn the system without heavy schoolfees. To add some fun a completion was added as afterthought. Excellent marketing strategy. I would however expect them to spend more time in webinars to get novices started.I still have to do my first trades. All in all,I like.
The danger is the guys who double their money in a month can't believe their luck, and suddenly they think they can conquer the world. They then take their inherited money thinking they can do the same as in the competition and before they know what happened they have turned a big fortune into a small one. It's a different thing when you are in it for real because this way there is not one on the opposite side of the trade and therefor no emotions which make you think differently. This way winning makes you feel invincible and loosing makes no difference, which is dangerous because you don't learn anything that way, only make you try again with money you never earned through hard work.