Austin Passamonte Challenges all at ET to a $10K entry fee Contest!

im interested, but i dont want to read the whole tread so forgive me if this question has been asked. the pricze money is being helpd in what escrow account and with which independent entity?
 
I'll hold the cash. It will be deposited in the cage at Caesar's Palace in LV. I'll only dip into it if I get in trouble at the craps table.
 
Quote from austinp:


I will do one of two things: officially enter the WC contest and post results in here, or trade a personal account from $10k on 1/02/07 all year long and track results in here. The WC entry is dependent on commission costs for such intraday turns... the current $20 per emini contract is prohibitive.

Trimble, I'd be absolutely thrilled if you trade the same contest / event in public fashion thru next year. I'm going to do it alone or along with anybody willing, and I'm doing it right in here.

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I look forward to spanking your ass Austin.

:)



http://www.elitetrader.com/vb/showthread.php?s=&postid=1043156&highlight=world+cup#post1043156
 
Are you guys referring to the Robbins challenge? Sounds like it would solve any problem of vetted statements. I agree that $20/turn is silly, but the pit contract could be traded.
 
Quote from riskarb:

AP has little to gain from the contest. He's already on the record stating the winnings would go to his choice of charities. If he loses he's out 10 large. .
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Didnt he say that his vending operation made about $30,000/month or was that another vendor? Always new fish..
 
i was one of the guys on austin's ass in the past. i've made my peace with the dude. i think he's obviously got some trading talent. if he's the real deal it will show in his challenge. if he's bs it will clearly show against a cat the likes of riskarb. this whole thing does have the smell of a publicity stunt. i think it could be that austin never figured anyone would take him up on this. now that risk is ready to cut a check, if austin is bs'ing he's probably already shit his pants. i've been trading using rennicks crystal ball starting with a 5 k acct. so far i've doubled my acct three times, each time banking the 5k profit. which means i've made 15k so far which i've been using to live off of. since i dont have the 25k trading jack for the acct plus 10 k for a side bet i cant enter under the current rules. i would definately enter though if say everything else was real except the money. i'm a complete noob and i think that thing i'm using would help me beat the experts currently signed up for this challenge. i think they know it and will say no way jose. so here's my challenge i'll do a trading places style bet of 1 dollar. everyone starts with 100k and the contest will go for only 2 weeks ( any longer and interest will fade). you can trade anything you want and whoever has the highest simulated account size wins the dollar and has bragging rights. no risk to anyone. i would nominate any one of the mods (who are willing) to officiate and run the contest.

caddy:cool:
 
Wow, go out for the evening and look at what I "miss", :eek: heh. I guess that's what I get for not hanging around and spending my Sunday evening posting on ET (not that there's anything wrong with that).

Well AP, I'm not going to enter your competition. The reasons are, first and foremost I don't have the capital to risk, plain and simple (as Bitstream so graciously alluded to).
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Secondly, and more importantly, the whole concept flies in the face of good trading, as I've mentioned previously - it's a bad concept for traders to get in their minds before they've figured it out. By your own words.

Quote from austinp:

I can think of two acquaintances who both made more than $1mil and lost more than that TWICE in 1999 - 2001.

Neither of them trade anything today.
end Quote.
***
Good trading isn't measured by the highest return in the shortest period of time, it's measured by the lowest drawdown over the longest period of time.

Hopefully something of real value can be gained from this thread (I like to focus on the positive). The least the readers should be able to get out of it is a free book:

http://www.google.com/search?hl=en&lr=&q=larry+williams,+compound+growth,+trading

1. Go down six "URLs" to LONG-TERM SECRETS TO SHORT-TERM TRADING LARRY WILLIAMS. (it's a PDF)

2. Right-click on the URL.

3. Select the Save Target As ... Option.

4. Save to Desktop or Subdirectory of your choice ... read how Larry did it, on the way to building his huge seminar business.

I guess there's a lot of money to be made selling trading systems, aint' that right AP?

So I won't be putting up, and I won't be shutting up either.

Later,

JJ
 
Quote from JimmyJam:

.
Good trading isn't measured by the highest return in the shortest period of time, it's measured by the lowest drawdown over the longest period of time.
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Trader A starts with 5K and works it up to 50K, and then has a 20% dd to 40K (10 K drawdown).

Trader B starts at the same time with 5K, has an immediate 20% dd, but comes back and works it up to 6K.

According to your defintion, trader B is the better trader for having the lower drawdown.

I don't know about others, but I'd rather be Trader A. :-)

What should count for this contest is the volatility (st dev) of returns. I am far more impressed with consistency than with the hot hand. Anyone can trade aggressively and recklessly to win a contest. Hail Marys do not necessarily reflect talent.

If they had, Doug Flutie would be on his way to the NFL Hall of Fame. And Larry Williams would be a billionaire.
 
Quote from smilingsynic:

Trader A starts with 5K and works it up to 50K, and then has a 20% dd to 40K (10 K drawdown).

Trader B starts at the same time with 5K, has an immediate 20% dd, but comes back and works it up to 6K.

According to your defintion, trader B is the better trader for having the lower drawdown.

I don't know about others, but I'd rather be Trader A. :-)

What should count for this contest is the volatility (st dev) of returns. I am far more impressed with consistency than with the hot hand. Anyone can trade aggressively and recklessly to win a contest. Hail Marys do not necessarily reflect talent.

If they had, Doug Flutie would be on his way to the NFL Hall of Fame. And Larry Williams would be a billionaire.
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:confused: Actually they both had the same drawdown as measured on a percentage basis (20%), the only difference was one had it later in their trading career and the other had it earlier.

Consistency of trading is what I am referring to ... but thank you for the clarification and examples.

In this game the turtle definitely beats the hare.

Best Regards,

JJ
 
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