Before I dive into the changes, let me first give those who are unfamiliar with the contest a brief background. The Trade of the Week contest is a popularity-based contest wherein participants submit their trade ideas which will be voted on by the BabyPips.com community. Winners will be determined by the number of votes that their trade ideas generate.
Furthermore, we’ve also tied up the Trade of the Week contest with our You Trade, We Aid campaign. This means that for every submission sent in each week, we donate $1 to our chosen charity of the month. Winners of the contest will also get to make an additional $10 donation to a charity of their choice from our Golden List of charities.
The goal of the contest is to encourage users to share their ideas. With everyone sharing their ideas and collaborating, I believe we can work towards becoming better traders together. Plus supporting causes bigger than ourselves is always good thing.
The contest generally worked but not as well as I had expected. Traders were submitting ideas but there were some really excellent trade setups that weren’t included in the vote just because they were not entered during the submission period.
That being said, I decided to make some changes to encourage more trades and make it easier for users to share their ideas.
The first change that I’ll be implementing is that of the template you must use when submitting your trade ideas.
Here’s the new template I want you to follow when submitting your trade ideas:
Thread Title: XXX/XXX (Position)
*XXX/XXX is the currency pair, position is LONG or SHORT
Currency Pair, Time Frame
Long or Short:
The second change that I’ll be incorporating is that of the submission and voting periods. From now on, the submission period will start every MONDAY at 12:00 a.m. EST. The submission period will be open the whole week, and will close on FRIDAY, at 11:59 p.m. EST.
The voting period will then begin and remain open until SUNDAY, 11:59 p.m. EST to make sure that users focus on the process of creating trades rather than the results.
Everything else will remain the same – winners will be announced on Monday and will be showcased on the BabyPips.com homepage throughout the week. The next contest will begin next Monday, on October 1, 2012. So mark your calendars, set your alarms, and send in those trade ideas!
I’m hoping that these small changes will make it easier for everyone to join the contest and help a charity out. For the voters, remember that a losing trade doesn’t always mean the setup wasn’t good! Focusing on sound market analysis and on good trading practices is what really makes for a great trade, so be sure to reward your fellow traders for it!