Phillip Futures is organizing a trading competition called the Phillip Futures Trading Challenge 2013 which will take place from 1 September 2013 to 30 November 2013.
Unlike most of the other competitions in Singapore, the Phillip Futures Trading Challenge 2013 will be based on the trading of your own personal live account.
This means real money and not simulated cash.
Once you register, trades in futures and forex using a Phillip Futures account will be eligible for the contest
I like the idea of using real money for the competition. This will discourage people from using competition specific strategies that are too risky to be employed in real life in order to win the competition.
The prizes are also quite attractive. The top trader stands to win $8888 (in cash and commission rebates) and there are also monthly prizes available.
Besides prizes based on performance, there are also prizes for the top volume traders.
One thing I don’t like about the competition is that it does not start everyone on a level footing. For some competitions that require you to use your real money, all participants are required to put aside the same amount of starting capital into a separate account for the purpose of the competition.
For Phillip Futures Trading Challenge 2013, there is no such requirement and you simply trade with whatever money you have in your account. As the competition result is based on profits ($ value), someone with a large account will stand a higher chance of winning compared to a small account. For example, someone with $100,000 only needs to make a 10% return and he will beat the results of someone who had $10,000 but made a 99% return.
Therefore I feel that it would have been better if the contest also had a separate category for the best percentage performer.
For more information and registration, you may visit the competition page: Phillip Futures Trading Challenge 2013