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BOOK YOUR FREE STRATEGY SESSION NOW >>The World Cup Trading Championships® (also known as the Robbins Cup®) is a year-long international real-money trading competition.
To be successful in this championship, it isn’t enough to beat the markets as you do in everyday trading. You need high rates of return, which means you need to trade with a very aggressive risk profile.
In this video, Andrea Unger, who won the Championships 4 times, gives 5 essential tips for being successful in this competition.
These tips come from his firsthand experience and will be extremely useful to anyone who wants to participate in the Championships!
Watch the video to discover:
-Andrea’s tips for succeeding in the Championships
-How to deal with risk to go the extra mile
-How to relate to the rankings and performance of the other participants
-...and much more!
Enjoy the video! 😉
PS. If you would like to participate in the World Cup Trading Championships, check out this other video by Andrea: The Ultimate Guide to Joining the World Cup Trading Championships: Tips from a 4-Time Winner
What's the World Cup Trading Championships & Andrea's Winnings
Hi guys. In a recent contribution, I described the 5 steps to participate in the World Cup Trading Championships of Trading.
This is a contest organized by a company in the States, but participation is from all over the world. Traders from all over the world join to fight in a 12-month contest with real money.
Obviously it's nice to participate, but many people were curious of how I was able to win this contest for 4 times, and how 3 of my students won the contest as well.
5 Tips to get the best out of the Championships
So what I did? I tought about 5 important tips to get the best out of your participation to the World Cup Trading Championships. And I also put these 5 tips together in a guide, and you can get this guide easily at home. Just comment "contest" here in the comments and we'll get the guide to you as soon as possible.
In any case, I'm Andrea Unger and here are the 5 tips to get the best out of the Trading Championships.
#1: The work plan
Tip number 1. Trade the contest, but prepare a plan to trade. The plan is something that you have to think about before you participate and this plan has to be verified. How did it go in the past editions? Obviously, you will choose something that produced decent returns.
It's clear. But you have to put a plan together. This is extremely important. You can't just sit there and trade. No, you need to get everything clear from the very start.
This is extremely, extremely important. Believe me, this is the right step to start from. Prepare a plan.
#2: Trading Commissions
Tip number 2. Don't underevaluate the commissions.
The costs that you will have in this Championship. The trading commissions are, I already mentioned that previously, are high. They are not comparable to what you normally pay at your brokers. There are many reasons because it's so, but it's not what we need to discuss now. The point is they are high.
So obviously you have to take this into account when you prepare your plan and when you think of how to do.
Some styles of trading are actually impossible to put in place. Imagine scalping. That's impossible, because you would pay too much, and what you pay would obviously erase all the profits that you would eventually make.
So you have to think about this, and when you prepare your plan, calculate the commissions accordingly. Be aware that there is a higher impact compared to what you normally get when you trade for a living or when you trade out of a competition.
#3: Risk
Tip number 3. Tip number 3 is about the risk. Obviously it's a competition, you have to risk more if you want to get more.
This is a common equation, it's clear, but there is a but. But there is a level of risk in any strategy above which there is no further benefit in increasing that risk.
In a trading system, there is a level of risk that you put in place for every trade which is called the "Optimal F", and above that, the potential returns of a strategy become less. Sort of a cliff, the cliff of of death it's called. So there is no reason to risk more than that percentage.
And obviously you have to find out what the percentage is for each of the systems that you put in place, but that is an important point to refer to and to keep in mind when you plan how to exercise your trading.
So risk is fine, obviously. I mean, high level of risk just because it's a competition and just if you want to get the maximum. I don't recommend to overrisk in trading, I always recommend to stay quiet and to think about losses first and then to take care about your winners.
But in a competition, we think about the competition, we think about the contest, we think about getting the highest percentage return at the end of the year.
So obviously we have to trade accordingly and we have to go faster, and faster means riskier in this case, but not above a certain level, because above that level it's useless to do. Not only useless, it's worse to do so.
#4: The other competitors
Tip number 4. Go on your own path, at least for the first, I would say 10 months. You have your plan, trade, stick into your plan and don't care about the other competitors. Of course, it's interesting to look at the standings.
Every day you get fresh standings of how things are going, so you see what the other people all over the world are obtaining in their contest, but believe me, don't care about that.
So I have seen many cases where all of a sudden a trader appeared with an outstanding performance, oh, what is he doing? And then after a while, that trader disappeared as well from the standings.
Just because probably those people were risking too much, they had luck for a number of trades and then that excessive risk drove them down in the next trade.
So when you see somebody coming up and showing incredible percentages, respect, but don't care, go on your own way, care about yourself.
It's a bit different in the last couple of months, but not if you are at, let's say 100% and somebody's at 2000%, in that case, okay, he's better than me.
But just if you are head to head with somebody, then you can think about that in a tactical way and manage your exposure, but that's just the final rush.
It's like if you're running a marathon, you know that after 10 miles, if somebody is passing you at twice your speed, if you accelerate to run with them, you would probably end up finishing your race much earlier than desired because you have no more gas.
It's different when you get to the final mile, final half a mile, and you are there head to head with somebody, and of course you manage that in a different way. This is very clearly understandable also from those who have never run a marathon because it's something that makes common sense. So go your own way and care about the others only in the final months.
#5: The "Plan B"
Tip number 5. Stick to your plan. Again, stick to your plan, but plan in your plan to have also a plan B. This sound crazy, I just told you, prepare a plan and never abandon the plan, but if something goes wrong, jump to another plan.
Yes, I mean, it has to be in the plan. There are periods in life of trading where the markets behave in a crazy way, where the markets behave completely different from what we expected, from what we knew, and from what we planned to face.
If you realize that that is happening, then you have obviously to take some actions, because you understand you are going nowhere with your plan, and your plan B is the reaction to a crazy market situation.
This happened to me in 2009, after 6 months I was still at breakeven, I was going nowhere, and I understood that the mix of strategies, the portfolio I used the previous year that did so well were leading nowhere that year in those market conditions.
Well, there was also a bit of inexperience on my side but I realized that and I took action. I changed the mix of strategies, adding some different stuff.
So, I mean, I did not make a revolution, I mean, obviously, because you never know if what stopped working starts again. So I just added stuff, different stuff, completely different. It was trend following, I added counter trend, I mixed it together and I got the right decision because I made the necessary percentage in the coming 6 months.
5 actually, because in November I stopped trading, seeing that nobody was up there just getting to previous point in the last months.
So actually this plan B has to be in the plan.
You must be ready.
You must be ready to understand, you must be ready to measure the performance you are getting and to understand if it is somehow in line with what you expected, or if there is something clearly wrong and so you have to adjust that in some way that you planned ahead.
Further advice: the plan and systematic trading
This is the fifth tip. Plan, stick to a plan, but plan to change the plan, okay. So guys, these were my 5 tips to get the best out of your participation to the Championships.
You might have noticed that from 1 to 5 the world plan was very present, heavily present. Obviously to build a trading plan is extremely easier when you trade systematically, when you automate your trading. And this is a subject that sounds maybe interesting to many.
If you wish to understand more about systematic trading, if you wish to understand more about what the Unger Method is to trade systematically, you can click on the link here below, so you will find many resources to understand this world and maybe to see if it's a good match also with your characteristics, with your personality.
Ok, this is about systematic trading. The 5 tips, as said, are put together in an easy guide, you can get it. Just comment “contest” here in the comments and you will get it as soon as possible from us.
So guys, that's it. That's all. I can only wish you the best for your trading, the best for your competition and I hope to see you at the top of the standings as soon as possible.
And do all these only after subscribing to the channel. So subscribe to the channel, put a like on the video and we'll see you next time. Ciao from Andrea Unger.
We'll help you map out a plan to fix the problems in your trading and get you to the next level. Answer a few questions on our application and then choose a time that works for you.
BOOK YOUR FREE STRATEGY SESSION NOW >>Andrea Unger here and I help retail traders to improve their trading, scientifically. I went from being a cog in the machine in a multinational company to the only 4-Time World Trading Champion in a little more than 10 years.
I've been a professional trader since 2001 and in 2008 I became World Champion using just 4 automated trading systems.
In 2015 I founded Unger Academy, where I teach my method of developing effecting trading strategies: a scientific, replicable and universal method, based on numbers and statistics, not hunches, which led me and my students to become Champions again and again.
Now I'm here to help you learn how to develop your own strategies, autonomously. This channel will help you improve your trading, know the markets better, and apply the scientific method to financial markets.
Becoming a trader is harder than you think, but if you have passion, will, and sufficient capital, you'll learn how to code and develop effective strategies, manage risk, and diversify a portfolio of trading systems to greatly improve your chances of becoming successful.
