First win at UMOO

I don't recall how I stumbled across www.umoo.com, but I'm glad I did. This is something I've been wishing existed for years. I've been in a few forex trading contests through various forex brokers, but it's always a risky prospect when you're trading account is at stake for a fixed small winning or reward. Not to mention trading with a tournament style like a poker tournament is a recipe for disaster on a real trading account.

It's not like a poker tournament where you're only out your tournament fee. Even if you open up an account just for a trading contest and put in the account minimum, you're still going to be at a disadvantage to someone who opens up with more money. Even though winners are typically decided by overall account percentage gained, the larger account will still have an advantage. This would be like a poker tournament where your buy-in determined your initial starting stack. Or in a round about away.. a re-buy tournament.

The biggest disadvantage to more forex trading contests is the risk/reward. Most winnings are a fixed amount. It's not like where the more participants the higher the winnings.

But back to UMOO. Like most online poker rooms, there are multiple tournament types and durations. There are even some that only run for 60 min. I haven't tried one of those yet, but I'll probably give those a run next week. My scalper systems should do well.

Today I played in a Double Up Fun tournament. This one wasn't for real money.. just "fun" money. But the tournament is one where half the entrants get their entry fee back doubled for finishing in the top half of the field.

I've was as high as #10 and as low as #59 out of 237 players. Finished at #43 which is still in the top 2%. And that's without really trying and not even making a trade until 2:00 EST. (There's a strategy there. More on that in the future.) I think with a little more trade management and applying my intraday techniques, I could really mop up. But since I only needed to finish in the top 119, I didn't stress it. I imagine the field for real money tournaments like this one would be smaller.

I'll be doing a few more just for fun tournies and then I'm funding and playing for real. Stay tuned!