The sixth edition of the Automated Trading Championship where trading robots from across the globe battle each other to prove their skills has begun.
Organised by MetaQuotes Software Corp, the competition aims to make automated trading popular and to gather a unique knowledge base in the discipline.
The contest will witness complete autonomy of the trading platforms that take part and the robots will run according to the implemented algorithm without any intervention from its creators.
The competition will identify the strengths and weaknesses of different trading platforms and ultimately find strategies and algorithms that are best suited for forex trading.
A total of 451 participants from 59 countries are listed on the competition website championship.mql5.com. Most registrants are from Russia, Indonesia, India, Ukraine and China.
The registration which began four months ago had seen the number of entrants increase by more than a half from the previous year.
In the first week, a contestant by the nickname "Crucian" from Ukraine was on top outperforming 4 trades or 10 deals.
The website allows real time review of the participants' performance and provides detailed reports on different trading platforms.
Achmad Hidayat, a physics lecturer from Indonesia who became interested in forex through the internet, said in an interview that the competition is extremely useful.
"Creating a trading robot that would trade in a fully automatic mode is a real challenge for every trader. I personally like the Championships very much."
The competition organisers are also coming up with research on automated trading, analyses and reviews to provide an opportunity for a better understand of trading robots and their possibilities.
The competition is free of cost and all analytical information on the performance of various trading robots following the results will be available to assist in future research.
Three of the best performing participants will be selected as the winners to share the prize money of $80,000.
Apart from the organisers, Alpari (UK) Limited, United World Capital and RoboForex LP are sponsoring the competition which ends on 28 October.