if not mistaken its in terms of vol in $, 'For every $1 of the prize, you must have a trading volume of $5000 in order to be eligible for withdrawal.'
This meant assuming you trade only usd base currency, ie, eurusd, gbpusd, audusd, nzdusd. NOTE again its TRADING VOLUME of $5000 per $1
Assuming that u won 1st prize of $3750, ==> $3750 * $5000 ==> $18,750,000 🙃
1 lot of eu @ 1.38815==>$138,815. This works out to be abt 135 lots of EU. The trade volume is AFFECTED by bid/ask of that currency, if u trade GU, u would be able to reach ur target sooner. Whilst if u trade au, u will need more lots. Typically an average active trader can trade abt 50-100 lots per mth, (unless the trader prefers positional trades, or slowly does it). Otherwise depending on that trader (and his/her EA that helped to win that prize), its abt 1 mth or even 1 day.😱
To win this prize, its obvious whether that trader has a good strategy (which may include entry/exit/lot allocation). Its more likely that this trader that wins has some sort of EA to help with that. If this trader can hit abt 100-150 lots within this 1 mth contest, and get that deserved prize, then its no doubt that the trader can easily formulate the same strategy to get away the prize $. Whats more impt is that we all enjoy ourselves, besting each other, making friends, and even sharing strategies with each other (without spilling all the beans) during the contest. Its the best platform to meet like minded traders who always love a challenge 😎
I have always kaputted my contest acct with all sorts of hairball EAs, until the recent ExcelMarket 9Jan-8Feb, whereby I was placed 8th. Just enjoy the ride and the excitement. Make friends, ignore naysayers, be confident, be gracious. When u know u r lossing and doesnt look like there's any hope, withdraw from the contest (esp after u hv lost 50% of the balance). At least u now know whether your EA's or strategy/ies work. And what r u doing if it doesnt? Just crying? NOW, go register and join the challenge! 😉
I join a contest just to find out where I stand among the world best traders. The sponsor broker is a business entity not a charitable organization therefore to look after their profits is their basic right. Besides the price, we can think of other things. The joy of participating, get to know the other traders, sharing trading strategies etc. Cheers to all participants.😄
XharpScalper posted: 1==============='Any prizes will be added into customer's trading account and can be withdrawn subject to the following withdrawal requirements; In order to withdraw your winnings; you must have a trade volume of 50x your winnings. For example: For every $1 of the prize, you must have a trading volume of $5000 in order to be eligible for withdrawal. '
2=============='Should you request a withdrawal before the wagering requirements have been met, your bonus and winnings may be rendered void. '
myfxbook should do something about these conditions , they will not give money even you win contest ? unless u use very high lots and again earn it
bonus and winnings may be rendered void????? why is that so.
MyFxbook do something about it , its not compatible with standard of myfxbook.
Many people seem to be more concerned about withdrawing, instead of actually trying to win the prize. Not to mention if you were to win the prize, you could always 'hedge' the winnings out of the account into another account. ;) This way you don't have to worry about 'withdrawal' requirements. How to 'hedge out the prize' is something you guys have to figure out yourself. I definitely won't explain how it is done. Not to mention guys this is 'free money', why so much bitching about it?
Lim001 posted: I join a contest just to find out where I stand among the world best traders. The sponsor broker is a business entity not a charitable organization therefore to look after their profits is their basic right. Besides the price, we can think of other things. The joy of participating, get to know the other traders, sharing trading strategies etc. Cheers to all participants.😄
XharpScalper posted: 1==============='Any prizes will be added into customer's trading account and can be withdrawn subject to the following withdrawal requirements; In order to withdraw your winnings;
Just think you are the winner and you will... @Master_Kiwa Its not good to share all the secret things on internet , I hope you know what I mean. :P by the way Its good to know that there are many good traders like you who have good knowledge of forex.
It will be hard. I think this leverage very dangerous. It enough a bit bad choice and lost of all!!! :-(
Pf_fineco: Download MT4. My strategy is the next never use the broker's Meta soft. I just download the Factory meta from the mt4 site. I have test my strategy on demo acc, and when I open a live Account the broker firm generate dangerous candles and spikes. So i have chenge de factory MT4 since this fraud. I am profitable on real but this contest is not the real :-D Everyone take a big risk. Hmmmm I am lovin' it. :-D :-D :-D ALL IN every position!!! ADRENALIN SHOCK!!!
I'd rather 50 cents my profit like 50 usd for my loss!!!
Hi I'm new here < what type of broker is this (regarding this contest) , is it a market maker , Dealing Desk or non Dealing desk ( they profit from our loss or just from the spreads vary ? what type of account : Standard or Mini or Micro ????😐
This seems to be a competition encouraging new accounts/ clients for 24FX. My question is if after the competition and my entitled withdrawals are only say USD 20, and I carry on trading with this demo/live account and grow my balance… will I be able to withdraw more than the 20 since I have grown my balance?… or will the account be closed once the competition is done.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.