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Forex Contest FXCM

FX KISS (tineg)
Nov 19 2014 at 12:11
45 posts
jasonrogers posted:
moneyrainvn posted:
Please resolve this case immediately

XharpScalper posted:
fxcm should check and delete all cheats and unfair operations now.

onthemoneytrades posted:
I agree, the Forex Contest FXCM Organizers or Myfxbook staff should immediately disqualify cheaters !


Thank you all for your concern. Our goal is to provide a fair contest for everyone, and we will take appropriate steps to enforce contest rules where necessary.

Money management is where it is necessary. Which is the main reason why I do not participate in these contests because the contest itself does not reflect real trading. Real money managers risk only 2% of real cash. It will be interesting to see, if you are going to do anything about it.
"Failure is simply the opportunity to begin again, this time more intelligently." ~Henry Ford~
fxcatalin
Nov 19 2014 at 13:30
22 posts


Money management is where it is necessary. Which is the main reason why I do not participate in these contests because the contest itself does not reflect real trading. Real money managers risk only 2% of real cash. It will be interesting to see, if you are going to do anything about it.
Nobody cares why you not taking part to this contest. I can say that i enjoy your absence at least.
Managers taking 2% risk... That's sort of tv commercials. With 2% risk on 100.000 account you'll have a yearly return of less than 20% or 20.000 and having in mind that you invested 100.000 to gain in 12 months a 20% it's not worth trading. One can make more by having a day job and spend the 100.000 without taking any risks. You're just delusional to belive everything you hear about the very low risks that some are taking and the huge returns.
99% of the traders are retail traders and the other 1% has more cash than the 99% togheder.
Fail is one step away having unrealistic targets only takes you one step closer.
FX KISS (tineg)
Nov 19 2014 at 13:54
45 posts
hehehe...coming from someone who has its contest on auto pilot and falls 90% in one day. hehe...Talking about delusional. hehehe.
Sounds like you have found great quote that perfectly fits and resonates with you. That is good. I am happy for you. ;)
Fortunately, on the nobody part, you can only speak for yourself, well you are. :)
And as far as tv commercials...well, you have a lot to learn. ;)
You will get there, no worries. As soon as you let go of your ego.
And as far as 20k...if you were smart, you would do your math. And if you were wise, you would know better. You will learn in due time, I am sure. :)
Anyone who says that it is not worth trading with 100k and having 20k ROI each year is just plain greedy. And everyone is going to try stay away from that kind of mindset. Thank you.
And although you sound like a great asshole, I still wish you the best of great luck in trading. ;)
All of us have to learn, some just have to learn the hard way. :)
I hope you get back to 60%+ soon.
All the best! :)
"Failure is simply the opportunity to begin again, this time more intelligently." ~Henry Ford~
sweetie
AriesGirl
Nov 20 2014 at 14:43
1 posts
can you tell me why this happen? :( :(
c3po
Nov 20 2014 at 16:01
51 posts
what was the Ask price?

David (Argwin)
Nov 21 2014 at 07:56
3 posts
AriesGirl posted:
can you tell me why this happen? :( :(

Probably is the slippage...
Jason Rogers (jasonrogers)
Nov 21 2014 at 22:40
272 posts
AriesGirl posted:
can you tell me why this happen? :( :(

c3po posted:
what was the Ask price?

Argwin posted:
Probably is the slippage...


Hi AriesGirl,

c3po is correct. The Ask price (AKA the price where you can buy) is higher than the bid price you see on the chart, and the Ask price did not go down low enough to reach your Take Profit level. While MT4 charts won't let you view the historical Ask price, you can use your account login details on Trading Station Web: https://tsweb.fxcorporate.com/

On that platform, you can see the Ask price on the charts to see how low it went at the time in question. Please let me know if you have any further questions.

Thanks,
Jason

PS: Argwin, the Take Profit orders on FXCM's MT4 platform are true limit orders, which means that any slippage on these orders could only work in your favor, not against you. Over 60% of limit orders executed on FXCM live accounts benefit from positive slippage: https://bit.ly/P6lUzX
Najib ul Rehman Malik (NajibMalik)
Nov 22 2014 at 12:57
6 posts
This man is using an EA (automated program). Is this allowed in contest? if yes then this is not a fair contest...

https://www.myfxbook.com/members/malchish/contest-malchish/1051197
SCG FOREX
SCGroup
Nov 23 2014 at 07:34
4 posts
Its just game or joke ....we also have that ECN ARBITRAGE EA But it s not working in real and its wrong contest
fxcatalin
Nov 23 2014 at 07:35
22 posts
NajibMalik posted:
This man is using an EA (automated program). Is this allowed in contest? if yes then this is not a fair contest...

https://www.myfxbook.com/members/malchish/contest-malchish/1051197

If you read the rules of the contest you'll see that automated trading is allowed in the contest
Species8472
Nov 23 2014 at 07:59
30 posts
Man I totally Agree 10 Billion percent. EAs should be in EA contest. Humans should be in human contest. EAs dont go to bed eat, sleep or have sex which is to say we do other things besides trading. Ea is an octupus which have a million eyess to look at a million different currencys. This mixing of manual and EA is a serious blunder.
Don (240Z)
Nov 23 2014 at 08:05
50 posts
NajibMalik posted:
This man is using an EA (automated program). Is this allowed in contest? if yes then this is not a fair contest...

https://www.myfxbook.com/members/malchish/contest-malchish/1051197


FXCM discussed using EA in an email sent out before the contest. EAs are one of the strong points of the MT4 platform. it is fair because anyone that has the commitment to learn to code can write their ideas into an EA and use it to trade. look into it if you like. a better question is how do they get the type of returns that the leaders have gotten in this contest? if they can do it maybe there is hope for the rest of us !
“Everybody should have a dream. What if that dream comes true?” – Jack Ma
SCG FOREX
SCGroup
Nov 24 2014 at 07:41
4 posts
Only One Question To FXCM
the ARBITRAGE EA allowed to me For Use IN LIVE account ?????????????
eogorfx
Nov 24 2014 at 07:44
11 posts
Problem with FXCM is that the EA only reacts to the Chart pricing whhich has a much wider spread than the market watch spread.
The say they will fix it but it seems that they are in no hurry to do it and it can't be a big deal.
For sure the contests at myfxbook should be set up for manual or algo trading only to make a level playing pitch for all.
naturallycurly82
Nov 24 2014 at 08:03
19 posts
Has anyone been able to place limits or stop loss on trades placed? I keep getting an error, I don't understand why...
There is no such thing as failure, just valuable experiences.
Cesar (Cesarg)
Nov 24 2014 at 08:03
1 posts
Our problem is, we do not have the EA he is using. Good for him. Congratulations to him. It is his problem if we do not have good car.
CriticalElement
Nov 24 2014 at 08:10
1 posts
If he is usng an EA I want a copy of it!!!!
c3po
Nov 25 2014 at 13:39
51 posts
Species8472 posted:
Man I totally Agree 10 Billion percent. EAs should be in EA contest. Humans should be in human contest. EAs dont go to bed eat, sleep or have sex which is to say we do other things besides trading. Ea is an octupus which have a million eyess to look at a million different currencys. This mixing of manual and EA is a serious blunder.

It's true, humans can't compete with bots in a contest which allows bots. Therefore the questions come to my mind, why are you either 1) using human skill in this contest, or 2) not using a bot?, or 3) not competing in a different contest?
Jason Rogers (jasonrogers)
Nov 25 2014 at 17:32
272 posts
NajibMalik posted:
This man is using an EA (automated program). Is this allowed in contest? if yes then this is not a fair contest...

https://www.myfxbook.com/members/malchish/contest-malchish/1051197

Species8472 posted:
Man I totally Agree 10 Billion percent. EAs should be in EA contest. Humans should be in human contest. EAs dont go to bed eat, sleep or have sex which is to say we do other things besides trading. Ea is an octupus which have a million eyess to look at a million different currencys. This mixing of manual and EA is a serious blunder.

eogorfx posted:
For sure the contests at myfxbook should be set up for manual or algo trading only to make a level playing pitch for all.

fxcatalin posted:
If you read the rules of the contest you'll see that automated trading is allowed in the contest

240Z posted:
FXCM discussed using EA in an email sent out before the contest. EAs are one of the strong points of the MT4 platform. it is fair because anyone that has the commitment to learn to code can write their ideas into an EA and use it to trade. look into it if you like. a better question is how do they get the type of returns that the leaders have gotten in this contest? if they can do it maybe there is hope for the rest of us !

Cesarg posted:
Our problem is, we do not have the EA he is using. Good for him. Congratulations to him. It is his problem if we do not have good car.

CriticalElement posted:
If he is usng an EA I want a copy of it!!!!

c3po posted:
It's true, humans can't compete with bots in a contest which allows bots. Therefore the questions come to my mind, why are you either 1) using human skill in this contest, or 2) not using a bot?, or 3) not competing in a different contest?

EAs are allowed as this is an MT4 demo account contest. How is that not fair? You are free to use an EA yourself if you wish.
Jason Rogers (jasonrogers)
Nov 25 2014 at 17:46
272 posts
SCGroup posted:
Its just game or joke ....we also have that ECN ARBITRAGE EA But it s not working in real and its wrong contest

SCGroup posted:
Only One Question To FXCM
the ARBITRAGE EA allowed to me For Use IN LIVE account ?????????????

Hi SCGroup,

I'm not familiar with the particular EA to which you are referring, so I cannot comment on it specifically. That said, I would like to direct your attention to the following statements from the contest rules page:

'Please note that demo accounts are based on simulated conditions. Though MetaTrader 4 demo accounts attempt to replicate real-time market scenarios, there are key differences that distinguish it from a live account; including, but not limited to, the lack of dependence on real-time market liquidity.'

Simply put, that means that demo accounts have inherent limitations in that there is no way to replicate the liquidity available in the real market or lack thereof at any given time.

In my experience, the correlation between your demo performance and your live performance will depend on the following factors:


1. How realistic are the trade sizes you are using?

The default FXCM demo settings give you a starting virtual balance of $50,000 but what amount are you looking to invest? Keep your trade sizes realistic to the capital you have to invest. As a general rule of thumb, try not to exceed 10:1 effective leverage. That means you should consider opening no more than 1k for every $100 in your account. For example, you can open an FXCM account with as little as $2000. With that amount you could trade up to 20k or 20 micro lots and still stay within 10:1 leverage.


2. What percentage of your equity did you risk on your demo trades?

With virtual money it's easy to stay calm when you equity drops 20%, because no real money is at risk. With a live account, such losses are hard to stomach. Try not to risk more than 2% to 5% of your equity on any trade, and by that I mean 2% to 5% of the equity you plan to invest with real money. So if you plan to invest $2000, then try not to risk more than $20 to $50 on any one trade. Note that you can still place long term trades. For example, on a 1k micro lot trade, you're risking 10 cents per pip, so with $50, you could risk up to 500 pips.


3. Does your demo trading strategy rely on perfect liquidity? (which does not exist in the real market)

Investopedia.com defines 'liquidity' as follows: 'The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity. Assets that can be easily bought or sold are known as liquid assets.'

For example, EUR/USD is the most liquid financial instrument in the world, but even for that most liquid currency pair, the liquidity will drop during news events. If your demo strategy is longer term and doesn't place trades during news events, then your results on a live account with the same trades would likely be comparable.

However, if your demo strategy relies on getting filled at the exact price you requested during news events, you may find that such a strategy will not perform as well in the real market. That's because no demo can replicate the liquidity or lack thereof during major news events. That means your real market orders could be more prone to slippage.

Slippage is when your order is filled at a different price than you requested. The good news with FXCM is that slippage can be positive as well as negative. Positive slippage is when your order gets filled at a better price than you requested. Below are the stats from over 43 million live trades executed through FXCM from August 2013 to January 2014. In just those six months alone, FXCM clients benefited from over $15 million in positive slippage: https://bit.ly/P6lUzX

* 73% of all orders had no slippage.
* 15% of all orders received positive slippage.
* 12% of all orders received negative slippage.
* Over 60% of all limit and limit entry orders received positive slippage.
* 53.32% of all stop and stop entry orders received negative slippage.

Note that positive slippage is more likely to occur with limit (take profit) orders, while negative slippage is more likely to occur with stop orders. That's due to the momentum of price movement when those particular order types are triggered.

It's also worth noting that for market orders, FXCM's Trading Station platform has a feature called Market Range that allows you to specify how much negative slippage you're willing to accept on an order if any. For example, if you set your Market Range to 3 then you market order will only be filled if the best available price in the market is within 3 pips of the price you clicked on. Otherwise, your market order gets cancelled. Note that this feature only limits your negative slippage. You're still able to benefit from any positive slippage even if it's greater than 3 pips.

FXCM has similarly enhanced the Maximum Deviation feature on our MT4 platform. While other MT4 brokers may limit both your positive and negative slippage equally based on your Maximum Deviation setting, FXCM's MT4 platform is unique in that our Maximum Deviation only limits your negative slippage while still allowing you to receive the full benefits of any positive slippage that's available.
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