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Discussion of the Forex Contest FXCM Forex Contest

Oct 19, 2014 at 13:59
19,629 Views
691 Replies
Cholipop
forex_trader_202879
Member Since Aug 07, 2014   406 posts
Oct 31, 2014 at 15:42
gregorykozma posted:
xfactornos posted:
gregorykozma posted:
Hi, I'm new to these contests, what % gain do the first few places generally have? Thanks!

Its usually unreal, we start with 50k and the winners usually end up with around 5+Million dollars. Thats just the few ive been a part of.

So what's the point really? I might be new to contests but I'm not new to trading. And when people place Warren Buffet on a pedestal for making 60% in 12 months then how can we talk about thousands of percents in 1 month?

I guess it's good for entertainment purposes...


  Warren buffet is an exceptation to the rule. Stocks shouldn´t be compared to currency as stocks doesnt have the liquidity or even the leverage which currency does. The highest leverage which can be used in US stocks is 2:1 So of course Warren does his due diligence (and probably works with insider information) which is why he seems to be doing so well. Does 60% look good? Of course it does, but the reality is we can do much better in forex.
  We trade based off of emotion with compained with Over leverage or even normal leverage can spell death to any account. We as traders lack consistancy, and if we simply traded like a robot we would be able to out perform even warrant buffet.
Cholipop
forex_trader_202879
Member Since Aug 07, 2014   406 posts
Oct 31, 2014 at 15:47
islammanjurul posted:
Cholipop posted:
islammanjurul posted:
Cholipop posted:
gregorykozma posted:
Hi, I'm new to these contests, what % gain do the first few places generally have? Thanks!

 When it comes to demo trading contest you would have to do over 800% or better in order to even come close to winning. Most of the demo traders overleverage the account, and let the winners win.... There is currently a demo contest going on with a broker called hantec and the current leader has well over 1100% profit over the spand of 1 week....

can you please tell me why this kind of profit it not feasible or possible on real account? any limitation or risk factor?

 Well the reality is that the way you trade on demo isnt the way you trade with a live account. You can check out my profile here on myfxbook and you can see that I have turned 900%+ on one account, and I expect to do the same with this demo contest. The only difference between demo and real is that the money isn´t real, but the reality is the data is the same, so the trader is the person who makes the demo account real or fake.
  Most guys open several demo accounts, in which they go long in one account and short in the other, and just let it run... Of course companies now have the ability of noticing this unfair practice and simply banning those accounts. Yet, I trade demo as I do my live account.

oops, how did you make that 900% on a real account??
Does the broker allow to withdraw the whole profit amount in single transaction?

  Well your question is rather simple to answer. You only have to be consistant with what you hold to be true. My reality is to take positions which will result in mini exposuer to the negative side of trading. Meaning, I aim for position which dont cause me to spend more then 10 pips in red at any given time. That of course would intail being very disciplined and not chasing the running train or trying to catch the falling knife. Have a look at UJ today. Up already 330 pips on the day, and how many people do you think have been trying to short catching the top... Even though most use small leverage and small equity the reality is they are not aiming for accuracy. As a scalper that to me is the most important thing.

  As for withdrawing from that account, you can see the account was liquidated, and the 3 accounts which were attached to that one were also liquidated. Myself and those who followed me got a total of 47,210 usd in exactly 3 business days from the date of the liquidation. Most of the stories you hear about brokers not paying isn´t true. At time it may take long for logisitical reasons but for the most part the money gets there when it should. I wish you good luck in this contest, and remember to stick to your rules 100% of the times.
 Feel free to click my name to see the only active account which I am trading which is called ¨tradeview takeover¨have a look at the accuracy of the trades.
Member Since Aug 12, 2009   272 posts
Oct 31, 2014 at 21:45
Chompiras posted:
Hola quiero saber si hay reglas respecto al numero de lotes y ordenes que se pueden ejecutar en las operaciones durante el concurso. gracias.

Hello I want to know if there are rules regarding the number of lots and commands that can be executed in operations during the contest. Thank you.

Hi Chompiras,

There are no restrictions on trading volume in this contest. It's worth noting that on FXCM's No Dealing Desk (NDD) forex execution model, we make our money from client trading volume, not client losses. That means high volume traders are our best clients. Plus, our raw FX spreads are ideal for scalping: https://www.myfxbook.com/forex-broker-spreads

The only limit on your open positions is the margin that's available in your trading account. To provide equal opportunity to all eligible participants, the contest will be conducted using FXCM UK's MT4 demo trading platform that provides functionalities and access to products that may be unavailable or restricted depending on a trader's residence. For example, traders in the US are not allowed to trade live forex accounts with more than 50:1 and a prohibited from trading CFD products for gold and oil. However, in this trading contest, US traders will be able to trade with up to 200:1 leverage and trade any CFD products we offer including gold and oil just like all other contestants. That way all eligible participants can trade under the same conditions on their FXCM UK MT4 demo accounts, even if different regulations might apply to their live trading accounts due to local regulations.

If your account falls below the margin requirements for your open positions then they will be automatically closed automatically to protect your account. The margin requirements for this demo contest will be the same as the default settings for FXCM UK accounts which you can view here: https://bit.ly/1yJEIXp
Member Since Aug 12, 2009   272 posts
Oct 31, 2014 at 21:47
sammy1709 posted:
yes i hope we should have the good chance as working with the EA system with the trading contest...


If you're asking whether you can use EAs in this trading contest, then the answer is yes you can.
Member Since Aug 12, 2009   272 posts
Oct 31, 2014 at 21:55
melvisz_86 posted:
im kind of lost here.. this is my first time join contest. i have few question.

when is the contest begin?
where is the mt4 platform terminal? do i need to open another demo account? and how much deposit is it?

The contest begins next Monday. There is a countdown clock on the rules page where you can also register for a contest demo account which will start you off with a virtual balance of $50,000: https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

When you register for a contest demo account on this page, you will receive an email with your login details and a link to download the platform. You can also download MT4 from here: https://download.fxcorporate.com/FXCM-MT4Install.exe

Note that you can also trade your account using Trading Station Desktop, Trading Station Web and Trading Station Mobile: https://bit.ly/1ib16p0
Member Since Jul 10, 2014   2 posts
Oct 31, 2014 at 22:50
'...No restrictions on placing SL, TP or Pending Orders. Partial closing allowed. Trade 0.01 lots.'
We will able to trade just 0.01 lot per one order? or what is it mean?
Thanks
Cholipop
forex_trader_202879
Member Since Aug 07, 2014   406 posts
Oct 31, 2014 at 22:50
Chompiras posted:
Hola quiero saber si hay reglas respecto al numero de lotes y ordenes que se pueden ejecutar en las operaciones durante el concurso. gracias.

Hello I want to know if there are rules regarding the number of lots and commands that can be executed in operations during the contest. Thank you.

 Segun el señnor que representa FXCM no vamos a tener nigun restricion en cuantos lots podemos poner activia en la cuenta.
Member Since Aug 18, 2013   22 posts
Nov 01, 2014 at 10:47
Hello everyone! Good luck in the contest!
Member Since Sep 29, 2014   7 posts
Nov 01, 2014 at 10:48
xfactornos posted:
gregorykozma posted:
Hi, I'm new to these contests, what % gain do the first few places generally have? Thanks!

Its usually unreal, we start with 50k and the winners usually end up with around 5+Million dollars. Thats just the few ive been a part of.

I'm new to these contests too (and still learning trader), and curious what we are talking about here. Is it like to have a chance to win you need to say 'all or nothing', overstretch your position size, risk, and maybe follow a trading plan, use some rules for entry/exit, but for the most part rely on luck?

R
Member Since Apr 27, 2013   6 posts
Nov 01, 2014 at 10:49
Hello! Can I ask why a big company la FXCM witch is listed in NYSE are giving so small prize?? For example your another broker offer a Porsche (100 000 euro), another one offer a trip to the orbit (i will guess....over 150 000 euro), and you came with 5000 $, this is embarrassing.....
Member Since Apr 27, 2013   6 posts
Nov 01, 2014 at 10:50
gregorykozma posted:
Hi, I'm new to these contests, what % gain do the first few places generally have? Thanks!
Hello, let me tell you that. a big big contest in europe just ended and the winner who go home with a brand new Porsche Cayman just made a profit of 14450.78%. Good luck traders!
Cholipop
forex_trader_202879
Member Since Aug 07, 2014   406 posts
Nov 01, 2014 at 13:09
adrianfaur posted:
Hello! Can I ask why a big company la FXCM witch is listed in NYSE are giving so small prize?? For example your another broker offer a Porsche (100 000 euro), another one offer a trip to the orbit (i will guess....over 150 000 euro), and you came with 5000 $, this is embarrassing.....

 What does the broker being listed in NYSE have to do with anything? In no way shape or form does FXCM even have to give away cash prizes. They are simply promoting their services, and they are giving money away for free in order to do so. I don´t think it is fair to be so judgemental based on the fact of the amount of money they are giving away.
Member Since Oct 21, 2014   19 posts
Nov 01, 2014 at 22:02
The prize for first place is a live account with FXCM at no cost to you the will have a starting alance of $5000 and $2000 for second place. Just read the rules for the contest, everything you need to know is there. I hope this helps @adrianfaur https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules
There is no such thing as failure, just valuable experiences.
Member Since Jul 18, 2014   2 posts
Nov 01, 2014 at 22:02
Mr Jason I have live FXCM UK account with same email I again need to open new account or again need upload document . _?
Member Since Jul 18, 2014   2 posts
Nov 01, 2014 at 22:02
If I win
Member Since Jun 11, 2014   2 posts
Nov 02, 2014 at 07:41
What is the server should we connect ? I dont see any
Don't lose money
Member Since Oct 26, 2014   5 posts
Nov 02, 2014 at 07:45
What is FXCM's MT4 time with reference to GMT?
Member Since Jun 26, 2011   5 posts
Nov 02, 2014 at 07:58
I AM IN DUBAI +4 UTC
Member Since Jan 17, 2013   1 posts
Nov 02, 2014 at 10:53
come join listened.😀
Member Since Apr 27, 2013   6 posts
Nov 02, 2014 at 10:54
naturallycurly82 posted:
The prize for first place is a live account with FXCM at no cost to you the will have a starting alance of $5000 and $2000 for second place. Just read the rules for the contest, everything you need to know is there. I hope this helps @adrianfaur https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

I already have a live account on FXCM......my point is ...this year FXCM came with kinfe in a gun fight. Thanks all for you feedback
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