The organizer of Demo Contest should give a more level playing fielding to contestants by : 1) Limiting the lot size of every trades....e.g 10 size lot 2) Limiting the maximum numbers of trades allowed.....e.g 5 open positions....only below 5 open positions can additional trades can be made to max 5 open positions.
For this contest, there simply are no restrictions and lot size trades made/opened are just crazy.
Wow. You're very good. The first time I looked at your profile I was completely looking at the wrong stats. Yes I think you're right about the playing field. Using the template you're talking about would definitely create a much more interesting contest of true FX masters. A contest really worth watching. Perhaps make the contest even more valuable by giving everyone only 10 lot size no more no less.
I never would have imagined to ever find FX traders who actually knew what they were doing. Most of the people I find on forums are people who have a real talent for talking. I'm very glad they created myfxbook. One day very soon I'll be able to join you masters of FX and use this as my primary source of income.😎
For this competition, in trying to catch up with the top leaders I traded in a very stupid & reckless manner and is stuck with some losing trades (all eur/usd) and I couldn't make any more trades for few days now. Hopefully, what I have read in the market, the euro will weaken due to Greece & other Euro-zone problems and I will be able to close out my trades and continue trading from there. BUT I don't think I will be able to catch up with the top leaders.
If I could trade earlier on just before ket UK data, I would have shorted the EUR/GBP and would have made more gains in this competition......BUT I made the short trades in my live accounts and made quite a bit of money😀
Hopefully the Admin of this site will put some sort of controls/T&C on future competitions to give traders a better & fair chance in winning.
As for your trading skills, well, in time you will find what works for you and you will make trades with confidence.....other people can advice you on how to trade the forex market, BUT ultimately, it's you who have to find the trading system & style that works for you and which you are comfortable & confident with....in time, you will see what I mean 😄
Oh so you trade on fundamentals. Excellent. I've never in my life payed more attention to what's going on in the world until just recently so when you mentioned Greece and Euro-zone, I know exactly what you're talking about.
As you can tell my profile looks really ugly at the moment. It really doesn't bother me to let others see exactly how I'm losing. I would rather have it this way then to pretend to know what I'm doing without proof just like most of the world. In the near future I'll be able to make my profile look good and when that day comes I can look back at how I started and see the exact moment in my trades where I knew what I was doing. When I'm rich I can come back to the forums and speak with confidence and proof that I had actually started from the bottom and that I actually know what I'm doing.
Yes, I am basically a fundamental trader, but I do refer to technical for confirmation of market probable direction. However, I cannot bring myself to trust technical too much because currency is dictated by the economy of that country and NOT because an indicator pattern say so 😝
In actual fact, if you are not greedy and is happy with a usd50-100 profits per day, it's relatively not that difficult to achieve that on a daily basis, BUT do that with a usd3k trading account.......or if funds are insufficient, start on what you can afford and slowly & patiently build up the trading account over a period of time.....and try to add more spare funds into the trading account whenever you can. NEVER ever try to achieve the ridiculous profits you see in this competition (and other competition) which is simply INSANE to try on a live account....never treat trading the forex market like gambling because you will take one too many risk and will most certainly wipe out your account with just one wrong stupid mistake ( I did that many, many times but have since gain better control on my impulsive trading).
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