Discussion of the Forex Contest FXCM Forex Contest

TheFuss posted:
will there be restrictions on volume??? how many open positions can you hold???? what is the maximum lot size per position??? What is available to trade, which currencies??? oil??? Copper??? Gold etc???? Is there going to be restrictions for those who trade oil and gold as they average a lot more ticks/pips per day than the currencies???? Is there a automatic stop on open positions if you lose x % of your account???

ravis posted:
Why the question about whether US residents can participated or not is not getting answered? Can they or can't they?

Hi guys,

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. 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

spunta posted:
Is hedging allowed?

Yes Spunta, hedging will be allowed in this contest since all participants will be using FXCM UK demo accounts regardless of where they live.

Matisyahu3 posted:
All the symbols in my MT4 are grey. Can anyone help?

Please note that trading in your demo account is disabled until the start of the contest next week: https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

jdwbryan posted:
Select your country in the first dropdown box. If your country is not eligible it will give you a message. If you aren't eligible to have a live account, then there is no point in entering the contest, cuz you can't win the prize, which is a live account. 😝 If no message comes up and all the dropdown boxes are still there, then you should be good.

Of course if there are exceptions to this the FXCM guys can correct me.

jdwbryan posted:
Oops forgot to include the question from the FXCM FAQ's that guided me to the link above:

'Does FXCM LLC accept accounts from my country?

To confirm if you can open an account from your country, please click here to access our Trading Application.

    In the first drop down menu, select your country. If your country is included on that list, we are able to open an account for you.'

Thanks jdwbryan, you are correct. 😄

If you see your country listed as eligible to open a trading account on FXCM's application page, then that means you are also eligible for this demo trading contest: https://bit.ly/14Yvtsr

That's because the prizes are funding trading accounts: https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

mylin_m19 posted:
Hi, I am a mac user. How can I install the trading contest software on my mac?

mylin_m19 posted:
Hi Jason, I am a mac user. How can I install the trading contest software on my mac?

Hi Mylin,

Your demo account for this contest will work on MT4, Trading Station Desktop, Trading Station Web and Trading Station Mobile.

Both MT4 and Trading Station Desktop are Windows-based, so to use these platforms on your Mac you must have a way to run Windows programs: https://bit.ly/1ib16p0

Alternatively, you can use Trading Station Web on your Mac, since it can be run from your web browser: https://bit.ly/1nTgFnX

Trading Station Mobile will work on your smartphone or tablet: https://bit.ly/1tl2Yiu

ravis posted:
US residents cannot open accounts with FXCM UK. So if they are allowed to participate, seems they are, in the contest and win a prize, in which account will they be able to have the prize money - FXCM US?

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 a contestant in the US wins one of the prizes, then this would be awarded in an FXCM US trading account. In the same way, winners in Australia and Canada would be awarded funds for FXCM AU and FXCM CA accounts respectively.

FMIA posted:
Where is the link to download the platform?

When you register for a contest demo account on this page, you will receive an email with a link to download the platform: https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

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

sfrj posted:
I noticed, we cannot yet place trades, this will be unlocked in the platforms, when the contest starts right?

Please note that trading in your demo account is disabled until the start of the contest next week: https://www.myfxbook.com/contests/forex-contest-fxcm/25/rules

goldhamster posted:
Hello,

are GER30 allow for trading in this contest?

Thanks,
Gerald

Yes, you can trade GER30 and all other CFDs available through FXCM UK.

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.

littlecraig posted:
Hi FXCM

IM trying to log into my mt4 but what server should i be on for the contest
it just keeps coimg up account invalid??

islammanjurul posted:
for those who cannot access the metatrader, note that you can trade from contest date, and those who are getting invalid account, make sure you have selected FXCM-USDDemo01 as the login server.

Please use server FXCM-USDDemo01 to log into your contest demo account. Thanks to Abdullah Mohammad Manjurul Islam for sharing this solution. 😄

Sceadagenga posted:
If you are running MT4 then the best tip I can give you is familiarise yourself with the platform before the contest.

When you think you know MT4 then go back and do it again (and again if necessary).

One of the things that caught traders out unfamiliar with MT4 was the expansion of areas not visible in the default.

Savvy traders were trading pairs and crosses that did not show up when launching MT4 for the first time but they knew about them because they had experience with MT4.

Good luck and happy pipping

Great suggestion, Sceadagenga!

Anyone who would like a separate (non-contest eligible) MT4 demo account to practice can sign up for one using this link: https://bit.ly/1hsrI1N

To view all the currency pairs and CFDs that are available for you to trade:

- on MT4, right-click on the Market Watch window and select Show All.
- on Trading Station, left-click on the Symbols button and subscribe to your desired currency pairs and CFDs.

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.

eogorfx posted:
Hi Jason
Will an Expert Advisor work with the chart price or with the market watch price?
This could make a big difference to the way the EA opens and closes trades.

jdwbryan posted:
Anyone else notice the Bid/Ask lines on the charts do not match the prices in the Market Watch window? They also denote higher spreads. Market watch shows spreads of around 0.3 or 0.2 for EURUSD and GBPUSD most of the time, but the chart lines are showing spreads of 2.2 etc. The attached screenshot shows spread of 2.2 on the chart, but 0.2 on the market watch.

CupOtea posted:
Yep, I did but noted that the Bid/Ask lines compare equally to other ECN platforms. So no problem with this. My Question would be which ones apply? Prices on the Bid/Ask Lines or the Market Watch Prices?

eogorfx posted:
Yes this has been explained by Jason from Fxcm in one of the early posts here.
I am concerned to know if my EA responds to the chart prices or to the market watch prices ?

jdwbryan posted:
Oops, you mean that big huge post right on the front page? 😳 The first time I read through I only read the first little bit of that post talking about the new spreads and skipped over the rest of it. Duh!

Anyway, thanks eogorfx...and good luck!

Hi Everyone,

As eogorfx mentioned, the Bid and Ask prices you see in the Market Watch window of your contest demo account are the best bid and ask prices being quoted from among 10+ competing liquidity providers on our No Dealing Desk (NDD) forex execution. Those are the actual quotes available to you to execute your trades on our new pricing.

However, the MT4 charts still show our old pricing, because many clients on these servers have not yet been upgraded to the new pricing (the transition is being done region by region to ensure we follow regulatory requirements for due notice to traders which vary by regulator, and to ensure an orderly transition within our own system so as not to negatively impact our traders), and the MT4 platform only allows one chart price feed per server. I explain this in more detail in an earlier post: https://www.myfxbook.com/community/contests/forex-contest-fxcm/840323,1

If you're running EA or custom indicator, then it will most likely use the MT4 charts prices. However, it's possible for EAs and custom indicators to use the Bid and Ask prices from the Market Watch window instead. For charting purposes, it's also worth noting that our Trading Station charts already reflect the new raw FX spreads available to you. Your MT4 login details will allow you to access all three versions of Trading Station (Desktop, Web, and Mobile) https://bit.ly/1ib16p0

Take the context for test some strategies. do not believe that you hav a chance to win, In all contests what I saw are the same people who won. the chance for a price is small , but for test the Broker it is not bad.
the new conditions looks good, but mostly are very much differences from Demo to live, most broker have very much more latencytimes in Live as in demo, and this is one of the most important things for have a profitable strategie

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...

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.

My robots generate roughly 100% in six months - so if you need to do 1000% a week I guess I will not be competing in this contest....

Good luck

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?

yes i hope we should have the good chance as working with the EA system with the trading contest...