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Trading Contests

Ray (rjm354)
Nov 21 2012 at 05:32
42 Posts
I watch these trading contests on this website, and i just looked at the FXCM contest and the leader is up 590% in about a week of trading a $50,000 demo acct. A profit of about $295,000 in 6 days trading.
I dont get it.

Why is this guy and people like him in an FXCM contest on myfxbook.com ?

Why arent they in a 10 million dollar house on Lanai, Hawaii trading from there just 1 week a month ?

Something is wrong here. I would find the $50,000 to trade live if I can profit 300k in 6 days.

Wouldn't you?

Am I missing something here ?
Menno H. (mennoh)
Nov 21 2012 at 22:15
1 Posts
If I would participate in one of these contests, I would do it through the following (highly risky) method:

1. Take a strategy that makes money (even when its like 1% p/month)
2. Inflate your position sizing strategy to the max
3. Cross your fingers and hope for the best.

I have read several interviews from those who won the FXCM contest (king of the month contest I believe) wondering how they did it (usually they come from china), and have seen allot of answers that go like: 'look at your margin' - that makes me believe that they really inflate their positions. Concluding that it is more luck (what is there to lose in a demo account contest, the winner takes it all) than wisdom.

These are just my thoughts, or how I would do it... 😄
sd59
Dec 21 2012 at 10:49
14 Posts
Ray, this is a very good question and one I have asked certainly from the last 2 contests. The last winner had >$5.5million equity after a month's trading!! Now these guys obviously do possess a great skill simply from the point of view of win/loss ratio. We all know in contests that much greater risks are taken than trading a live account but even so with the skill these guys have + whatever strategy it is they are using I would have thought that doubling a live account in 1 month would be relatively easy by simply taking the lowest risks trades. It appears a lot of these guys are Indonesian - maybe they also have a good psychological aspect to trading which is important.
I have asked the question directly to a couple of them but didn't really get a straight answer. So like you I do not know the reason why these guys are not living in luxury land!! (or maybe they are!!)
David (RollingStones74)
Dec 25 2012 at 10:59
76 Posts
I also don't know the answer, but I suppose, if they're still trading, they may be can blow up the money they earn as quickly as they can earn them.)) That's why they come back to the market.
If you want to end up with a nonaverage net worth, a “learn from someone else” attitude is paramount. Putting your ego aside and admitting that you don’t know it all isn’t easy, but it is the mindset of true winner ----Paul Tudor Jones.
Ray (rjm354)
Dec 27 2012 at 01:11
42 Posts
RollingStones74 posted:
I also don't know the answer, but I suppose, if they're still trading, they may be can blow up the money they earn as quickly as they can earn them.)) That's why they come back to the market.

Thats probably true
DrVodka
Dec 28 2012 at 10:52
297 Posts
its a psychological thing and some luck . its easy to bet DEMO MONEY but try to do it for real and you will be sweating like a ping in butchery every time you trade .

never same person WON any contest twice ..

luck luck and once again luck .nothing else .
Gary Sharp myfxpt com
myfxpt
Jan 19 2013 at 08:06
345 Posts
That is why competitions should require more than simply the trader with the greatest return. There needs to be balance between the return achieved, and the risk taken in getting there. I agree with Roling Stones above, which worries me especially when these competition winners set up their very own signal services.
rockblues2012
Jan 23 2013 at 16:40
1 Posts
luck, luck and just luck.........nothing else.
TPOTrader
Jan 24 2013 at 00:35
20 Posts
these contests are not for the purpose of finding the best trader. It's about promoting the broker and luring newbies into thinking that forex is easy-so easy that you can get +1000% returns. And when the trader wins the contest, the broker forces you to take certain amount of trades with your own money first before you can claim their money. Why? because this will hopefully increase the chances of you losing your deposits when trading with real money. The payoff they have to give out is nothing compared to how much they get in return from you losing and from all the new newbie accounts that sign up as a result of the contest-like being the house in a casino.

Personally you should be suspect of any broker that sponsors these demo contests (including my broker Oanda). They are just out for new business while screwing over the winner.

And that is the TRUTH

moerwadi (moerwadi)
Jan 24 2013 at 06:28
293 Posts
i agree,just luck and we waiting for our lucky next contest on febr
good luck
ars2010
Jan 27 2013 at 06:32
29 Posts
sometime some trader like to brag :) and I think its very normal if peoples that have high skill in forex and wanted the world knowing his skill . maybe its not about money maybe its only his own nature :D lol

just my 2 cent :)
Dear all Trader! Good night and sleep well ;)
forexpipcatcher
Feb 06 2013 at 08:03
286 Posts
rjm354 posted:
I watch these trading contests on this website, and i just looked at the FXCM contest and the leader is up 590% in about a week of trading a $50,000 demo acct. A profit of about $295,000 in 6 days trading.
I dont get it.

Why is this guy and people like him in an FXCM contest on myfxbook.com ?

Why arent they in a 10 million dollar house on Lanai, Hawaii trading from there just 1 week a month ?

Something is wrong here. I would find the $50,000 to trade live if I can profit 300k in 6 days.

Wouldn't you?

Am I missing something here ?

Ray you've never won a contest obviously or have no clue how to win one with a statement like this.
When trading during a contest you take HUGE risks some traders trade almost their entire balance in one trade very often to try and win but with real money if you did this you would consistently lose especially when the live server is modified to the brokers needs.

Here's the test Ray, why not give that trader $50k and let him trade your money his way that he trades in the contest.....hmmm just as I thought! You're not that stupid right? But you are in making that statement!
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