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Forex Contest FXCM
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Species8472

Medlem sedan Jan 15, 2014  30 poster Species8472 Nov 23 2014 at 07:59
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.

240Z

Medlem sedan Sep 05, 2013  50 poster Don (240Z) Nov 23 2014 at 08:05
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
SCGroup

Medlem sedan Aug 10, 2014  4 poster SCG FOREX (SCGroup) Nov 24 2014 at 07:41
Only One Question To FXCM
the ARBITRAGE EA allowed to me For Use IN LIVE account ?????????????

eogorfx

Medlem sedan May 08, 2013  11 poster eogorfx Nov 24 2014 at 07:44
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

Medlem sedan Oct 21, 2014  19 poster naturallycurly82 Nov 24 2014 at 08:03
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.
Cesarg

Medlem sedan Feb 04, 2012  1 poster Cesar (Cesarg) Nov 24 2014 at 08:03
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.

cruiz87@
CriticalElement

Medlem sedan Oct 16, 2014  1 poster CriticalElement Nov 24 2014 at 08:10
If he is usng an EA I want a copy of it!!!!

c3po

Medlem sedan Mar 01, 2013  51 poster c3po Nov 25 2014 at 13:39
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?

jasonrogers

Medlem sedan Aug 12, 2009  272 poster Jason Rogers (jasonrogers) Nov 25 2014 at 17:32
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.

jasonrogers

Medlem sedan Aug 12, 2009  272 poster Jason Rogers (jasonrogers) Nov 25 2014 at 17:46 (editerad Nov 25 2014 at 18:01 )
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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HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.