Upcoming Contest Q&A

Hi Everyone,

If you have any questions regarding the upcoming contest, feel free to post it here - Chris Reynolds, GO Market's Director of Operations will be answering your questions.

Chris, first few questions are:

- Is this open to USA residents?
- Is 100:1 leverage available to all?
- Are your live accounts available to US residents?

Thanks!

Hi everyone!

Yes this contest is open to everyone including US resident. However please consider that the prize of GO Markets funded live accounts may not be provided to those who are ineligible to open a new account with GO Markets. As US clients will not be approved to open an account for regulatory reasons, they will not be able to receive the live account prize. However, GO Markets will provide a cash prize of half the value of the live account prize won if a winner is not able to be approved for a new live account. I.e. for a 1st Place winner (prize: live account funded with $2,500) a cash prize of $1,250 will be provided.

The competition gives everyone a demo account with 100:1 leverage. GO Markets live account holders can get leverage up to 500:1.

Unfortunately we are not able to accept clients from the US. Since the rather annoying CFTC regulations came in last year our hands have been tied...

If you have any questions, please let me know!

Thanks,
Chris

wouldn't it be more fair if everybody in a contest played the same leverage and account balance?

Sorry, perhaps I wasn't clear.

Everyone in the contest gets the same balance (50,000) and the same leverage (100:1).

I was saying that we offer up to 500:1 leverage on live accounts.

Thanks,
Chris

how about posting a link directly here in this thread that points to the contest rules/info/etc..

I thought that seeing as myfxbook had started this thread it was being pointed to from somewhere which would have had all the rules... obviously not!

Here you go: https://www.myfxbook.com/contests/trading-championship-september-2011/5/rules

thank you for the link.

one final issue... when i am trading, i like to wrap my head in tinfoil... it keeps those pesky alien radio waves from confusing me.

will you be supplying rolls of tin foil for this contest or should i bring my own?

Yes, of course... feel free to drop into the office and we will even wrap it for you.

I have a question, what is the margin % required in this demo contest?
In other words, last contest the broker margin closed at <100% margin.

And I bet you wanted to say 'in the unlikely event someone from USA should win, they get half the prize money'
Now I know I may not be as smart as some of the Ukrainians on this forum, I still gotta try, ney?

and btw zero is a smarty pants. you can get rules by clicking the headline link 'contest'. 😝

hello.

i dont do contests, cuz i am a dork, but just to clarify one issue regarding the prize issue...

the prize will be a funded account? for which funds can only be withdrawn after thirty days?

so, if the winner wanted to just leave the awarded account idle for thirty days and then just withdraw the funds, are there any restrictions that the contest players might want to be aware of?

thank you.

horse1bun posted: and btw zero is a smarty pants.

you are now blocked.

zero/.

horse1bun posted:
    I have a question, what is the margin % required in this demo contest?
In other words, last contest the broker margin closed at <100% margin.

The stopout margin level is 50% on our MT4.

reynoldscj posted:
    Yes, of course... feel free to drop into the office and we will even wrap it for you.

BAHAHA! This totally made my day! 😁

Looking forward to the competition, though I'm in U.S. I still like to play for fun. I don't really see it as a contest though...more like a gambling opportunity. Realistically not very many people can throw in $50,000 for a real account and high leverage really has no logic other than deceiving people into thinking they can 'get rich quick' with less money.

I think all the FX contests here should be based on a scoring system. In other words, you get so many points for gain, so many points for drawdown, profit factor, etc etc. Alpari's contest was like that (starting balance $10,000 & 1:50 leverage), and I think it makes the game more strategic and realistic.

Of course this is probably a suggestion for MyFxBook and not you guys. But anyways.

zzzero posted:
hello.
i dont do contests, cuz i am a dork, but just to clarify one issue regarding the prize issue...

the prize will be a funded account? for which funds can only be withdrawn after thirty days?

so, if the winner wanted to just leave the awarded account idle for thirty days and then just withdraw the funds, are there any restrictions that the contest players might want to be aware of?

thank you.

was this question answered?

i cant remember.

zero/.

zzzero posted:
    

zzzero posted:
hello.
i dont do contests, cuz i am a dork, but just to clarify one issue regarding the prize issue...

the prize will be a funded account? for which funds can only be withdrawn after thirty days?

so, if the winner wanted to just leave the awarded account idle for thirty days and then just withdraw the funds, are there any restrictions that the contest players might want to be aware of?

thank you.

was this question answered?

i cant remember.

zero/.

There are no other restrictions. If someone wants to leave their prize money in the account then that is up to them...

There are no other restrictions. If someone wants to leave their prize money in the account then that is up to them...

- super like

Sir Chris, is the contest restricted to currency trading or will there be precious metals and indexes like ITA 40? many thanks.

i have been giving some thought to this whole contest issue..

i looked thru a few of the previous winners and found one guy that won several thousand dollars by making a 2200% gain in a month on a demo account.

could he do 2200% in a month on a live account?

wouldnt that be something, to be able to turn 22 times your money in a month...

anyways, it is my opinion that a real contest might be more along the following terms:

no demo account trading.
everybody begins with a $250.00 live account that is set to the same leverage setting.
there is no second or third place winner.
the first place winner takes the prize, period.
maybe make the prize something along the lines of 10k or 15k or maybe even more..

a contest such as this would really attract a lot more attention and would serve as a better promotional tool for the broker that puts it all on.

zero/.

I ask to help. The problem is stated in dialogue with GO Markets. I write through the technical translator. Itself I speak Russian.

I direct you correspondence with GO Markets on my question. I of its strutters to your worker, and it have directed me in GO Market.

gonl4: Hello. How may I assist you?

you: Hello! Can answer in Russian?

gonl4: No I am sorry. irena is on holiday and I am not able to speak russian

you: I will ask a question by means of the technical translator

gonl4: ok go ahead pls

you: Here the message of opening of my account: Hello Ivan. You have registered successfully to the Myfxbook Trading Championship September 2011 contest. Your MetaTrader login details are: Login: 1642 Password: KS0doAp To Download GOMarkets's trading platform click here.

gonl4: ok and what is the problem?

you: 2011.09.05 10:30:02 OrderSend (GBPUSD, OP_SELL, 2.05,1.61157,4,1.64077,1.60827, iK_candle: 4404: GBPUSD_PERIOD_M30,4404,0,255) It is a command on position opening

gonl4: ok

you: And so, on this command the terminal reports about an error 130

gonl4: what kind of error is that?

you: Though it is visible that the nearest value of price TakeProfi is on distance of 330 points from price

you: (130) invalid stops

you: In the resulted example of a command exact terminal time is specified. You can check up: what command has come to you and why it isn't executed?

gonl4: pls send an e-mail to [email protected]

gonl4: with a printscreen and your details

you: STOPLEVEL, which is specified командой:MarketInfo (Symbol (), MODE_STOPLEVEL), it is equal 0. That is level STOPLEVEL in this case isn't broken. In what the reason of such error?

gonl4: one moment pls

gonl4: because our servers are logged of

gonl4: for 5 minutes, because we are updating our firewall.

you: 2011.09.05 10:45:05 AM: OrderSend (EURUSD, OP_BUY, 4.16,1.41460,4,1.39060,1.41700, iK_TF: 3102: EURUSD_PERIOD_M5,3102,0,32768) Here the next command on which the warrant hasn't opened. An error 130. TakeProfit 400 points.

gonl4: pls send an e-mail to [email protected]

gonl4: they will look into this

gonl4: and give you the answer you need

you: It is everything, what you can tell to me?

gonl4: yes

gonl4: I am sorry I can't help you

gonl4: but they can

gonl4: they are able to look into this