Vantage trading comp?

Trading Discussion
22

I’m with IC Markets bro. Also I have a relationship with a prop firm and have gone through them as an IB so recieve a 25% discount on commissions. Also run an $AUD account so in effect I pay $5.25 per lot in/out. Minimizing ones trading cost is a must when you speculate as I do.

Also its hard to find a broker with better spreads than IC Markets. Normal trade conditions it’s rarely greater than 2 points and slippage is nil if againvyou go in at the right time.

So all up, I can keep my cost of trading down to about 7 to 8 points. From what I saw thats just the spread over at Vantage.

Re-read post 5 bro. That statement is directly from their PDS. please tell me you know what that is. They themselves declare that they are a market marker. By law they have too.

Indeed I will go as far to say all retail forex brokers are market makets. Even IC Markets disclose that they operate under a modified dealing desk in their PDS and they are the conterparty to your trade. If your broker is the conterparty they are a market maker regardless of how they market themselves. Don’t be fooled by the bling bling on the homepage. Being a market maker is not always a bad thing. One must read PDS’s but.

My opinion here, swap as quick as you can.

23

Hello Bob, hello everyone!

The contest only started on Friday, and Monday was the US holiday, but I was very busy on the account

and first managed to trade myself down to about $43000 but yesterday I made a few good trades and

now my balance is back above $49000 (and my equity is nearby)…

I am trading from my 'phone using the MetaTrader 4 app, which I find quite good, even the charts;

the first day the markets were a bit choppy and I was treading water: yesterday I really started making

progress, especially on Yen pairs (to the short side) and on metals (Silver and Gold to the upside).

I trade 1 lot positions manually and cut losers around $500 and close winners beyond $500 (unless I

am going to bed, so for example last night I closed some positions with about $300 profit, as i did

not want to leave them open overnight).

This is working fairly well… What I like about this trading station is that it lets you buy and sell the same

pairs, so that if you are not sure of direction you can open opposing trades and then close the losing one:

it worked when I was testing Gold, as it came to a top/resistance and it looked like it was reversing.

So, to summarise: I made no profit on the original amount, but this being the third full day (as Monday

was a quiet day) I am hoping to start making some gains now.

How are you people getting on?

24

G’day bro. Sounds like you’re trading to a plan. Need to take a lesson from that. I’ve manage to wipe 60% of my account. It’s just a game.

Actually, I’m thinking of stopping soon. First and foremost, it distracts me from the task at high - rebuilding my account. Had a coach once say you play how you train. One of my weaknesses is I get suxed into revenge trading. Definitely happening in the comp and it’s creeping into my live trades. That’s bad.

Don’t like Vantages quote feed. As stated in a previous post, I’m use to a stable spread of 1 point. Vantage does bounce all over the place. Normal sits around 7 points (for those who don’t know I trade the EURUSD exclusively). These little variances don’t have an effect on a longer-term traders chasing triple digit pips, but for little old me it’s the difference between a profit or a loss.

Another thing the bouncing spread and high leverage has done is destroyed my money management. I work in % not pips. And have built a variable step % equity close into my bot. Sounds impressive but its just a trailing stop that works on % Equity gain/loss instead of the traditional pip value. On the odd occasion when one gets things right this allows the trade to run on and puts a bit of icing on the cake. Had a couple of trades stop out in the comp that continued to run live.

Trading in the comp also takes my precious time away from my bot building. Trading in such a dumb as|s way as I do, being able to point and click and have an EA make the required decisions is making a huge difference. My time is probably best spent not playing around elsewhere. We’ll see how we go!

And because we all love a tune

25

I know what you mean, Bob…

Trading for a contest like this is very distorted in a single direction… overleveraged, mainly…

but it does not have to be, and I am treating it like ‘serious’ trading,… I want it to be useful for me…

Nice tune, by the way!

:slight_smile:

26

Patronizing much?

I do know what a PDS is, and also understand the ECN model that brokers such as Vantage FX or IC use. You can find that line in every broker’s PDS because they are legally covering themselves for liquidity provider risk. Neither of our brokers are Market Makers in the sense that they are taking the counter position to every trade we make.

If you know major money managers that use a particular broker, then they run an ECN model because both traders and broker are happy that they are trading size and volume. The broker has no interest in screwing over or trading against the fund because then they will lose their business.

I chose Vantage FX over IC. You chose IC over Vantage FX. Nobody is being screwed. Now lets make millions of demo bucks in this comp! :slight_smile:

27

Got to about $78000 balance but had some big positions in the red waiting for directional clue…Before I could decide, I got margin called overnight and woke up with my account at about $5000

Aghh

28

Painful…

29

Reading back on the thread a little .

taking only 500 risk. Not leaving trades open over night. Not using SL???

Beginner error?

30

Very! Slowly rebuilding

.currently at $5700

31

It’s a demo trading comp. You have to trade like this to have any chance of winning!

32

i know…

33

Final update:

whacked the acxount evem more and now.dowm to.$300

I learnt a lot of lesson, chiefly that day trading like this is suicide. :slight_smile:

Thank god it was fake money!

The only way people can have those 6000% returns is by having some.sort.of EA or.other automated system… I am.sure of it now.

34

Here is my VantageFX contest account graph on MyFXBook, showing the rising glory and then the margin call plunge:

Screenshot_2016-07-15-12-49-48.jpg700×394 31 KB

35

What was the one trade that went wrong, may I ask? Just holding onto a single trade and not being able to afford having it go against you?

36

I think Silver. It was doing well post-Brexit and I took a few shots at.it, as I did with Gold, to the upside.

I then had two large positions on both but they dipped a little and

…stopped.dead,.for days…

I did not understand the MT4 margin display, or thought I did, so I got.margin called overnight and it took me by surprise.

Simples.

37

Maybe you can learn something from Nial Fuller He won a contest only by making a hand full of trades.

38

I would love to know :slight_smile:

39

I don’t know this Link is legal??
Nial Fuller Wins Million Dollar Trader Competition » Learn To Trade

40

It seems legit to me :slight_smile: Thank you.

41

It’s [B]not legit[/B] I assure you.

Nial Fuller is one of the biggest IBs for the broker that ran the competition. What excellent marketing to give him first prize.

DODGE.