Hello all. As you know there are many Forex competitions taking place everyday. I took part in one of such forex trading championship which was started recently and it has got one month time. Member with highest equity is the winner. I was trying to trade using PA and some risk management model’s. What i saw in the ranking was totally blew out my mind, many of the trader’s already have achieved 150% - 200% in a single day and if this goes on atleast for 15 day’s they’d be on 6 digit percentages. Though it’s a demo account, it’s a championship and really have to be careful with it as we do with the real account. I just don’t understand how did they even do it. Is it aggressive scalping or such ?
I thought I’d drop by and ask you pro’s about this thing, if you can throw in some suggestion’s how to win or such. Would like to know if you guy’s ever been through any contest’s like this ?
THanks for the reply Banker928 and gald to know that you even won a position in the contest. I do agree with the distraction part. So, i guess i need to take some serious risk’s if i had to win the game.
I’m actually trading with ICT concept’s and nothing else. Looking at the rank sheet frequently is distracting me more. So i thought i’d just stick to my trading and reach the target within the given time. New’s trading was really a disaster thing to me in my live trading once. Guess, we have better tool’s rather than just new’s.
Spoke to one of the person who has got the highest equity in the competition. He said he’s using some EA or such. So, i see that almost all of the contestant’s are using EA’s and Robot’s and hedging multiple position’s.
It is quite likely Mr 700% will blow his account before the contest is over. It is very seldom that the first week’s leaders are top 3 finishers at the end of the month. The stupid thing is that some just have to sit and wait it out and their lead would hold. But the same reason they are making such huge gains ensures that they eventually fail.
Not bitter at all - contests are entertaining. You can observe fellow humans with their quirky behaviour.
Here is another observation from the contests. If you finish with a positive balance, you will be in the top 10%. In several contests, I traded until my account balance was positive and stopped. Every day after point I moved up the standings.
When I first demoed FX, I quadripled the account in two days. So I started trading real and I managed to quadriple my account in 3 weeks. Then I dont know how but I blew it anyway and never ever got that lucky again.
Now 5% daily growth on a constant basis is a pie in the sky for me.
i won NordFX Demo trading contest years ago , starting with 10k , my profit in2 weeks around $400k
if it is demo trading contest. never use any money management.
You will not win.i guarantee , because the majority contestants are risking all of their account in one single trade, or they are very heavy scalper with big lot.
and the downside if you are join any demo contest , you will lost your money management touch.
if you wanna try a real account contest, you may try Trader Of The Month,
i heard the latest October 2015 winner banking around $64K profit
If the winner is decided only by the ending equity then it’s more of a lucky run. But if you get points from other aspects of your trading then it makes sense (there is such contest). Also live contest is kind off tricky - you [B]are[/B] risking real money.
You can’t apply normal risk management in a trading contest. This is due to the nature of the competitive environment. In order for you to achieve a higher percentage of return, you’re forced to risked more. Risking more in a contest is OKAY, and not OKAY in a live account.
I had participated and won quite a few trading contest in the past (Was around Rank 3/5/10). Therefore, I can give you a few useful tips for your personal reference. During the contest, never CHECK the rankings as this will distract your trading even more, because you felt the adrenaline to be on top and you’ll make a lot of unnecessary mistakes. Furthermore, I’ll recommend you to risk at LEAST 50% - 100% of your account PER TRADE (Don’t threw everything on a currency pair, switch to Gold/Silver/Other Fx Pair, diversify your risk as how you diversify the risk on your own portfolio. With that being said, DON’T SCALP (Fx is full of news), scalping with higher lots is deadly unless you had an accuracy of an eagle in terms of scalping or you are an experienced scalper then you are allowed to go ahead and scalp. Notwithstanding the fact that, most of the contender comes up from Rank 100 to the Rank 10 in the last two weeks with the swing trading approach as they were holding the trades to the targeted take profit level. Also, in the last two week before the month ends (contest end), set your risk higher than 50% (80 - 90%) if possible to enhance the probabilities of achieving higher gains.
P/S: In a contest, there is one common cheaters. The cheaters usually will create a tons of anonymous account and SELL/BUY on opposite trades to manipulate the ranking towards their favor. This is absolutely absurd and they couldn’t be found by the admins as they fake their IPs most of the time. So … good luck and all the best
Money management. You were risking a hell lot of equity from your account which is why you were able to quadriple your account in a few weeks time… try doing that when there is news around the corner… I can see the account reaching margin calls within a month…
Monthly target is the best. Don’t fret yet stressed about how much you are going to make, focus on being consistent. If you deposited USD1000 and you’re able to generate (Let’s say 10%), withdraw the 10% and do it again next month. Sometimes, traders need to be rewarded with a tangible prize to motivate themselves to do better in the next round. x)
Brokers are organizing those fro marketing purposes (I have been working for a cfd broker in the past ) . So the main purpose is to advertise and promote their company.
Most of them are demo accounts and the No1 with the highest growth wins, so in order to win you must trade with full leverage and be lucky in your trades, thats why you see huge performances, most of the winners are no real traders, I mean its just gambling and if they trade real money they are gonna blow their account 9 out 10 times!
So to explain u your question, if you open 400:1 leverage a position and mkt moves 50pips in your direction its 400*0.5% = 200% performance…so do the math for relative pips per trade…
