Hey, this is the first time i do forex trading and in my university there’s an investment competition starting tomorrow on MT4, any tips or things on what to invest in ?
Well, that requires some more details. How long will the copetition take. What pairs may you invest in. What Timeframes can you use. How much time do you want to spend on it. Is there a maximum leverage? Is there a minim Stoploss requirement. Can you post the rules for that competition.
What will be our share in your “Master of the FX world!” price? 
One tip: (two actually) Don’t jump in tomorrow. Don’t Go long or short on EURUSD now (You should have been in it already [Long]).
Haha alright so the competition starts tomorrow and will last for 3 weeks, its 24/5 ( cant trade on weekends ) and we all get a starting 5000$ ( its a virtual account but the winner gets real money plus a real account with money ) but the ammount we can spend is actually 5million$ …i dont get that much its like a 1:100 ratio or something where i can spend 5 million dollars but have 5000$ to loose. I dont think theres any leverage or a stoploss limit, i get the email with full detail tomorrow but im trying to prepare myself from now, i dont mind the time spent on it cause im a very competitive person so I actually want to win this ( only about 25 people in this competition) …even though my knowledge on investment isnt much and it probably shows 
Thanks for the tips they actually helped because i was thinking on investing in the euro, but why dont I jump in tomorrow? Thanks again
Knowledge is power．:57:
Well share the email tomorrow…
Why not EURUSD? Well if the competition takes longer and you would trade the higher level trend, than you might think now that it will drop like hell. Traders seem to be very attached to the dollar and have difficulties in believing that the EURO may continue to rise in the next months. So, you should have been in there with a long trade a couple of weeks ago. If you jump in long now, you will get crushed if it drops. In short term it will drop to find resistance, and only then we will see if the current Price action was a Bull trap or an actual trend confirmation. Shorting now would be a gamble, because there is no confirmation for that signal at the moment. At least not from the system that I use.
Actually, if they are all new traders, it would be interesting to do nothing at all and gamble that the other traders will all make losses… As your Equity would still be $5000, you’d win… This may make sense, because a lot of traders don’t trade between mid December and Mid January, because these are very quiet weeks on the higher timeframes.
Alright ill post it here, thanks alot for the help btw. I guess i’ll stay away from the euro and i thought of that idea of keeping the 5,000 dollars but the thing is I’m still a freshmen student while some of the others are seniors majoring in business so im pretty sure they have knowledge about this stuff. Ill keep updating this post
You may be jumping conclusions about the seniors… They probably focussing on fundamentals, and the three week period may be too short for that. Or they will trade the news because they think they know the direction based on the news. But last months the rates look to go opposite of what you would expect…
Sounds like a pretty awesome university, my university never does anything forex related 
take this opportunity to learn my friend.
Leverage out your account to the maximum, flip a coin and blow the rest of the competition away… 
You have two choices: 1) use this competition to learn about trading or 2) attempt to win the competition. There is really no middle ground and the two choices are directly at odds with each other.
If you wish to have a shot at winning the competition:
Essentially, I suggest the forex equivalent of a trip to the craps table at a casino. The competition is only three weeks long so no strategy really has enough time to kick in to prove itself effective – especially a winning strategy which will take you over three weeks to learn and master.
Since it is for fun and you hope to be competitive (keep in mind what I am suggesting is exactly what you should NOT do if actually trading):
Find and learn a very simple moving average crossover system (these are always long term losers, btw).
Trade on as high leverage as possible.
Trade only one pair at a time.
Trade on the 1 hour time frame.
Set very tight stops.
Trade with a very large risk factor – risk 25% of your account on any one trade. The number of pips x dollar amount per pip contained within the entry to stop range = 25% of entire account.
Employ Martingale on all losers.
You will quickly fall into the hero or zero category (most likely zero). If you somehow manage to get lucky and make money on your first couple of trades, stop trading. Let everyone else in the competition crash and burn their accounts.
A three week competition is NOT trading. It doesn’t teach you anything about trading (except very bad habits). It is a “let’s see who can get lucky” contest. So, to win the competition you must throw caution to the wind and rely on pure luck.
If, however, you wish to use this opportunity to actually learn something about trading then forget everything I posted and follow IdeFX’s suggestion. Do nothing, study and learn and let others burn their accounts – you will, by default, end up in the upper half of the competitors.
Haha I hope you’re right, I just need to make sure I invest in the right things, and hopefully you can help me a bit with some tips or something
You’re right, im going to try and win this competition and then learn about trading the proper way later on. I’ll do your technique and trade with high leverage and hopefully I get lucky, thanks alot this really helped me since i didn’t know much about trading in the first place ill update u guys with how im doing a bit after the competition begins to see if what im doing is right or wrong.
Never, ever compete nor c8mpare sizes, never, if you try to be the best you will die like the rest. Here is theonly place where mediocricy is a must and lazyness is a rule.
John,
Good advice there man. I didn’t know how to trade on contest till reading your post. Now I have an clue.
Happy pipping
What a totally worst time to pick to run a competition, it just won’t prove anything, someone will win though.
I agree with you… But probably more the get them to learn the financial markets instead of being FX masters…
Yep, ‘most’ seasoned traders leaving the market for the next three weeks, lol
Do you guys think its a good idea to put some of my money in gold?
No, it’s really hard to get out, you need some smelting tools I believe, and the coins would probably end up just contaminating the gold, any notes would simply just burn, keep it in your wallet I’d say.
I will invest on foods because you can’t eat money and gold. I think that sounds practical :).