Have seen amazing results on contest on myfxbook. Persons that convert 10000 into millions in 3 months. Also seen on other contest. All seems to use scalping because the profits are 1 or 2 pips an the losses 3 pips.
How do they do that? Does it is fake or good results? What do you think about that?
I don’t know myself. but I think they just go for broke…
Not sustainable trading like in real life but load the boat every time.
well that’s my opinion of it.
I signed up for fxcm’s on myfxbook yesterday.
I will empty the account in record time!
Not sure of strat yet, still thinking on it.
Basically they risk all of their account and either make amazing returns or bust. Then make another account and try again or enter a new contest. There is no way one could trade that way in real life, i actually believe a lot of the online contests actually are not made of Live net profitable traders. Just guys who leverage everything and hope it goes well
They are mainly using arbitage systems on demo that you cannot get in real trading because of execution and slippage issues. So its would be impossible to use these on live trading platforms.
Do you think that could be possible to trade on demo based on real quotes information? Maybe demo is slighty behind real and they explote that to generate amazing results risking nothing and winning the real prize of the contest.
I think they are done by using one superfast quotes provider, and a lagging quotes provider. When there is a significant gap between the fast one and the lagging one, an order is placed and closed for tiny amount of pips profit many times a day at high leverage. Obviously does not work in real life, because a lagging provider is lagging for a reason, and live orders will also lag (instead of demo which is instant) so you won’t be fast enough to get the gap to take the 0.1-2 pip profit. But the guys who do this make money on competitions, not forex, so its a valid use for them.
Thats how contests have been cheated on as well beat me to answering it lol
In order to win a contest, you have to take super high risks because you need maximum return in minimum time. It probably isn’t sustainable in real life…the risk of ruin is way too high.
There are some myfxbook accounts worth studying.
This is one of my favorites.
droland’s Profile | Myfxbook
The ea’s are Dragonpips, eakain, rsima.
Read the reviews on the ea’s and they are all bad.
How does he use them to make money?
read his 2 lines under “trading style” it is priceless information.
I now trade one of these ea’s live and the results are very very good.