Discussion of the Forex Contest 24FX Forex Contest
forex_trader_95486
Member Since Oct 17, 2012
31 posts
Apr 20, 2014 at 05:31
if not mistaken its in terms of vol in $, 'For every $1 of the prize, you must have a trading volume of $5000 in order to be eligible for withdrawal.'
This meant assuming you trade only usd base currency, ie, eurusd, gbpusd, audusd, nzdusd. NOTE again its TRADING VOLUME of $5000 per $1
Assuming that u won 1st prize of $3750, ==> $3750 * $5000 ==> $18,750,000 🙃
1 lot of eu @ 1.38815==>$138,815. This works out to be abt 135 lots of EU. The trade volume is AFFECTED by bid/ask of that currency, if u trade GU, u would be able to reach ur target sooner. Whilst if u trade au, u will need more lots.
Typically an average active trader can trade abt 50-100 lots per mth, (unless the trader prefers positional trades, or slowly does it). Otherwise depending on that trader (and his/her EA that helped to win that prize), its abt 1 mth or even 1 day.😱
To win this prize, its obvious whether that trader has a good strategy (which may include entry/exit/lot allocation). Its more likely that this trader that wins has some sort of EA to help with that. If this trader can hit abt 100-150 lots within this 1 mth contest, and get that deserved prize, then its no doubt that the trader can easily formulate the same strategy to get away the prize $. Whats more impt is that we all enjoy ourselves, besting each other, making friends, and even sharing strategies with each other (without spilling all the beans) during the contest. Its the best platform to meet like minded traders who always love a challenge 😎
I have always kaputted my contest acct with all sorts of hairball EAs, until the recent ExcelMarket 9Jan-8Feb, whereby I was placed 8th. Just enjoy the ride and the excitement. Make friends, ignore naysayers, be confident, be gracious. When u know u r lossing and doesnt look like there's any hope, withdraw from the contest (esp after u hv lost 50% of the balance). At least u now know whether your EA's or strategy/ies work. And what r u doing if it doesnt? Just crying? NOW, go register and join the challenge! 😉
This meant assuming you trade only usd base currency, ie, eurusd, gbpusd, audusd, nzdusd. NOTE again its TRADING VOLUME of $5000 per $1
Assuming that u won 1st prize of $3750, ==> $3750 * $5000 ==> $18,750,000 🙃
1 lot of eu @ 1.38815==>$138,815. This works out to be abt 135 lots of EU. The trade volume is AFFECTED by bid/ask of that currency, if u trade GU, u would be able to reach ur target sooner. Whilst if u trade au, u will need more lots.
Typically an average active trader can trade abt 50-100 lots per mth, (unless the trader prefers positional trades, or slowly does it). Otherwise depending on that trader (and his/her EA that helped to win that prize), its abt 1 mth or even 1 day.😱
To win this prize, its obvious whether that trader has a good strategy (which may include entry/exit/lot allocation). Its more likely that this trader that wins has some sort of EA to help with that. If this trader can hit abt 100-150 lots within this 1 mth contest, and get that deserved prize, then its no doubt that the trader can easily formulate the same strategy to get away the prize $. Whats more impt is that we all enjoy ourselves, besting each other, making friends, and even sharing strategies with each other (without spilling all the beans) during the contest. Its the best platform to meet like minded traders who always love a challenge 😎
I have always kaputted my contest acct with all sorts of hairball EAs, until the recent ExcelMarket 9Jan-8Feb, whereby I was placed 8th. Just enjoy the ride and the excitement. Make friends, ignore naysayers, be confident, be gracious. When u know u r lossing and doesnt look like there's any hope, withdraw from the contest (esp after u hv lost 50% of the balance). At least u now know whether your EA's or strategy/ies work. And what r u doing if it doesnt? Just crying? NOW, go register and join the challenge! 😉
Member Since Jul 27, 2011
43 posts
Apr 20, 2014 at 05:35
Right said bro the condition is worst , Myfxbook should remove this type of contest.
Want To Be A Business Tycoon
Member Since Dec 06, 2013
1 posts
Apr 20, 2014 at 06:32
Hi,
I would like to know how much money would be added to demo account and what is the leverage.
Have any body answer me?
I would like to know how much money would be added to demo account and what is the leverage.
Have any body answer me?
Member Since Mar 13, 2014
6 posts
Apr 20, 2014 at 06:33
these terms are ridiculous. if you do not have a live real account then it is not worth participating in this contest.
MyFxbook should do something about these terms
MyFxbook should do something about these terms
sensible trading and live to fight another day.
Member Since Feb 23, 2014
4 posts
Apr 20, 2014 at 06:33
Dear if you peoples feel terms and condition are tough then why you also not select contest of any other broker
Apr 20, 2014 at 09:02
I join a contest just to find out where I stand among the world best traders. The sponsor broker is a business entity not a charitable organization therefore to look after their profits is their basic right. Besides the price, we can think of other things. The joy of participating, get to know the other traders, sharing trading strategies etc.
Cheers to all participants.😄
Cheers to all participants.😄
Member Since Apr 14, 2013
402 posts
Apr 20, 2014 at 14:16
XharpScalper posted:
1==============='Any prizes will be added into customer's trading account and can be withdrawn subject to the following withdrawal requirements; In order to withdraw your winnings; you must have a trade volume of 50x your winnings. For example: For every $1 of the prize, you must have a trading volume of $5000 in order to be eligible for withdrawal. '
2=============='Should you request a withdrawal before the wagering requirements have been met, your bonus and winnings may be rendered void. '
myfxbook should do something about these conditions , they will not give money even you win contest ? unless u use very high lots and again earn it
bonus and winnings may be rendered void????? why is that so.
MyFxbook do something about it , its not compatible with standard of myfxbook.
Many people seem to be more concerned about withdrawing, instead of actually trying to win the prize. Not to mention if you were to win the prize, you could always 'hedge' the winnings out of the account into another account. ;) This way you don't have to worry about 'withdrawal' requirements. How to 'hedge out the prize' is something you guys have to figure out yourself. I definitely won't explain how it is done. Not to mention guys this is 'free money', why so much bitching about it?
Focus on pip-drawdown
Member Since Apr 14, 2013
402 posts
Apr 20, 2014 at 14:17
Lim001 posted:
I join a contest just to find out where I stand among the world best traders. The sponsor broker is a business entity not a charitable organization therefore to look after their profits is their basic right. Besides the price, we can think of other things. The joy of participating, get to know the other traders, sharing trading strategies etc.
Cheers to all participants.😄
Well said...
Focus on pip-drawdown
Member Since Jul 27, 2011
43 posts
Apr 20, 2014 at 16:18
Master_Kiwa posted:XharpScalper posted:Just think you are the winner and you will...
1==============='Any prizes will be added into customer's trading account and can be withdrawn subject to the following withdrawal requirements; In order to withdraw your winnings;
@Master_Kiwa Its not good to share all the secret things on internet , I hope you know what I mean. :P
by the way Its good to know that there are many good traders like you who have good knowledge of forex.
Want To Be A Business Tycoon
Apr 20, 2014 at 18:14
It will be hard. I think this leverage very dangerous. It enough a bit bad choice and lost of all!!! :-(
Pf_fineco: Download MT4. My strategy is the next never use the broker's Meta soft. I just download the Factory meta from the mt4 site. I have test my strategy on demo acc, and when I open a live Account the broker firm generate dangerous candles and spikes. So i have chenge de factory MT4 since this fraud. I am profitable on real but this contest is not the real :-D
Everyone take a big risk. Hmmmm I am lovin' it. :-D :-D :-D ALL IN every position!!!
ADRENALIN SHOCK!!!
Pf_fineco: Download MT4. My strategy is the next never use the broker's Meta soft. I just download the Factory meta from the mt4 site. I have test my strategy on demo acc, and when I open a live Account the broker firm generate dangerous candles and spikes. So i have chenge de factory MT4 since this fraud. I am profitable on real but this contest is not the real :-D
Everyone take a big risk. Hmmmm I am lovin' it. :-D :-D :-D ALL IN every position!!!
ADRENALIN SHOCK!!!
I'd rather 50 cents my profit like 50 usd for my loss!!!
forex_trader_184805
Member Since Apr 04, 2014
10 posts
Apr 20, 2014 at 18:14
They are laughing at us and are making us waste time. They are given free advertising, knowing that will not cost them money. It is a huge scam.
Member Since Apr 16, 2014
4 posts
Apr 20, 2014 at 18:15
Hi
I'm new here < what type of broker is this (regarding this contest) , is it a market maker , Dealing Desk or non Dealing desk ( they profit from our loss or just from the spreads vary ?
what type of account : Standard or Mini or Micro ????😐
I'm new here < what type of broker is this (regarding this contest) , is it a market maker , Dealing Desk or non Dealing desk ( they profit from our loss or just from the spreads vary ?
what type of account : Standard or Mini or Micro ????😐
wael
Apr 20, 2014 at 18:15
This seems to be a competition encouraging new accounts/ clients for 24FX. My question is if after the competition and my entitled withdrawals are only say USD 20, and I carry on trading with this demo/live account and grow my balance… will I be able to withdraw more than the 20 since I have grown my balance?… or will the account be closed once the competition is done.
