FXCM King of Micro 1950% in one month? Dailyfx

[FredCaires]

FXCM broker has a contest which is the King of Micro, at the end of the month they offer prizes, 40000 dollars total, 25000 dollars for the first place, 10000 for the second... you get the point, and they interview these winners, march winner made 1950% of his account in one single month.

From FXCM email, "The King started the month with $961 and ended up with $19714—a winning percentage increase of 1951.22% and the $25,000 First Prize. Please remember that past performance is not indicative of future results."

"Do you have a favorite source for news, and technical indicators? For news I read the Hong Kong newspapers. For technical indicators I use www.dailyfx.com.hk."

Dailyfx.com is a service available to FXCM users which by the way i am.
Do you think Dailyfx.com is trustworthy? Can you follow their analysis? Of course you do yours too but is their analysis always that correct? Cause the only way this guy could get 1951% in a month is by making lots of trades all of them with profit or by a lack of money management which will always turn against him.
Is dailyfx.com really that good? Anyone uses it?

 

[mrsoul]

FXCM broker has a contest which is the King of Micro, at the end of the month they offer prizes, 40000 dollars total, 25000 dollars for the first place, 10000 for the second... you get the point, and they interview these winners, march winner made 1950% of his account in one single month.

From FXCM email, "The King started the month with $961 and ended up with $19714—a winning percentage increase of 1951.22% and the $25,000 First Prize. Please remember that past performance is not indicative of future results."

"Do you have a favorite source for news, and technical indicators? For news I read the Hong Kong newspapers. For technical indicators I use www.dailyfx.com.hk."

Dailyfx.com is a service available to FXCM users which by the way i am.
Do you think Dailyfx.com is trustworthy? Can you follow their analysis? Of course you do yours too but is their analysis always that correct? Cause the only way this guy could get 1951% in a month is by making lots of trades all of them with profit or by a lack of money management which will always turn against him.
Is dailyfx.com really that good? Anyone uses it?

I think the 1951% return is bogus. It seems like the guy is working with FXCM in order to drum up business.

 

[FredCaires]

I think the 1951% return is bogus. It seems like the guy is working with FXCM in order to drum up business.

I was thinking that too. I just open 3 trades following dailyfx.com and a bit of my strategy and got 216 pips out of it. Maybe it works, it was on a demo account but i have the report if anyone wants to see it, my 50 000 demo account is now at 71 344 in just 3 hours, 1000 dollars risked per trade which translates in 2%.

 

[KillPhil08]

mallegan on the abn amro did 55000% in a month...

search "biggest percentage profits" in top right.

 

[FredCaires]

That's nuts, if he could get that percentage every month in a year he would do 660 000%! I'm going to learn scalping right now.

 

[Depth Trade]

Yeah, but they forgot to add that he had opened 10 accounts and 9 of they are down 20000% each.
That`s how they get those numbers.

 

[NetTecture]

Well, it is a "who cares" thing. He opened an account, was betting like mad, was LUCKY enough and now he has a HUGH cash out thanks to that.

Lottery in the purest form.

Happens.

Noone says the strategy is sustainable. OTOH, his Risk/Reward ration was not too bad thanks to the possible win May just have been some spending money.

 

[Mister7]

That FXCM Micro Contest is Cooked like Grandma's Sunday Roast.

 

[Simex]

how much is a pip with one of these micro accounts-margin is stated at 2.50$-4$, so if one sells 6E at 4800, closes 4780 = 20 ticks gained, but how much money?

On my account that trade would be 20*12.5-commission = 245$ net per contract.

I was considering opening a micro acocunt and going for bigger gains using a different strategy, since the account size is so small.

 

[Laurus12]

For the record, the 1950% profit in one month is not bogus. When the specific one with 1950% came first, second place came just a few percent after. During the time FXCM had this micro account competition they attached the trading log for all price winners.

There was several 1600-percenters and more or less after that.

From the log of the 1950% winner I studied all the trades through the whole month. What I can tell is that there was no obvious strategy that was revealed. Sometimes it was good timing on entries, but also often the positions had huge drawdowns before going into profit. If not remembering wrong, I believe there was some adding to positions too. Anyhows, not a recommended way to trade. I had very recently started with trading before this and got hooked on doing the same, so I managed to profit 850% in one and a half week, but when conditions changed I lost it all back. But that was me. Again anyhows, Gung Hoo trading and not realistic if you plan to make a somewhat steady income of your trading.

Cheers