New T2W Forex Contest - Starts Sun, 15th May

Sharky

Admin
5,600 345
Trade2Win has had a long history of competitions that dating back over 10 years (yikes!) to our first UK Share Competition in 2001, followed by the Dow Competition in 2002 and our first Forex Competition back in 2007.

More recently we ran contests for our 10 year celebrations and they proved extremely popular too with a lot of members asked us to bring back a regular weekly or monthly contest.

Well I'm excited to announce that starting this Sunday (15th May) we'll be running a new forex competition. It'll start out as a weekly contest then after we've ironed out the kinks we'll probably make it into a monthly contest. Your feedback is important!

The platform for the competition will be provided for by ForexDesk, a separate project we've been working on for some time and which recently launched in beta, so expect a few gremlins.

How it works

To participate you need to:

- Sign up to ForexDesk, it's free and takes just 2 minutes (see below).
- Each week create a new competition account ($50,000 USD standard account (100k lots)) on ForexDesk (see below).
- Trade that account during the competition week only.
- At the end of the week the trader with the most profit wins the prize.

The competition runs every week, starting on Sunday 5:15pm EST and ending on Friday 4:00pm EST and our first competition is 'Week 1' and will start this Sunday, 15th May. Only one account is allowed per player.

T2W Forex Competition Prize

Week 1 prize will be $100 to the trader who finishes the week with the most profit.

How to Play - Walkthrough

You need an account on ForexDesk (you can't use your T2W login). So head over to ForexDesk to view the sign up form...

Choose the same username as you use on T2W and the invitation code 'T2WCOMP'.

Fill out the rest of the details (full name is optional) and click 'Sign Up':

Forex-Comp-1.jpg

You'll receive an email with a link to confirm your email address and activate your account. On clicking that link you'll be logged in to ForexDesk:

Forex-Comp-4.jpg

Next step is to create your account for the competition. Each week you'll need to create a new account to play with. Click the 'New Practice Account' link, as below:

Forex-Comp-5.jpg

You can then fill out the new account form.

It's very important you put #{competition week} at the end of your account name. The is called a hash tag and is the way we can identify that this account is participating in the competition. The first week is simply #1, then subsequent weeks will be #2, #3 etc.

Leave the settings as they are - any changes to the account or lot size, will make this account invalid for the purposes of the competition.

Then just click 'Create New Account' as so:

Forex-Comp-6.jpg

Your competition account will be created and will appear on your dashboard:

Forex-Comp-7.jpg

When the forex markets open on Sunday, after the weekend, then you can start trading on this account either manually or using MetaTrader here:

Forex-Comp-8.jpg

To see how you're doing again other players, head over to the Accounts page and search for the hashtag of the competition, ie. #1 as so:

Forex-Comp-9.jpg

We'll also be posting a daily update of the leaderboard here on T2W.

The winner will be announced on the forums on Saturday after the markets have closed.

Good luck and Happy Trading! :clover:
 
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GlenGary

Active member
178 2
interesting,

1 thing, Can we adjust the lots after the market opens, or are these fixed lots thru the entire contest?

Thanks
 

Sharky

Admin
5,600 345
The lot size is fixed at 100k but you can decide how many lots to trade subject to your account balance and 1:25 leverage.
 

DashRiprock

Experienced member
1,650 482
sorry but dont you think "most profits after a week" is not the best question to ask?

like you could have a mix of sortino ratios, protits/drawdowns and things. I mean most profit after one week could just mean opening two accounts and going long euro and short euro in massive size :/

as well if you can it would be good to have option to have lot size << account size, and as well pay carry properly (i dont know if u do this but most spreadbetters dont). because then for example you can have a winner that carry trades with no leverage but v v v low volatility as your winner.

anyway its just a suggestion i know you are starting out with it so good luck :)
 

DionysusToast

Legendary member
5,963 1,499
The winner will be the one with the biggest t1ts of course...

Seriously though - what guarantees are there that T2W will stick to their own rules on this one?
 
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Sharky

Admin
5,600 345
UPDATE: Currently we have 4 entrants (+ myself) to the competition, these are:

kam2001
trader_dante
Lightning McQueen
GlenGary

Yes we do pay carry on trades. We follow the same rules as FXCM described here: http://www.dailyfx.com/forex/education/learn_forex/using_dailyfx/fundamentals/2010-01-19-2142-Understanding_Foreign_Exchange_Rollover.html - booking the carry at 5pm ET and accounting for holidays and weekends.

As for determining the winner on a different criteria, why not.. we purposely started it out as a weekly contest so it's easier to make changes. So if you can suggest a mix of factors to base the winner on, then I'll get the tech guys to code it up and it should make the contest that much more interesting.
 

kimo'sabby

Experienced member
1,623 287
It'll be interesting to see who has the most time on their hands. You know, between mentoring, system writing, making ten K a day and all that. Can't wait for it.
 
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DionysusToast

Legendary member
5,963 1,499
Indeed

So no prizes for people making real trades on live accounts with a proper broker?

Just awards for people with SIM bucket shop accounts?



OK - I'm in - I'm gonna stop trading my account for a week for the $100! (y) (y)
 

tar

Legendary member
10,443 1,313
DT looooooooool

r u fu*** around because u have made 15 points in profits ?! are you for real ?!!!
 

DionysusToast

Legendary member
5,963 1,499
DT looooooooool

r u fu*** around because u have made 15 points in profits ?! are you for real ?!!!
No I am not for real - I made me up.

I thought putting in a currency futures trade that roughly equalled the prize money was pretty lulzy myself.

Given the chart above - do you think I should have held out for more???

dontchageddit? :p
 

c6ackp

Well-known member
441 28
Hi Sharky - good luck with this - should be interesting to see if the well known traders on this site can deliver some interesting trades. I'm assuming that the pricing, etc. will be fast enough to ensure the trader with the best entries and exits will win instead of the trader who manages to "game" the site the best...

BTW "Create New Account" isn't working today - I managed to register but I can't create an account - I tried twice, but no luck... unless it's just me?

Cheers,
Steve
 

Sharky

Admin
5,600 345
At the moment we're using FXCM's live prices. So there should be no difference compared to direct with the broker.

Yeah I've just checked and there's a problem with creating accounts. I suspect it has something to do with the markets being closed, but I'm chasing up with the dev team. Thanks for reporting and good luck with the comp!
 

Pat494

Legendary member
14,437 1,518
Looks like stiff competition (y)

but who knows :smart:

BRING IT ON as they say !!

:devilish:
 

Lightning McQueen

Moderator
4,916 780
good to see the comp back! :clap:

sharky, similar to the previous comps, will there be a dedicated area in the forum for comp chats?

also, you have a dead download link on the metatrader integration page.
 
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