T2W Forex Contest - Week 5

[Sharky]

How to enter

Entry is free and takes just a couple of minutes. First, sign up on ForexDesk, using the invitation code "T2WCOMP" and your T2W username. Once you're activated your account, log in and create a new practice account using the default settings. You can call it whatever you like but you must add "#5" to the name, to enter this week's contest. Then make at least one trade during the week to qualify for the prize.

More detailed instructions here: http://www.trade2win.com/boards/t2w...ew-t2w-forex-contest-starts-sun-15th-may.html

Rules

- Contest started last night Sunday 5th May at 6pm ET, 11pm BST.
- Contest finishes after 5 days, on Friday 10th Jun at 6pm ET, 11pm BST
- Enter any time before the contest finishes.
- The winner will be judged by their P&L for the week.
- Only entry per person

Prizes

- Top Trader (Highest P&L)

This week's prize is a donation of $150 (or £100) to a registered charity, picked by the winner.

Good Trading! :clover:

 

[Sharky]

The first competition update of the week and redart takes an early lead...

 

[timsk]

Is it just me - or are other peeps having trouble logging on to ForexDesk?
Trouble - as in I can't!

 

[redart]

no trouble here...I don't want any trouble, just having a quiet drink.
(i can log in fine so far)

 

[timsk]

. . . just having a quiet drink.

You start early red'!
I don't open the bar before 6.00pm on a weekday, unless it's a special occasion. Perhaps you're in a different time zone.
Tim.

 

[timsk]

Sharky,
I've got a short 8 lot AUD/USD position running, of which I've closed 4, and got a pending order to close the remaining 4 at B/E - if the pair do an about turn. However, the quantity listed is to buy 8 lots - as opposed to 4. Does this mean I'll end up with a net long position of 4 lots? This isn't what I want - I want to just close the remaining 4 lots at the specified B/E price.
XtremeRisk #5 Short AUD/USD trade
Tim.

 

[timsk]

Hi Sharky,
Me again!
Something very weird happening with this trade; I don't understand the 'open positions' window at all - and it won't let me close the trade. On the record - I want out now!
Tim.

 

[Sharky]

Hi Sharky,
Me again!
Something very weird happening with this trade; I don't understand the 'open positions' window at all - and it won't let me close the trade. On the record - I want out now!
Tim.

Sharky,
I've got a short 8 lot AUD/USD position running, of which I've closed 4, and got a pending order to close the remaining 4 at B/E - if the pair do an about turn. However, the quantity listed is to buy 8 lots - as opposed to 4. Does this mean I'll end up with a net long position of 4 lots? This isn't what I want - I want to just close the remaining 4 lots at the specified B/E price.
XtremeRisk #5 Short AUD/USD trade
Tim.

Thanks for reporting. Sounds like a bug, since you've managed to close more lots than you had in your position! We'll get this fixed tomorrow morning, then you'll be able to close out the position.

The quantity column (for those that were wondering) shows for example (1/4), this means the position was opened with 4 lots, and 1 lot has been closed so far. It's confusing I know and we'll tweak this shortly to make it easier to understand.

 

[Sharky]

Today's update of the competition leaderboard and timsk makes an impressive leap into 1st place, ahead of andycon, mk31970 and redart who trail closely behind.



Good trading! :clover:

 

[Sharky]

Has anyone given the new MT4 EA a try? If so tell us how you got on. The setup instructions are here: http://support.forexdesk.com/knowledgebase/articles/10975-setting-up-metatrader-4-integration

 

[timsk]

Greetings fellow comp' traders,
Just in case anyone was wondering, my position isn't anything like as good as it appears. The AUD/USD trade should have closed at breakeven, but there's a software bug and it put me long. At the time of writing, it's showing a $2k+ profit which - sadly for me - is bogus. If/when the tech' team close this trade, (I can't close it myself), any profit needs to be deducted from the total. Additionally, I won't be trading at all tomorrow. On top of that, based on the trend from previous weeks, I blow up around Thursday anyway - so andycon and redart are the traders to beat!

Tim.

 

[Shikamaroo]

Hey Sharky, how come stops and limits are totally removed if you close 1/2 your position? (as opposed to just having the position size reduced. sorry if redundant)

Also, the trade appears to read as if 1/2 wasn't cut showing a $3088.00 profit instead of $1544.00 so I think that is a bug. (gotta get out yur fly swatter me thinks) It doesn't seem to affect the overall account value though.

I also cant place new stops and limits since although it shows 4 lots on the orders option screen, when placed, the order comes up as 8 lots (my original position size)

 

[Sharky]

So I just checked and it seems you're right...

1) If a position is reduced (ie. close some but not all lots) then stops/limits are removed. They should remain to close the remaining lots.
2) The profit field shows the full profit of the original position regardless of how many lots are closed.
3) When you now set a new stop/limit for an order that's been partially closed. It shows the original lot size on the delayed order and not the current lot size.

I think I got it!

Timsk, we've fixed that bug and closed your position. Thanks for reporting!

 

[Sharky]

Today's update of the competition leaderboard and andycon pushes ahead of timsk into 1st place. One to watch out for: counter_violentmoves - raising quickly up the ranks into 3rd place.



Good trading!
__________________

 

[BillSimmons]

How to enter
This week's prize is a $150/£100 donation to the winner's favourite charity.
Good Trading! :clover:

That's easy, my favorite charity is myself :cheesy:

 

[Shikamaroo]

That's easy, my favorite charity is myself :cheesy:

I rather like the "Shikamaroo trust fund" myself.

 

[Sharky]

In today's update of the competition leaderboard, andycon retains his lead in first place with counter_violentmoves, as predicted yesterday, charging into second place. A new entrant amongst the top tier is marnic in 3rd place.



Good trading! :clover:

 

[Sharky]

It's the final update of this week's competition before the winner is announced tomorrow. Leading the field on this final leg is duyk20, having made an impressive leap form 5th to 1st place in a single day. He's closely followed by counter_violentmoves who's still in the running in 2nd place. That just leaves andycon and marnic a little further behind in 3rd and 4th places. Still everything to play for!



Good trading! :clover:

 

[trendie]

am I missing something, I just looked and C_V has disappeared from the list.

what's going on?

 

[counter_violent]

am I missing something, I just looked and C_V has disappeared from the list.

what's going on?

I think we have an issue here and thanks for inadvertently highlighting it trendie.

When it gets to the last day of the comp and on a tight race, then the easiest thing in the comp to do is shaddow the opponents trades. This happened today later on ...could have been co-incidence, but I don't think so ! Will wait to hear from duyk see what he thinks about it. The solution is inbuilt into the platform...simply make the account private for a period. Although this goes totally against the spirit of the comp.

Maybe when players take trades...they are not visible to others for a certain time period...5mins perhaps ! That way we can be assured that each trader makes his own decisions.

Have declared on $17,291 no more trades.