T2W Forex Contest - Week 8

[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 "#8" 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 starts tonight Sunday 3rd July at 6pm ET, 11pm BST.
- Contest finishes after 5 days, on Friday 8th July at 6pm ET, 11pm BST
- Enter any time before the contest finishes.
- The winner will be judged by their P&L for the week.
- Accounts must remain public (not private) for the duration of the contest.
- Mirroring of trades to retain first position lead is disallowed and may result in disqualification.
- To qualify for the prize contestants must open at least one position.
- Only entry per person

Prizes

- Top Trader (Highest P&L)

This week's prize is a stylish Sony CMTBX77DBI Mini Hi-Fi.



Good Trading! :clover:

 

[duyk20]

hi yo, hopefully get lot of time to trade this week

 

[echo13]

Hey Sharky,all these prizes,are they from your own pockets?

 

[Lightning McQueen]

what's going on! nearly under starters orders with 1/2 hr to the off and i've been hooked off the leader board

 

[echo13]

Are there live charts available on forexdesk? If so,where can i find them?

 

[Sharky]

Hey Sharky,all these prizes,are they from your own pockets?

We currently don't have a sponsor so at the moment all the prizes are offered direct by T2W.

what's going on! nearly under starters orders with 1/2 hr to the off and i've been hooked off the leader board

Do you mean trading began before the official start?

Are there live charts available on forexdesk? If so,where can i find them?

Not at the moment, but it's something we'll be adding soon.

 

[EK1]

New week, new competition and a nice prize to boot!
First update of the week and Darwinder is ahead closely followed by andycon....all to play for.....
Good Luck.

 

[Lightning McQueen]

Do you mean trading began before the official start?

no, i have created a #8 account and it did, at first, appear on the leader board list, then disappeared when others joined, it reappeared again for a short time at 11 pm, more joined and it disappeared again. i have just checked now and it's not there, though i can see the account and access it ok. i have checked and its a public account before you ask, i have noticed there are muliple entries of different members, i'm guessing that has something to do with it, i'd check that if i were you

 

[Sharky]

Oh yeah, that's odd... getting one of the techies to look at it now.

 

[Sharky]

It was a bug, only affects account that have no trades. So once you open a position it'll fix itself. The fix for the bug we'll push out on the next release. Thanks for reporting!

 

[Ross Spur]

While we're on the subject of glitches, Sharky, re. week 7 can you explain the rules on trades, please? Because he didn't close a position, jahdave didn't make a trade according to forexdesk, yet he apparently won the comp, even though the rules say he shouldn't qualify. SB companies also don't count opening a position as a trade, as I discovered a few years back when I tried to claim a bonus.

 

[EK1]

Day 2 of the new week and we have a close run thing at the top with 4 or 5 accounts all around the $4K area.
Still, it's early in the week so plenty of time for that to change!

 

[Sharky]

While we're on the subject of glitches, Sharky, re. week 7 can you explain the rules on trades, please? Because he didn't close a position, jahdave didn't make a trade according to forexdesk, yet he apparently won the comp, even though the rules say he shouldn't qualify. SB companies also don't count opening a position as a trade, as I discovered a few years back when I tried to claim a bonus.

Ah yes, apologies for the confusion. As long as you open a position that's sufficient. I know in the rules it says 'place a trade' whilst on ForexDesk a trade is calculated as a position open AND closed. Hence the confusion. The purpose of the rule was to remove from the contest players that opened an account but didn't do anything with it. We'll update the description now and make sure next week is clearer. Thanks for requesting clarification.

 

[rogue8]

Look what I've just spied with my beady little eye...

https://www.fxjunction.com/

It's like what Forex Desk is but 'Where Traders Connect'. More bells and whistles but no 100 quid prize though.

 

[EK1]

Third update of the trading week.
andycon still ahead of the leading pack as the top 4 are opening up a slight gap over the rest of the field....

 

[Sharky]

Announcing some exciting updates to ForexDesk:

- Support added for FXCM's FX Trading Station.. you can now link a demo account (currently UK only) to a ForexDesk account and trade in realtime on a professional trading platform (yes, that means scalpers can finally participate in the contest!). Please be aware this feature is in beta and there may be bugs, if you find one, then please report it! We'll publish a set-up guide shortly.

- Guest access to account pages is now working! You no longer have to be logged in to view an account. Try it for yourself... without being logged in head over to https://www.forexdesk.com/traders/andycon/accounts/304 and view this week's (currently) leading account traded in realtime.

- You can now (finally!) delete an account. Just head over to the Settings page for your account and hit the 'Delete' button - simple!

- Bug fixed where accounts sometimes didn't show up on the Accounts page. This is the one that recently affected Lightning McQueen.

 

[EK1]

Nearing the end of the trading week and it's all change at the top.
JahDave takes over the top spot, but andycon is just a tad behind followed by 2 more traders just behind at around $14K. Could still all change.......

 

[Oppi1904]

@Sharky and EK1

I just want to report a bug. I am not quite sure whether this is your fault or the broker's (FXCM) fault. Today at about 13:35, I had an open position of 9(split in 5 trades) lots in total. My account's equity was about 54,000 (more than that actually) so the total leverage was less than 18. The maximum leverage allowed is 25, so I had sufficient margin for my position. However, one of my trades(the one with 2lots) was stopped out because of a margin call. The position (long) was stopped at today's low levels. The rest of my positions were closed by me later on at a level of 60 pips higher than the one stopped out. So this resulted in greater losses than the ones that I would have had from my trading.

About 1 hour ago, I had an open position of 5 lots(short) and opened another position (short)of 4 lots. Again my total position was 9 lots and my equity at about 52, 000. Again the leverage was less than 18. However, my 5 lots position was again stopped out (without any reason). Needless to say that the level was one of the highest of the day... I tried and opened a 4 lots trade and a separate trade of 1 lot and again the 1 lot position was stopped out again..

Apart from the slippage that I personally experienced (this can be subjective though) and the outrageous spreads (sometimes even 3(!!!) times the spread that I pay with my current broker (OANDA) on the EUR/USD ), this has been a very unpleasant experience I have to confess. I am sorry to complaint but those things can greatly affect someone's trading performance. Anyway, it is only a demo account and this is what I am happy for...:cheesy: Had it been a real account, I would have immediately calleed the customer service department... I would like to have a word with them...

Please check my account and try to rectify this bug...It may affect other traders in the future.. If it is the broker's (FXCM) fault, I will be very happy to rate them... I have never used them before , but based on those aforementioned facts I am inclined to believe that I will never use them...

I am sorry to complaint as this is my first post on T2W (however I have been following this forum for quite some time- more time than I am registered...). I think I will become more active from now on....

Anyway, happy trading to all of you...:clap::clap::clap:

Cheers!

 

[EK1]

Final day of the trading week and we have a new leader Gordon Gekko, closely followed by JahDave...can the new leader last?
We still have a breakaway group of 4 who could all be in with a chance of the top spot......it'll be an interesting final few hours....Good luck all.

 

[Jason Rogers]

I just want to report a bug. I am not quite sure whether this is your fault or the broker's (FXCM) fault. Today at about 13:35, I had an open position of 9(split in 5 trades) lots in total. My account's equity was about 54,000 (more than that actually) so the total leverage was less than 18. The maximum leverage allowed is 25, so I had sufficient margin for my position. However, one of my trades(the one with 2lots) was stopped out because of a margin call. The position (long) was stopped at today's low levels. The rest of my positions were closed by me later on at a level of 60 pips higher than the one stopped out. So this resulted in greater losses than the ones that I would have had from my trading.

Hi Oppi,

I am FXCM's representative on the Trade2Win forums, and I would venture to guess this is more a misunderstanding of how the margin call occurs. The margin requirement for each 100k lot on EUR/USD is about $5,688. You can find the total margin requirement listed in the stats section of the ForexDesk account. If you had 9 trades open, that would indicate a total margin requirement of $51,192 to keep positions open. If your account equity drops to that level ($51,192), you get a margin call. Subtracting the account equity you mentioned of about $54,000 from the margin requirement of $51,192 gives you about $2,808 in usable margin to guard against losses. If you accumulate losses of $2,808 or more on those 9 open positions, a margin call will close all positions. You can also watch the Usable Margin % calculation in forex desk. If that figure drops to 0, a margin call will occur.

Getting back to the 9 positions you had open....trading a total of 9 positions means that each pip is worth $90. If you divide your usable margin of $2,808 by a pip value of $90, that means the market only has to move against you by 32 pips for you to get a margin call. That's not a very large market move.

Even just now I noticed your usable margin % drop to 3% before you closed out your 4 lot EUR/USD position. According to my rough calculation, the market would have only had to move against your 12 open positions by about 20 pips for a margin call to occur.

Please feel free to let me know if anything is unclear about FXCM's margin call procedure. I would be happy to help.

Jason