Lose to Win Contest--- unique idea..

Discussion in 'Psychology' started by marketsurfer, Nov 23, 2006.


  1. :D

    recently, metoo! wonder how long it will take the first participant to lose the 5k?

    :D
     
    #11     Dec 2, 2006
  2. I wonder if the broker will encourage the "loser" to trade with some of their real money in the future so that the firm
    can fade all his trades

    :p
     
    #12     Dec 2, 2006
  3. yes, its required-the winner gets his/her account funded at the firm.


    one of the criteria is that the winners must submit to having all their trades listed on the website.

    i wonder if the winners are able to withdraw the winnings from their account?

    surf
     
    #13     Dec 2, 2006
  4. skepticaltrader

    skepticaltrader Guest

    I wonder if the people running this Forex club will take the other side of our losing trades?
     
    #14     Dec 2, 2006

  5. nothing will surprise me. the rules are stringent and seem like it will be a level playing field but who knows?

    http://www.fxclub.com/contest/rules.html
     
    #15     Dec 2, 2006
  6. I don't know nothing about FX trading , which pair has a widest bid/ask spread ? In options trading , I can guarantee to lose it all in 6-8 transactions by buying on the ask and immediately selling on the bid ( certain illiquid instruments), lol
     
    #16     Dec 2, 2006
  7. waxwing

    waxwing

    Yes, I was about to say the same thing. The obvious strategy is to find the pair with the highest bid-ask spread in real terms, and then apply the maximum available leverage.
    The contest says a maximum of 4 orders per day (2 complete trades), so this is not a trivially easy way to blow an account, but it depends on what kind of leverage is available and the time scale of the contest. (Edit: OK I just read it, it's 20:1)
    If that proves useless in practice, the only other approach that would make a lot of sense (only 4 orders a day, that's tough) might be to average down whatever loser you get aggressively. This gives you a small but significant chance of completely blowing out in a short time frame.

    OK here's something I don't understand:
    they say maximum allowed leverage is 20:1, initial balance is $5000 and *only* 100,000 lot sizes are available. Doesn't that mean that as soon as you lose some money, you cannot buy 1 lot, and cannot trade?!

    (http://www.fxclub.com/contest/rules.html)
     
    #17     Dec 2, 2006
  8. max size is one 100k unit per currency pair. therefore, the max spread idea is mute imho. good idea, otherwise!
     
    #18     Dec 2, 2006
  9. ated

    ated

    Short the Euro and pyramid.
     
    #19     Dec 2, 2006
  10. ER9

    ER9

    ah hell im bored and have some free time. i always wanted to try trading forex. sounds like fun. count me in surf....if i can figure out how to get my chartd to display forex pairs then i'll see you on the frontlines :p

    looks like were competing against all of the russian continent from the looks of the contestant list.
     
    #20     Dec 2, 2006