FXCM King of Micro Contest: $25,000 1st Prize! | Forex Factory

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FXCM King of Micro Contest: $25,000 1st Prize!

  • #1
  • First Post: Edited 11:40am Feb 3, 2009 11:29am | Edited 11:40am
Did anyone else enter it? To be eligible you had to fund a Micro account with $500 by the start of the contest (Feb.1st).

http://www.forexmicrolot.com/king-mi...g-contest.html

1st Prize: $25,000
2nd Prize: $10,000 (set of steak knives)
3rd Prize: $5,000 (you're fired)

I threw in $550 into a micro account just for the hell of it with the full expectation that I will blow the account given the huge trades I am placing on it. All in all that is exactly what FXCM wants, but I really don't care.

You can keep track of people's results here: http://forexforums.dailyfx.com/micro...0-traders.html
Does anyone have a prediction of what % will win? Anyone else enter?
  • #2
  • Feb 3, 2009 9:45pm Feb 3, 2009 9:45pm
No takers eh?
  • #3
  • Feb 3, 2009 10:43pm Feb 3, 2009 10:43pm
Nah didnt set up in time. could be good times. let us know how you do! good luck
  • #4
  • Feb 7, 2009 11:05am Feb 7, 2009 11:05am
Quoting Voldemort
Nah didnt set up in time. could be good times. let us know how you do! good luck
Over the course of last week the account went from $550 to $600 down to $180 up to $850 then finally down to $2.49, lol. This was pretty much expected because my theory is that one needed a certain amount of luck to get the account to say $2500 and then dramatically decrease the risk each trade took.

I got annoyed and put in $300 more on Friday morning and finished the day at about $3,000. Then I realized that I had disqualified myself from competition by adding funds to the original deposit. Oh well!
  • #5
  • Mar 3, 2009 2:26am Mar 3, 2009 2:26am
Quoting JFX81
Over the course of last week the account went from $550 to $600 down to $180 up to $850 then finally down to $2.49, lol. This was pretty much expected because my theory is that one needed a certain amount of luck to get the account to say $2500 and then dramatically decrease the risk each trade took.

I got annoyed and put in $300 more on Friday morning and finished the day at about $3,000. Then I realized that I had disqualified myself from competition by adding funds to the original deposit. Oh well!
you still do get to keep the 2700 from a 300 deposit is impressive! too bad you got disqualified
  • #6
  • Mar 3, 2009 2:42am Mar 3, 2009 2:42am
nice glen gary reference
Grabbing the bull by the horns!
  • #7
  • Mar 5, 2009 2:45am Mar 5, 2009 2:45am
Quoting JFX81
I got annoyed and put in $300 more on Friday morning and finished the day at about $3,000. Then I realized that I had disqualified myself from competition by adding funds to the original deposit. Oh well!
From $300 to $3,000 in a day. Stupendous.
What markets were you trading?
  • #8
  • Mar 5, 2009 11:11pm Mar 5, 2009 11:11pm
Quoting PiedPipper
From $300 to $3,000 in a day. Stupendous.
What markets were you trading?
GBP/JPY, basically maxed out the margin and caught a move. More luck than anything and I would NEVER advise that strategy for any sizeable amount of money because it is not a strategy that will end well!
  • #9
  • Mar 6, 2009 7:18am Mar 6, 2009 7:18am
Gotcha! Nice job all the same to 10x an account.
  • #10
  • Apr 30, 2009 3:09am Apr 30, 2009 3:09am
Use the margin call as your stop loss when trading in a profitable position.
"Diversification is an excuse for a lack of talent" ~FXC
  • #11
  • Apr 30, 2009 4:54am Apr 30, 2009 4:54am
looks like trading forex is better than playing at the casino.
  • #12
  • Apr 30, 2009 7:45am Apr 30, 2009 7:45am
the only way to win is to gamble like a banshee without a thought in the world and catch a miracle ride.

It should based on return for the amount put at risk not return on the account size. That forces you to bet way to large a portion of the account and is the sure way to losing money in the long run.

Stupid contest rules.
  • #13
  • May 3, 2009 2:08am May 3, 2009 2:08am
To somebody that doesnt know what they are doing, sure. But if you are a good trader making good profits then going for the king of the micro is a way to prove how good you are. ( to yourself) if you place multiple trades throughout the month at huge leverages and NOT blow up and come up with ridiculous returns then you are THE MAN... and it takes HUGE amounts of brain power and discipline to accomplish this but like i said, you must know what you are doing otherwise. sure. it seems impossible or even 100% luck to the neophytes....


Quoting Crassius
the only way to win is to gamble like a banshee without a thought in the world and catch a miracle ride.

It should based on return for the amount put at risk not return on the account size. That forces you to bet way to large a portion of the account and is the sure way to losing money in the long run.

Stupid contest rules.
  • #14
  • Last Post: May 3, 2009 2:57am May 3, 2009 2:57am
Quoting FXCapitalist
Use the margin call as your stop loss when trading in a profitable position.
And get disqualified from competition if margin call hit.
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