1 month contest strategy ideas

Hello There,

I will be participating in contest in virtual money starting tomorrow and although I searched forum for some tips/strategy of how to trade there I couldn't find anything.

Could you please tell me some ideas/tips how to approach it concerning timeframe selection and risk percent per trade...

I am thinking of 2-5% risk per trade. Not too small?

But what time frame to use? 5 minute timeframe has more swings than 30 minutes and 4 hours and we then we have limited time. But then transactions costs are higher....

My advice:

Low Risk (2-5% is good).
Use the opening range breakout but look for ones that are moving (opening range breakout works best in a trending market, if you see loads of price swings then don't use it), also look for areas where the opening range occurs near the 1 day or 3DL etc, also intraday structural points.

Don't have a bias with the opening range, it can go either way.

You'll only win by risking 50-100% and getting lucky because that's what the winner will be doing.

Sad but true

True.
bet 100% of account all the time and pray - bet on gold, oil, indexes if possible
in contest like this one profit of 1000% or even more is not unusual, and it has nothing to do with proper trading in most cases, just a mixture of skills and lots of luck

I wanted to code a robot for FX contests until I reviewed their trades and understood the strategy: Flip a coin bet all in. First or last. Have some friends competing with you share the $2500 if you win.

Hey Ramadas

Just IM'ed you. There is a new thread in the commercial section of the forum where a company is offering £500 raffle prize for opening up a demo account through them. Least you get 2 chances of winning cash

Cheers
Bull

Just tried to access the XM site looks like it is struggling a bit, anyone else have this issue?

Had a look and it looks like DF markets also does monthly demo contests, any one know of any demo contests? Going to take a stab at that £500 competition

Thank you for the tips. I thought so that there will be thousands of participants, and much will be dependent on luck and crazy risks.

But looking at this analysis of past contest we can see that only 10% were profitable:
http://www.myfxbook.com/contests/for...ex/16/analysis

http://www.myfxbook.com/contests/for...ro/15/analysis

If I will be in this 10% of winning accounts I will be glad.

Hows the trading competition going Ramadas?

It can be won easily..


we need 128 volunteers....
exactly half of people enter in opposite direction simultaneously ... batting everything
I hope you got it ...its nothing new but called pyramiding.
At the end only 1 person will have made 128 time amount of starting bankroll.
For ex. starting with 100,000 you will have one guy with 12.8 million .

Divide the amount , buy candies and go home .

Well, somebody have 11 000 % of profit in 14 days. How is this possible? Are they cheating?

http://www.xm.com/landing/demo-competition/en

take a 200 ema. if the ema is up not flat buy. risk 500 pips per tranzaction and 100% of the account. take profit at 20 pips. good luck.

no it's not cheating it's luck. neither competitiors will have a 2 year live statement showing profits. best comparison - an illusion= some knowledge and huge amount of luck. by no means they are good traders. by no means.