April Forex Trading Contest

Minimum Take Profit: 30 pips

Prizes	1st Place: $750 ($250 Cash + $500* @ iTradeFX account) 2nd Place: $375 ($125 Cash + $250* @ iTradeFX account) 3rd Place: $175 ($75 Cash + $100* @ iTradeFX account) 4th-6th Place: $40 ($20 Cash + $20* iTradeFX account) *Incentive Disclaimer:  For every $100 USD deposit received in the client’s account, a minimum of 10 standard round turn lots must be traded.  Clients who request a withdrawal of all account funds without meeting the aforementioned requirement may not withdraw the incentive amount.  Incentive amounts are subject to i-Trade FX application approval and funding confirmation.  Applicable incentive funds shall be posted to account within 7 days from client’s funding.  This offer may not be combined with any other promotional offers and requires a minimum deposit of $2,000 USD at account opening.  Client is limited to $1,000 USD in incentives.  i-Trade FX reserves the right to make changes to the above requirements without prior notice. Note:  Cash is paid by www.forexrazor.com and carries no requirements beyond contest ranking.
Start Date	Start: Wednesday, April 1st @ 12:01am ET End: Thursday, April 30 @ 5pm ET
Account Type Rules	Demo Account Click here

Hi MJ,
please explain new rule of 70 pips. say i trade eurusd paid in 1 lot size and cut when market move 7 points. this will called 70 pips or some other thing. plz explain

for April contest i mistakenly login two time and received two time login info. pls tell me what is my valid account for April 09 demo contest.

thanks

What is the size of 1 lot in ITFX platform?

What is the minimum number of trades that must be done during the contest period?

What is the maximum transaction size?

What is the maximum number of deals that can be running in the same time?

Is the 15% DD restriction applied in april contest?

Appreciating

Thanks for answering

To Manzoor,
70 pips is 70 pips move no matter of trading volume. In Forex we know just for pip (1pip=minimum possible move for any pair), no points. There is no special accounting or calculating: Price/quote of 4 digits is telling you difference directly in pips from your entry for example.

To MJ,
The thing is bothering me from new rule is: 'Profit taken on any trade' - that means Every trade inside the whole month must be minimum of 70 pips at least and not average. In case I am in profit of 50 pips when market is turning against me I have to wait (not to close) to close it at break even not to be disqualified. Do you think that way trading is for real? Is this a simulation of real trading? I am really interesting how many day traders on real accounts have a gains on trades over 70 pips at all? I live from trading and I am doing on real accounts around 70 trades per day: I have just one trade per week with gain over 70 pips maybe. My average is around 20 pips.

My opinion about new rule:
A/ If there is a problem with i-Trade platform - there is more than 100 other brokers with whom you can arrange contest: Change the broker not rules which are not suitable for Forex at all.
B/ No matter what are the issues with platform - conditions are the same for all contestants.
C/ Every trader has his/her own trading style. It is not logically to force a trading style which is useful just for institutional traders and large accounts but for sure is not real for retail traders/ small sized accounts, sorry.
D/ Even a rule of an average of 70 pips gain should be senseless in present market volatility. You can see from your earlier contests that an average of 10 pips was hard to satisfied for most of traders.

Actually I don't care, contestants can't loose anything except a time wasted on unuseful trading style. More important is that your contest will be dead after first few days in April: If minimum is 70 pips gain - most of accounts will come to $0 very quickly, logically. Contest awards should be delivered for making profit on accounts...

Posted By anina on 30 Mar 2009 02:53 AM
To Manzoor,
70 pips is 70 pips move no matter of trading volume. In Forex we know just for pip (1pip=minimum possible move for any pair), no points. There is no special accounting or calculating: Price/quote of 4 digits is telling you difference directly in pips from your entry for example.

To MJ,
The thing is bothering me from new rule is: 'Profit taken on any trade' - that means Every trade inside the whole month must be minimum of 70 pips at least and not average. In case I am in profit of 50 pips when market is turning against me I have to wait (not to close) to close it at break even not to be disqualified. Do you think that way trading is for real? Is this a simulation of real trading? I am really interesting how many day traders on real accounts have a gains on trades over 70 pips at all? I live from trading and I am doing on real accounts around 70 trades per day: I have just one trade per week with gain over 70 pips maybe. My average is around 20 pips.

My opinion about new rule:
A/ If there is a problem with i-Trade platform - there is more than 100 other brokers with whom you can arrange contest: Change the broker not rules which are not suitable for Forex at all.
B/ No matter what are the issues with platform - conditions are the same for all contestants.
C/ Every trader has his/her own trading style. It is not logically to force a trading style which is useful just for institutional traders and large accounts but for sure is not real for retail traders/ small sized accounts, sorry.
D/ Even a rule of an average of 70 pips gain should be senseless in present market volatility. You can see from your earlier contests that an average of 10 pips was hard to satisfied for most of traders.

Actually I don't care, contestants can't loose anything except a time wasted on unuseful trading style. More important is that your contest will be dead after first few days in April: If minimum is 70 pips gain - most of accounts will come to $0 very quickly, logically. Contest awards should be delivered for making profit on accounts...

I agree here. If you want to avoid people scalping and trying to misuse the demo rates not exact as real, it's better to have some average pip condition saying avg pip gain > xxx that too 70 pips is too high. 20/30 pips/lot on average would be good.

I am new here, but 70 pips???
I have my regular job to do too...

Hi MJ, i sign up for the contest but not received confirmation email. Could you check if I am really registered with account n. 8015361
Thanks

Hi,

Do I need to use ItradeFX Metatrader or can I login to the account using my metatrader4 that is installed on my computer.

Let me know, Thanks, Sam

wow, a new very dificult rules.. i agree with anina n fxrbk..
20-40 is hard enough.. 70? too hard MJ..

That'all right about my previous post
Thank you anyway

Posted By anina on 30 Mar 2009 02:53 AM

Do you think that way trading is for real? Is this a simulation of real trading? I am really interesting how many day traders on real accounts have a gains on trades over 70 pips at all? I live from trading and I am doing on real accounts around 70 trades per day: I have just one trade per week with gain over 70 pips maybe. My average is around 20 pips...
Even a rule of an average of 70 pips gain should be senseless in present market volatility. You can see from your earlier contests that an average of 10 pips was hard to satisfied for most of traders...

Hi all,

Wanted to weigh in on this, since I devised the 70 pip rule and it is partially negotiable.  First, I completely disagree with the above comment and the exact opposite is generally true.  I would like for new traders to understand that and not get confused.  Trying to take tons of trades a day and looking for 10 or 20 pips or less is the best way to lose your account.  I have to sit and watch over 99% of our traders come on and try this exact strategy, and after seeing 500+ accounts I can tell you there are generally few if any winners.  I have coded EA scalpers that have enormous profit potential in intraday trading under certain conditions and there may be some good ones on the market right now.  For this reason I am not making a blanket statement, however over 99% is a pretty strong number of people losing and I do not like to see that.

I thought it would be best to not get new traders involved in poor trading habits, and 70 pips is the number that came to mind.  Now, there must be a profit requirement of at least 30 pips to avoid potential for demo latency and execution exploitation.  Switching brokers will not fully solve this, because you will never get true execution on a demo, though you might improve latency.  Itrade says their demo and live feed is from same server, so the latency may not be the main issue at all. 

We are open to changing the profit requirement based on user input.  Please consider what I have said and the intention to form good habits in new traders.  Also understand that of course you can go months with terrible habits and make seemingly unreal profits, only to have the ceiling cave in on you.  Please consider whether you are a profitable trader, consistently, for at least 6 months.  Be honest with yourself, and then vote in the poll below according to how successful you have been longer term in the strategy you are going to vote for.

I do not care to argue the point of what strategy is better, numbers do not lie and I am very aware of what is better for the vast majority of traders, which is who we have to focus on.  If you are an exception and have minimum 6 months trading history making money on a viable strategy that is executable on an institutional level (for instance, high leverage news scalping would not apply) we welcome your live account statments and will consider placing you with funds.

Please vote using the poll here so we can decide on the contest profit requirements:

Posted By manzoor on 28 Mar 2009 05:05 AM
Hi MJ,
please explain new rule of 70 pips. say i trade eurusd paid in 1 lot size and cut when market move 7 points. this will called 70 pips or some other thing. plz explain

for April contest i mistakenly login two time and received two time login info. pls tell me what is my valid account for April 09 demo contest.

thanks

Hi manzoor,
Lot size doesn't matter, only the number of pips when you close your trade. Forex market movements are measured in pips, not points. We are currently discussing the this rule, and may change it from 70 pips before the contest begins.

You are entered in the contest for April, but I have not received the final list from iTradeFx yet. One of your logins should work, the other should be invalid when the contest begins.
mj

Posted By UnitedMan on 28 Mar 2009 11:13 AM

What is the size of 1 lot in ITFX platform?

What is the minimum number of trades that must be done during the contest period?

What is the maximum transaction size?

What is the maximum number of deals that can be running in the same time?

Is the 15% DD restriction applied in april contest?

Appreciating

Thanks for answering

Hi UnitedMan,

A 1 entered in the iTradeFx platform =  1 standard lot, 0.1 = 1 mini lot.

You must trade at least 1 trade to be eligible for prizes in the contest.

Max transaction size - up to the limit of your account equity.

Max # of open trades - up to the limit of your account equity.

The 15% DD rule does not apply to this contest.

mj

Posted By Snezka on 31 Mar 2009 01:58 AM
I am new here, but 70 pips???
I have my regular job to do too...

This may change before the contest begins - stay tuned.

Posted By yanez67 on 31 Mar 2009 10:12 AM
Hi MJ, i sign up for the contest but not received confirmation email. Could you check if I am really registered with account n. 8015361
Thanks

Hi Yanez67,
I can confirn you are signed up for the contest. Please check your junk email folder for an email from iTradeFx. Email support@forexrazor.com if you cannot find it.
mj

Posted By brigade on 31 Mar 2009 11:48 AM
Hi,

Do I need to use ItradeFX Metatrader or can I login to the account using my metatrader4 that is installed on my computer.

Let me know, Thanks, Sam

Hi Brigade,
Your Metatrader should work if you change the sever to the iTradeFx demo server: 216.53.213.4.443, and then login with your contest account and password.
mj

Posted By riyan15 on 31 Mar 2009 12:25 PM
wow, a new very dificult rules.. i agree with anina n fxrbk..
20-40 is hard enough.. 70? too hard MJ..

This may change today - watch this forum.

hi.
on march 25, i signed up for the contest.
User ID: 508275
i try to open the account, but it says invalid account (up to now).

today april 1, 5am,
i received a registration for another account, but i did'nt register for a new one.
User ID: 508454
i tried to open it and it works.
what does this mean.

which account do i use.
thanks.

I have encountered the same. The earlier registered acct is invalid, have received another email with new account.

so shat's going on?