A real contest has just begun with this adjustment as far as am concerned. What a nice leverage!
I’ve never seen how margin restriction could be justified to know a good trader. However, the low leverage will reduce its effect, which is fair enough. Kudos!
Hi there @cozard007!
Yes, this contest will be a real MM challenge.
It will require a perfect timing for the entries and keep an eye on the trade.
It’s also good to learn that trading does not necessarily requires a big leverage ratio (most traders in real-life use big leverage ratios in the hope that a under-capitalised account can make them rich…).
Anyways, we’re glad you like this contest specs and thanks for your feedback.
Good luck, and many green pips
Hi there @selebalo.mopelo
Thanks for reporting that. Apologies, our IT guys are fixing it and soon it will be back to normal.
Good luck for the contest
Hi. I see people using 0.08 on their trade but I can only use 0.04. Why is that please?
Hi there @genexisfx welcome to our forum.
Thanks for reporting that. Our IT guys are investigating and I will update the topic as soon as we know more.
Hello Angelus, please check my account 12412240 as to why I cannot use more than 0.04 lot despite having some few closed profitable trades already. I see people using 0.1. What’s going on? This is pulling me back
Hi guys, following up the “issue” with bigger size lots:
We have looked into it, regarding the position size some traders had opened.
First, we can confirm that the leverage is 10:1 for all traders, no exceptions.
There is a way to place trades, with negative margin, by hedging (by opening 1 more position and then closing 1 opposite).
We do not encourage any participant to do so, as this action can be considered breaking of our contest rule. All winner’s trades will be reviewed in the end, and should a contestant break any of the rules or trade in an unfair conduct, they will be disqualified accordingly.
We appreciate you guys reporting this issue and we wish everyone the best of luck in the contest!
helo .why is the minimum per transaction 0.04?
Hi there @alexclaudiu921 and welcome to our forum.
Your question is answered on my previous post.
And to confirm, the max lot size on an account with a starting balance of $500 and 10:1 leverage (for the EUR/USD pair) is in fact 0.04 lot.
We do not recommend such a lot size, as it might be very easy to reach the max DD set for the contest.
Thanks @ Angelus for taking the time to be answering all your questions. I don’t know why an adult and a trader would ask a question on why the maximum lot to trade $500 with a 10:1 leverage is 0.04.
But pls, I just reviewed the allegation that some people are able to trade higher lots, and I’m afraid it’s real. Presently, no one has reached an equity of $530 since the contest started, yet some had used lot sizes of 0.08 and 0.09 on the same EUR/USD we are all trading. How possible is that?
There is no explanation for this in a fair trading condition whether the person hedges or not, unless the whole thing has been affected from the beginning. It would take a balance of over $1000 to place a 0.09 lot in this condition but they are placing it with lower than $530. Pls, take this seriously.
And you can see why I love this week’s challenge, it’s the best of all, it chokes everyone and reveal good trades and issues easily.
So what you’re saying is, those using 0.08 lot sizes would not be allowed to claim any prize from this contest?
I probable should just stop trading now. Had to find a way to use same lot as these other guys as I didn’t get an early response🤦. All good. Will keep trying
Hi again @cozard007
I couldn’t agree more. Lower leverage requires better MM skills to survive.
Saying that, some traders thought it was a good idea to hedge + getting near a margin call.
Here’s how they did it:
- Open a SELL 0.40 lot EUR/USD and open a BUY 0.40 lot EUR/USD at the same time. So, available margin is like 0, meaning they still have margin to open another SELL/BUY.
- Open another BUY 0.40 lot EUR/USD and close the SELL.
- Total open positions 0.80 BUY EUR/USD (near margin call when the broker deletes positions automatically - and some did get a margin call and positions deleted).
As you can see on the trader’s history, no one was able to open a 0.80 lot from the beginning. Only with this “strategy” they were able to have 0.80 lot open.
Again, it also puzzles me why traders risk the contest in the first few hours, and we all know this strategy will not work in real-life trading (I guess when you’re trading with “funny money” there’s no pressure).
My honest comment is trade the best you can, the contest has just started and rankings will change multiple times till the end - who knows, we might find you on the rankings when the contest is over
Sir my rank is 6 Rambo I open 0.03 or 0.02 3lots
sell and 0.03 or 0.02 3lots buy than I close 3 trades of 0.03 or 0.02 lots and my running trade is 0.08 in your rules there is no post if any one do this you will disqualified but this time you say you disqualified us dont do this sir allow them to all participate any one do this there was no problem
Thank you for this elaborate explanation, it has cleared all doubts. And if the contests continue like this, sure, I will win someday. Thanks again!
Hi again @genexisfx
What I’m saying is that our contests admin is aware of what happened.
Also, when the contest ends, winners will be validated, and if found breaching a rule(s) the cash prize will not be paid and they will be DQ - the prize will rollover to the next qualified trader.
Don’t pressure yourself to open big lots, full margin - the contest serves to educate traders, to help them manage the equity, learn about leverage and how it can influence your trading.
Again, the contest has just started, till the end rankings will change multiple times (mainly cuz traders will get DQ for going big lots+full margin). Trade the best you can, as if it was a real account, and who knows… you might be surprised in the end
You’re very welcome @cozard007 !!!
And yes, there’s plenty of contests to win, and specs will be always different.
We do hope to see you amongst the winners soon!
Hello there @azamazeem150125 and welcome to our forum.
I did not say we would DQ you. I said the contest admin is aware of this “trick” and we do not encourage any participant to do so, as this action can be considered breaking of our contest rule - specifically where it says:
We will disqualify anyone for what we view as unfair conduct: in general, any trading activity that would not win in a real-world scenario.
All winner’s trades will be reviewed in the end, and should a contestant break any of the rules or trade in an unfair conduct, they will be disqualified accordingly.
For the time being, just trade the best you can and good luck
Sir can I start my trading or I leave because I trade in 0.08 lots can you give me chance in next all trades I will not use this double opening trades please