CONTEST 58 - EUR/USD Challenge

As replied above: “For the time being, just trade the best you can and good luck :pray:

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Thank you very much for your response @Angelus. It is very much appreciated :pray:

Sir its mean I can continue my trading and for the previous trades I will not disqualified and again I not trade like open 0.04 buy 0.04 sell and again 0.04 buy and close 0.04 sell and running trade is 0.08 am I right

there are downsides to 0.08 strategy –

(1) you can only execute 30 trades, instead of the usual 60, why? because you spend two trades to create one trade.

(2) You are very close to the stopout level, around 55%, so a 5% drop in equity will liquidtate your positions

(3) You will reach the drawndown twice as fast

Most importantly, the best/experienced traders are likely to figure this out the first, it almost sounds like common sense, rather than some complicated loophole situation.

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yes but if they close the trades in less then 2 minutes then it will not count in counted trades.

losing trades count, irrespective of time duration

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So what is the RULE then, can we play the trick for doubling the lots or not? It is kind of ambiguous now. The current leaders play the trick and if in the end they win how is that fair to those of us that did not play it? So, can we all play it or not?

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If thats problem a winner in the contests before should be disqualification. So, i think thats was allright, not problem at all.

If adding lot in this way is allowed, why does there have to be a level of leverage… Isn’t that level of leverage also part of the contest rules…?
And the participants who use this method are not only in this contest, in the cup contest yesterday there were also many who used this method…

this looks a fair method to me because this method increases the risk of disqualification in the ranking and 90% are using this.

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HOW TO GUIDE FOR DOUBLING YOUR LEVERAGE

(1) If you want to buy 0.08 lots of EURUSD
(2) Sell 0.04 lots of EURUSD
(3) Buy 0.08 lots of EURUSD
(4) close your first position, that is short 0.04 EURUSD

Now, you are left with a long position of 0.08 lots in EURUSD. The catch is that your draw down is like 55%, a 5% drop in equity will liquidate your positions.

I am posting this because some users have complained about unfairness, this post is to make it a level playing field

Why not let everybody wait for the management to decide? I believe they know the right thing to do. I used my participating account (FXPUNISHER) to check all this leverage manipulation, and I discovered that you can open double lots in the opposite direction. Something you wouldn’t do in real trading.

This is gross as it can only amount to cheating the restriction of the actual leverage (10:1) set for the competition. This is more painful as others didn’t know while some people leverage it to make more.

I hope they are disqualified to be a lesson to discourage such a cheating style next time.

this is legit real world trade, as I have used it when my broker used to give me 5:1 leverage on bitcoin.

it makes sense only when the starting leverage is low, and brokerage is pretty cheap, both are true here

Brothers you talking about this trick open 2 trades 4lots buy and one sell and close sell than your running trade is 0.08 I win two contest in
November 2022 and I use this trick and I get my 80$ winning prize without any problem see all traders in this contest they all use this trick use this trick by your own risk in this contest I lose many $ and I not come to the list of winners​:sob::sob::sob:so good luck to all contestants​:+1:t2::+1:t2::+1:t2:

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I never won, and even this week I am at 24, I just don’t wanna be disqualified because I used common sense, lol

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leverage defines the cutoff margin, which is half of the balance when leverage usage is 100%.

If adding lot in this way is allowed, why does there have to be a level of leverage… Isn’t that level of leverage also part of the contest rules…?
And the participants who use this method are not only in this contest, in the cup contest yesterday there were also many who used this method…

i agree with this…

Hi there @polytex.nikhil! :wave:

WOW! That is a great post!
You are absolutely right, sir! Spot on, especially the 60 trades rule! In the end, they will exhaust the trades allowance way quicker, that is if they don’t get a margin call first and blow the account.

I don’t really understand some people, but again, cuz it’s “funny money” I guess there’s no pressure - it’s a get rich or go home poor ideology… doesn’t really work, not even on demo. And for sure no-one would be trading like that with real money.

Great post! Blessings :pray:

Hi there @tariqefed! :wave: Welcome to our forum!

If they close it as a loss, even under 2 minutes, it will count for the trading performance and max trades (60).

Good luck for the contest :pray: :rocket:

Hi there @drazen.ziskovic.

Well, this is the 2nd day of the contest, and the rakings have changed already multiple times.
This strategy is very, very risky. Blowing the account is very easy and reaching the max DD also.

IAs you mentioned, it’s ambiguous and the contest admin is aware of this. A final decision will be made when the contest ends and rankings are checked - our suggestion is to trade within the rules.

That way, if you rank for a prize, for sure you will not be DQ…

Good luck friend, and many green pips!