The article on trading contests published in issue 19 of the Market Leader magazine for the Russian-speaking audience caused disputes about the necessity of such contests and their transparency.
It is pleasant to realize that most of the audience speaks IN FAVOR of trading contests. But it is not about some pseudo-contests with some unclear tasks and sudden winners from nowhere. It is about fair and open trading contests with unambiguous tasks, relative transparency and real winners defined by competent jury.
However, it should be noted that both Market Leader and Masterforex-V Academy forum received many negative comments (especially from beginners) on the “scam” trading contests arranged by numerous “dirty” brokers and dealing centers for the only reason: to make traders pay while they are participating in real-account trading contests. Indeed, in such cases skilled «masters of word» compose really inviting ads promising fantastic prizes. So, those beginners who are not familiar with all the pitfalls of such trading contests usually find it very difficult to disregard “the trap” and pass by.
However, trading contests are still useful. While trading and simultaneously competing with others on demo accounts, traders focus their attention, test and improve their trading strategies and eventually can compare their results with the results achieved by other contest participants. We have received a lot of e-mails allowing us to define the key factors and conditions a fair trading contest should (and shouldn’t) be based on.
First of all, no trading contest should be held on real trading accounts, of course if it is not aimed at depriving the majority of the money in order to award the minority affiliated with the very dealing center or broker hosting the contest. Secondly, the sponsor (broker) of the contest must have a perfect reputation in the world of internet trading. Thirdly, the winning criteria must be unambiguous, distinct and understandable for the participants. Fourthly, no contest should be a short-term one. It should last for a month or two. Getting an instant profit is not a professional trader strives for at Forex. The earnest of success is stable work with constant (even though not so big) profits. Those who try to find real trading experts among the participants of some intraday contests are very unlikely to find them. However all the mentioned above should be taken into account if the organizer really plans to hold a contest for traders.
Market Leader previously reported that Masterforex-V Academy was planning to arrange The 1st International Trading Contest for Professionals. The contest is aimed at finding professional traders who could manage invest accounts. Consequently, the main task of this unique trading contest will be to help traders reveal the strong sides of their trading strategies and systems under the patronage of experts. Masterforex-V Academy members were responsible and “versatile” when developing the idea of the contests. However, they knew at once where to host the contest. Forex-Trend is an excellent broking company with high-quality services. It can provide the contestants with high-speed trading platforms and a wide range of excellent trading instruments and analytic tools.
Now, may we have your attention, please, to announce the rules and conditions of “The 1st International Trading Contest for Professionals” arranged by Masterforex-V Academy of Trading!
Type of accounts: Demo
The main rules and conditions of the contest:
1. Lot size: 0.1 to 0.5. Increment: 0.1. The max amount of the simultaneous open positions (trades) is 10. The initial deposit is $5000.
2. Locking is forbidden
3. Leverage 1:100. The margin is calculated in the currency of the contract
4. The max loss (max drawdown) for a single trade mustn’t exceed 5% of the deposit
5. Auto-trading (expert advisers etc.) is forbidden as well
6. The Equity curve of each contestant will serve as the main criterion of defining the winners. Growing curves have all chances to win on condition that all the rules and conditions (especially the max drawdown) have been complied with. The safety of the capital (money management) is primary. Multiplying the capital is secondary.
7. Accounts with the max drawdown of less than 30% will get extra chances to win.
The final results of the contest will be published by April 6th 2011 by the expert commission including:
• Nikolai Makovenko, (ADUNBS), Chief Editor of Market Leader
• Evgeniy Antipenko (ATEI), Head of the GTMT Department, Masterforex-V Academy
• Evgeniy Pavlov (musicant), Head of the Department of MF-V trading system, Masterforex-V Academy
• Ilya Pressler (Velovelo), Head of the DFWA Department, Masterforex-V Academy
• Dmitry Ivanov (Dimahao), Deputy Chief Editor of Market Leader
The Forex-Trend company, which is the sponsor and co-organizer of the contest, will form its own independent jury to evaluate the results.
The Joint Commission will see to the compliance with the contest rules and regulations during the contest and will be settling disputes if there are any. It will announce the contest statistics and rating, notify and award the winners.
It is pleasant to realize that most of the audience speaks IN FAVOR of trading contests. But it is not about some pseudo-contests with some unclear tasks and sudden winners from nowhere. It is about fair and open trading contests with unambiguous tasks, relative transparency and real winners defined by competent jury.
However, it should be noted that both Market Leader and Masterforex-V Academy forum received many negative comments (especially from beginners) on the “scam” trading contests arranged by numerous “dirty” brokers and dealing centers for the only reason: to make traders pay while they are participating in real-account trading contests. Indeed, in such cases skilled «masters of word» compose really inviting ads promising fantastic prizes. So, those beginners who are not familiar with all the pitfalls of such trading contests usually find it very difficult to disregard “the trap” and pass by.
However, trading contests are still useful. While trading and simultaneously competing with others on demo accounts, traders focus their attention, test and improve their trading strategies and eventually can compare their results with the results achieved by other contest participants. We have received a lot of e-mails allowing us to define the key factors and conditions a fair trading contest should (and shouldn’t) be based on.
First of all, no trading contest should be held on real trading accounts, of course if it is not aimed at depriving the majority of the money in order to award the minority affiliated with the very dealing center or broker hosting the contest. Secondly, the sponsor (broker) of the contest must have a perfect reputation in the world of internet trading. Thirdly, the winning criteria must be unambiguous, distinct and understandable for the participants. Fourthly, no contest should be a short-term one. It should last for a month or two. Getting an instant profit is not a professional trader strives for at Forex. The earnest of success is stable work with constant (even though not so big) profits. Those who try to find real trading experts among the participants of some intraday contests are very unlikely to find them. However all the mentioned above should be taken into account if the organizer really plans to hold a contest for traders.
Market Leader previously reported that Masterforex-V Academy was planning to arrange The 1st International Trading Contest for Professionals. The contest is aimed at finding professional traders who could manage invest accounts. Consequently, the main task of this unique trading contest will be to help traders reveal the strong sides of their trading strategies and systems under the patronage of experts. Masterforex-V Academy members were responsible and “versatile” when developing the idea of the contests. However, they knew at once where to host the contest. Forex-Trend is an excellent broking company with high-quality services. It can provide the contestants with high-speed trading platforms and a wide range of excellent trading instruments and analytic tools.Now, may we have your attention, please, to announce the rules and conditions of “The 1st International Trading Contest for Professionals” arranged by Masterforex-V Academy of Trading!
Type of accounts: Demo
The main rules and conditions of the contest:
1. Lot size: 0.1 to 0.5. Increment: 0.1. The max amount of the simultaneous open positions (trades) is 10. The initial deposit is $5000.
2. Locking is forbidden
3. Leverage 1:100. The margin is calculated in the currency of the contract
4. The max loss (max drawdown) for a single trade mustn’t exceed 5% of the deposit
5. Auto-trading (expert advisers etc.) is forbidden as well
6. The Equity curve of each contestant will serve as the main criterion of defining the winners. Growing curves have all chances to win on condition that all the rules and conditions (especially the max drawdown) have been complied with. The safety of the capital (money management) is primary. Multiplying the capital is secondary.
7. Accounts with the max drawdown of less than 30% will get extra chances to win.
The final results of the contest will be published by April 6th 2011 by the expert commission including:
• Nikolai Makovenko, (ADUNBS), Chief Editor of Market Leader
• Evgeniy Antipenko (ATEI), Head of the GTMT Department, Masterforex-V Academy
• Evgeniy Pavlov (musicant), Head of the Department of MF-V trading system, Masterforex-V Academy
• Ilya Pressler (Velovelo), Head of the DFWA Department, Masterforex-V Academy
• Dmitry Ivanov (Dimahao), Deputy Chief Editor of Market Leader
The Forex-Trend company, which is the sponsor and co-organizer of the contest, will form its own independent jury to evaluate the results.
The Joint Commission will see to the compliance with the contest rules and regulations during the contest and will be settling disputes if there are any. It will announce the contest statistics and rating, notify and award the winners.
The prizes:
There are 3 winning places. The winners will be invited by “Forex-Trend” to manage trading accounts to the following sum:
$5000 – 1st place
$3000 – 2nd place
$2000 – 3rd place
Even though the contest prizes are quite worthy, being a good stimulus for participating in the contest, the main goal of the contest is to help traders acquire professional trading skills. Masterforex-V Academy has already helped thousands of its graduates to become trading experts. The trading contest arranged together with Forex-Trend is just another step of the “aid mission”. We hope that the skills acquired during the contest will stimulated the contestants to continue their professional advancement. Moreover, after the contest numerous departments of Masterforex-V Academy will start analyzing the participant’s trading strategies and considering both profitable and unprofitable trades.
In order to participate in the contest it is necessary to open a demo account with Forex-Trend until Feb 14th 2011.
There are 3 winning places. The winners will be invited by “Forex-Trend” to manage trading accounts to the following sum:
$5000 – 1st place
$3000 – 2nd place
$2000 – 3rd place
Even though the contest prizes are quite worthy, being a good stimulus for participating in the contest, the main goal of the contest is to help traders acquire professional trading skills. Masterforex-V Academy has already helped thousands of its graduates to become trading experts. The trading contest arranged together with Forex-Trend is just another step of the “aid mission”. We hope that the skills acquired during the contest will stimulated the contestants to continue their professional advancement. Moreover, after the contest numerous departments of Masterforex-V Academy will start analyzing the participant’s trading strategies and considering both profitable and unprofitable trades. In order to participate in the contest it is necessary to open a demo account with Forex-Trend until Feb 14th 2011.
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