The My FX Book Trading Contest (6/8/12-6/9/12)

Filed under: Learn Forex Trading |

Starting from today My FX Book (www.myfxbook.com) are running a forex-trading contest that is free to enter. You can enter here:

 

http://www.myfxbook.com/contests/trading-championship-august-2012-commexfx/10/rules

 

There is $8500 up for grabs in prizes ($5000 for 1st place, $2500 for 2nd place, and $1000 for 3rd place), and the contest runs for exactly one month, from 6th August 2012 at 12pm (UK time), to 6th September 2012 at 12pm (UK time). When you enter, you are given $50,000 in virtual funds, and the person with the largest rise on their bank after one month is the winner.

 

I personally have entered this contest, and you can follow my trades here:

 

https://www.myfxbook.com/portfolio/contest-jjrgaskell/358257

 

However, I’m not quite sure what strategy I will take yet. The last winner had over a 500% return on their bank – so we will not be taking our usual approach with strict money management. In fact, we will have to trade in a way that we never would with real funds to have a chance of making such returns.

 

Money management will have to go out of the window completely, and risk levels will have to be elevated to extreme measures in order to have a chance of winning the contest. I will probably start off risking 10% of my bank on each trade, and then increase this risk level as we approach the end of the contest. Anyway, it is free, and it is a bit of fun that could, perhaps, make so money – so why not join me and enter the contest? There is nothing to lose and everything to gain! If you hurry, you can still get in before the contest begins (in about 1 hour time). Plus, it is all good practicing and experience of trading. Let’s hope we get off to a good start…

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