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 Post subject: friday 17th Post rating: 0   New post Posted: Mon 20 Dec, 2010, 19:14 

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i don't know another to place question,
i've opened position at friday evening, then margin reqs were changed and my stop loss was disappeared, and as i understand i've got "margin cut":(
is anyone from authorities can explain me what happens, step-by-step?


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Mon 20 Dec, 2010, 20:12 

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OK Did he breach the 1.15% limitation on the SL? ;)


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Tue 21 Dec, 2010, 08:47 
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Saidar wrote:
Quote:
The rules of the contest were elaborated with a very precise focus - to encourage and reward well-considered trading behavior, adherence to one's decisions and trading levels set. In other words, we want award-aspiring contestants not only to be profitable, but, not less importantly - to be consistent with their trading judgments and forecasts.

This is why SL/TPs closer than 10 pips are not allowed and there is a 2% limitation for long TP/SL levels. Same refers to hedging.

Please keep following the Forum. Soon we will publish valuable hints for participants about the criteria Dukascopy Bank is going to rely on when coming up with its evaluation (which accounts for 25% of the total trader's score). You will see almost all factors are linked to participant's trading consistency and adherence to his own forecasts.


Please explain in more detail what exactly 2% limitation and SL/TPs no closer than 10 pips mean ? I'm not sure I understand that correctly...



1. min 10 pips SL/TP Example. As you can see in the platform settings, you are not allowed to set default SL/TP closer than 10 pips from the entry price. For instance, you're going EUR/USD Long at 1.3202. Hence your SL cannot be closer than 1.3192 (i.e. -10 pips) and your TP cannot be closer than 1.3212 (i.e. +10 pips).
Often the market price moves while the traders is writing his trade comment (when the SL/TP are already set), which results in those conditional orders being set closer than 10 pips. It is the only case, which is not considered to be an intentional violation of the rule.

2. 2% limit for the SL/TP Example. It is another limitation for the conditional orders, but from the opposite side - on the farthest deviation from the market price. For EUR/USD everything is plain simple: if you're going for a Long EUR/USD at 1.3192, your most distant allowed SL is 1.3192 - 2%, which is 1.2928 (-264 pips from the opening price) and your most distant TP can be 1.3192 + 2%, which is 1.3456 (+264 pips from the opening price).
Limits for the rest of instruments are to be adjusted according to "Pip Conversion Schedule" (EUR/USD Points/ XYZ currency pair Points)*2%)

As was stated before, the 2nd limit soon will be validated automatically and traders won't have to calculates it on their own.


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Tue 21 Dec, 2010, 09:06 
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Contest Support wrote:
Saidar wrote:
Quote:
The rules of the contest were elaborated with a very precise focus - to encourage and reward well-considered trading behavior, adherence to one's decisions and trading levels set. In other words, we want award-aspiring contestants not only to be profitable, but, not less importantly - to be consistent with their trading judgments and forecasts.

This is why SL/TPs closer than 10 pips are not allowed and there is a 2% limitation for long TP/SL levels. Same refers to hedging.

Please keep following the Forum. Soon we will publish valuable hints for participants about the criteria Dukascopy Bank is going to rely on when coming up with its evaluation (which accounts for 25% of the total trader's score). You will see almost all factors are linked to participant's trading consistency and adherence to his own forecasts.


Please explain in more detail what exactly 2% limitation and SL/TPs no closer than 10 pips mean ? I'm not sure I understand that correctly...



1. min 10 pips SL/TP Example. As you can see in the platform settings, you are not allowed to set default SL/TP closer than 10 pips from the entry price. For instance, you're going EUR/USD Long at 1.3202. Hence your SL cannot be closer than 1.3192 (i.e. -10 pips) and your TP cannot be closer than 1.3212 (i.e. +10 pips).
Often the market price moves while the traders is writing his trade comment (when the SL/TP are already set), which results in those conditional orders being set closer than 10 pips. It is the only case, which is not considered to be an intentional violation of the rule.

2. 2% limit for the SL/TP Example. It is another limitation for the conditional orders, but from the opposite side - on the farthest deviation from the market price. For EUR/USD everything is plain simple: if you're going for a Long EUR/USD at 1.3192, your most distant allowed SL is 1.3192 - 2%, which is 1.2928 (-264 pips from the opening price) and your most distant TP can be 1.3192 + 2%, which is 1.3456 (+264 pips from the opening price).
Limits for the rest of instruments are to be adjusted according to "Pip Conversion Schedule" (EUR/USD Points/ XYZ currency pair Points)*2%)

As was stated before, the 2nd limit soon will be validated automatically and traders won't have to calculates it on their own.


Ah ok I see thanks for the explanation, yes that makes a lot of sense. Some contestant can just use a stop loss of 500 pips and never get stopped and win if he is lucky.


 
 Post subject: One click trade Post rating: 0   New post Posted: Wed 22 Dec, 2010, 00:41 

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Hi Support,
it should be useful for fast scalping to be able to set comments on entry and on exit in "Preferences/Default Values for Manual Trading" so one could make one trade with one click like in normal demo platform.

Best regards,
Frank


 
 Post subject: Re: friday 17th Post rating: 0   New post Posted: Wed 22 Dec, 2010, 08:34 
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warden wrote:
i don't know another to place question,
i've opened position at friday evening, then margin reqs were changed and my stop loss was disappeared, and as i understand i've got "margin cut":(
is anyone from authorities can explain me what happens, step-by-step?


The Margin Cut on your account was initiated because of the non-respect of over-the-weekend leverage requirements. It enters into force every Friday at 18:00 GMT and lasts until the market closure.
Please refer to the respective page of the website (http://www.dukascopy.com/swiss/english/ ... ts/margin/) for more information about the margin policies. Contest accounts are subject to the same margin requirements that Dukascopy Bank regular trading accounts are.


 
 Post subject: Re: One click trade Post rating: 0   New post Posted: Wed 22 Dec, 2010, 08:46 
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Frank wrote:
Hi Support,
it should be useful for fast scalping to be able to set comments on entry and on exit in "Preferences/Default Values for Manual Trading" so one could make one trade with one click like in normal demo platform.

Best regards,
Frank


We intentionally did not re-design the contest platform for traders' convenience. Therefore there is no need to get used to it as it looks just the same as the standard JForex platform.
Moreover, comments should be individual and meaningful. We do not want them to be set "by default"


 
 Post subject: evaluation structure Post rating: 0   New post Posted: Thu 23 Dec, 2010, 13:20 

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Surely there is something wrong with the evaluation structure when a fifth of the top 50 aren't even above what they started with!! Whats the point of rewarding people popularity points if there performance shows they're talking gibberish!


 
 Post subject: market orders Post rating: 0   New post Posted: Thu 23 Dec, 2010, 13:37 

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All my trades are closed at market. It isn't because of lack of discipline or poor technique in choosing take profits & stop losses. I determine direction then use best probability oversold overbought variables for entry & exit that can only be done on a live basis because of the way my system works. For really pinpoint accuracy I can and do the orders on real accounts when they can be updated quickly but isn't possible on contest platform. Would it not be better for Dukascopy & the participants to encourage innovative approaches & judge them on their performances. Rather than stifle them by trying to put them in a traditional mold.


 
 Post subject: Re: evaluation structure Post rating: 0   New post Posted: Thu 23 Dec, 2010, 15:35 
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rocky1 wrote:
Surely there is something wrong with the evaluation structure when a fifth of the top 50 aren't even above what they started with!! Whats the point of rewarding people popularity points if there performance shows they're talking gibberish!


Please refer to the rules extract - "Only the participants with real positive increase of capital can be treated as contest nominees."

The purpose of the contest is not to merely reward pure performance. Ultimately, our goal is to create an attractive community for Forex-oriented people, which would be equally exciting to participate in and interesting to follow. That is also why balance performance accounts only for 25%.
Pips expert factor is totally unrelated to your performance. A trader may be very profitable, but have a poor pips rating, as well as the opposite case.


 
 Post subject: Re: market orders Post rating: 0   New post Posted: Thu 23 Dec, 2010, 19:23 

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rocky1 wrote:
All my trades are closed at market. It isn't because of lack of discipline or poor technique in choosing take profits & stop losses. I determine direction then use best probability oversold overbought variables for entry & exit that can only be done on a live basis because of the way my system works. For really pinpoint accuracy I can and do the orders on real accounts when they can be updated quickly but isn't possible on contest platform. Would it not be better for Dukascopy & the participants to encourage innovative approaches & judge them on their performances. Rather than stifle them by trying to put them in a traditional mold.

I fully agree with you. I find that most of the current guidelines are useless


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Thu 23 Dec, 2010, 21:26 

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How come some traders have comments left by *nonparticipating/nonregistered* traders? I thought you need to be a participant in order to leave comments.


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Fri 24 Dec, 2010, 08:32 
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Guest wrote:
How come some traders have comments left by *nonparticipating/nonregistered* traders? I thought you need to be a participant in order to leave comments.


Currently there is two versions of registration - full registration, which allows you both to participate in the contest and to be part of the Forex community. The second registration gives you access only to the community. These are users with logins, authorize to comment and vote, but they do not have access to the trading platform. Probably, they are exactly the ones you are referring to.

Although now the registration is separated for traders and Forex community participants, this is going to change next week. The two types of registration will be merged and it will only be possible to register to any contest after having a community registration.


 
 Post subject: Re: market orders Post rating: 0   New post Posted: Fri 24 Dec, 2010, 10:26 
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JohnSteen wrote:
rocky1 wrote:
All my trades are closed at market. It isn't because of lack of discipline or poor technique in choosing take profits & stop losses. I determine direction then use best probability oversold overbought variables for entry & exit that can only be done on a live basis because of the way my system works. For really pinpoint accuracy I can and do the orders on real accounts when they can be updated quickly but isn't possible on contest platform. Would it not be better for Dukascopy & the participants to encourage innovative approaches & judge them on their performances. Rather than stifle them by trying to put them in a traditional mold.

I fully agree with you. I find that most of the current guidelines are useless


We do understand that there is no common layout of rules and assessment factors, which would be accepted by everyone. This is natural as traders' trading strategies vary greatly, each having its own patterns/strategies and it is scarcely possible to find them a common regulatory framework. All the more that in this contest performance is not the only and not the main indicator.

The contest is developing rapidly and this movement will be taken over by the further development of the Forex community. We strive to remain flexible and this is why we appreciate any valuable feedback from contestants in order to come up with a compromise between the primary aims of the contest, fair assessment and the wishes of the traders.

We also remind that the guidelines are not definitive and they are meant to be a reminder of what Dukascopy will appreciate when assessing participants in the framework of the aims put before the contest. We want the contest to be interesting to follow for observers and to compete in for entrants. All the rules and recommendations are being elaborated with this particular view.


 
 Post subject: Closing out before profit target hit Post rating: 0   New post Posted: Fri 24 Dec, 2010, 12:13 

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I can also say in respect to this that the market is always changing, your ideas about what is happening can be changed by the evolution of the market to in effect contradict your initial idea. So if you think you are in an uptrend and the market breaks the las low, your assumption is invalidated.

You might then say well put your stop there and get out. Well, why take all the stop loss, markets often bounce at previous lows or highs, and you know you are wrong so you get out at a better price maybe with a few pips rather than a big minus. Many traders here are scalping in these December range bound markets, big stops small targets, in effect trading the noise. The idea that setting a bigger stop than your profit target in the right situation is not bad trading its suitible for the market at this moment in time.

To apply one rule to the market is to lose the advantage of the human mind and that is to adapt rapidly to an ever changing situation. Just my thoughts, also why on earth can you not adjust your stop position, risk is the only aspect of trading you can control, so it makes sense to be able to move your stop at the correct time thereby locking in a small profit or eliminating a loss. I cannot see the point of having a huge stop, when the market has moved in your direction. The other thing is adding to a winning position, that is something many traders use to build large positions with minimal risk, to not allow it in the contest is very strange indeed as in real life you would trade in such a way.


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Fri 24 Dec, 2010, 16:19 

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When Dukascopy will close all trades to end the contest?


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Fri 24 Dec, 2010, 17:09 
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Guest2 wrote:
When Dukascopy will close all trades to end the contest?


All December trading accounts will be automatically blocked on the settlement of December, 31 (21:00 GMT). If the trader still has open positions by that time, they will be closed automatically.

Simultaneously, on the settlement of December 31 the new trading accounts for January will be activated.


 
 Post subject: Re: General Discussion and Comments Post rating: 0   New post Posted: Fri 24 Dec, 2010, 17:27 

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Yes completely agree with above comments. Market is a live moving beast were we try to make the best of its mood swings! It seems the problem is Dukascopy wants to penalize people for trading with their emotions but in the process have overlooked that doesn't include every trade which doesn't hit a pre- conceived stop loss or tp. Surely if some one is trading with no real plan their account will sooner or later suffer anyway.
Just to make it clear my respect for Dukascopy has risen with the ability to have this contest on a demo account. Most brokers just do this type of thing on live accounts encouraging traders to gamble and blow their accounts. So here are just few suggestions hopefully will be seen in positive & not critical way...
With regards to the pips performance part the problem is no trade is ever certain of success but different trades have different probability's of success. The higher success probability a trade the heavier I bet on it. In the contest way of rewarding predetermined foresights surely this is a skill & calculation which should be taken note of rather than disqualified against by making every pip equal.
I can understand one of the basic foundations of the contest is informative journal entries, comments and to create a following yet I am no computer expert but I know how to create multiple IP addresses that could easily manipulate the popularity scoring. I would just worry what some one who is good with computers could do :o


 
 Post subject: Evaluation Structure Post rating: 0   New post Posted: Fri 24 Dec, 2010, 20:21 

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Respecting to Performance, Pips Expert, Popularity, & Dukascopy, 25 % each, after is rounded. Add it up to the Total Balance in thousands, example.- ++++=348 + 246 of 246,541, Why I ask you for that?, Is because I see People that is in 19th place and has balance of 37,000 or other in 30th place has 2,282 or other is in 68th Place and has 126,000 balance, at the end could be two positions with very close balance and whoever follow the rules more closely is going to win even If he don't have the highest balance. At the end of the day in my way of thinking the balance is important too.


 
 Post subject: Why did 2 trades appear in the opposite direction Post rating: 0   New post Posted: Fri 24 Dec, 2010, 20:31 

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I was in 2 trades GBPUSD and EURUSD, both buy trades suddenly two trades appear selling, so I close these losing a couple of thousand dollars. Freaks me out of my trades, so I close them as I have no idea whats going on. Try to re-instate the trade again and I can only enter a tiny position.

Can you explain why this happens, I wanted to stay in the trades as my profit target had not been reach and now it will look like I was closing for no reason, which was not the case. In real life I would have freaked out 10 times bigger, as its demo I only got mildly annoyed.


Many Thanks


Mike Haran

Happy Christmas ;-)


 

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