The restriction on take profit is absolutely unthinkable. I have been in many webinars with some of the most famous traders in the world who have always suggested that you always take profit in three steps--initially you take out a small percentage of the running profit to break-even in the case market shows sudden volatility, secondly, you bank in some profit at a major support/resistance level, and then you let your profit run to the final target. Now, if this contest is all about Scalping, that's a different story; however, swing traders to the mid-term traders are at a predicament with this restrictions. I literally had to close a trade with only about 6 pips just because of this reason while I had 80 pips running profit before it dropped. I didn't even know that once you set the TP, there is no way you could take profit in steps. As a matter of fact, with these restrictions, it feels like once you are in a trade, you either have to make profit to the initial TP or you take the loss--I would say ridiculous when Forex market could change its dynamic so suddenly.

This is something Dukascopy ought to look in to very soon so that traders can trade in this excellent contest with CONSISTENCY.

Thank you.

I'm replying on my own topic since it's very relevant to the subject. I took two trades yesterday, Kiwi and Eur/Aud; my profit target was set to around 90-100pips for both pair. The profit was running for both pairs above 50pips but the momentum was not much strong--so I had two choices: close the trades or let it run in uncertainty since we are not allowed to take any partial profit according to the Dukascopy system. So, the choice I made was to let it run--a wrong choice. The next day morning I open the system and find out the pairs shifted the momentum and were running in the negative. So, again my question is how do we justify the fact that the contest account would not allow us to take profit in partial increment--it's still inconceivable to me!

Can Dukascopy do anything about the TP restriction?

This contest is more of an analytical contest than pure trading contest. however, when you are not sure of a trend and want to book partial profit, you may exit the whole position and initiate a smaller volume. for eg. if u were long in 2 million, exit that position and again re enter with 1 million. since both performance and pips are important in this contest you need to gain both to remain in the contest.

you can even use the trailing stop instead.

Hi Nagaraj,

I appreciate your comment. I understand the contest is analytical based; however, any pro trader that I have spoken to, they have always said, Risk-Management is the key to success in this market. And if there is this restriction in TP, a proper risk-management strategy would be hard to implement. On the other hand, this contest is for real money prize, so why it shouldn't be treated like a real money trading account--?
Anyway, if Dukascopy is unwilling to change these restrictions, we have to find a way to trade it around in order to stay in the contest--and I guess that's what I'm planning to do from the August 2011 contest.
By the way, I haven't seen the option for Trailing Stop in the contest trading account. If anyone knows, pls let me know.

Thanks.

so must every trade have a target plus a stop also can it be more than a 200 pip target?