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Screenshot of a breaking news alert e-mail from Q2 2017
News broke today of a first for popular trading analytic and auto trader signal provider service Myfxbook. Known for its history of co-sponsoring demo trading competitions with forex brokers…today Myfxbook announced its first ever live forex trading contest. The contest will be sponsored by Fidelis Capital Markets who will give away $17,000 in total prizes to the top traders. Fidelis Capital Markets is a Cyprus investment firm regulated by CySEC under licence 208/13 and based in Limassol.
So what is at stake? Competitors will trade to win the top prize of $10,000 CASH, 2nd prize of $5,000 CASH and 3rd prize of $2,000 CASH in their live trading account. Fidelis is calling the competition the ‘Prince of Pips’ will this just be the first event in a series of new live trading competitions from the broker? Will we see more established brokers look to sponsor trading competitions in order to stimulate volume? Stay tuned and if you decide to participate, good luck.
- Initial minimum deposit must be equal to $500.
- The contest starts on the October 27th, 2015 and ends on November 28th, 2015.
- Scalping, News Trading and use of robot trading is allowed.
- Fix Leverage for all contest accounts at 200:1.
- Funds deposited by Fidelis Capital Markets (FCM Forex) as a Prize can be withdrawn at any time.
The winners of the Live Trading Contest will be the traders who have the highest Time Weighted Return (TWR) including any floating P/L.
Floating Profit and Loss at the end of the Contest will be used in the TWR formula for the purpose of defining the winners of the Contest and the standing in the leader board.
- A participant has made several deposits amounting to $1000 and its current P/L is $500. He or She did 5 trades with 100 Profit each time with the Balance being at trade A) $900, B) $1000, C) 1200, D) 1300 and E) 1400, ending to a total balance of $1500. Between trades B and C has been another deposit of $200. Using the TWR formula we have the following result
- If a participant trader has $400 floating P/L at the end of the contest period. Deposits of $1000, withdrawal of $400 and booked P/L $-150. He or She did 2 trades, Trade A) Balance at open $1000, P/L $-80, Withdrawal $400, Trade B Balance at open $520 P/L $-70, Trade C Balance at open $450 Floating P/L $400.
To learn more about the contest, click here.