The top 10 traders for August, 2010 trading day are below*. These results are for the complete month of August. All results are currently pending and trading records will be posted after final confirmation.
The post above declaring the August winners appears to have been dated 8/17. Are these interim results? or is Asaf clairvoyant?
Hi dwt,
These are the final results. We updated the weekly report thread to finalize the results. So the post was originally written on the 17th, but it was just updated a couple days ago.
Please feel free to view their reports and also we always have a King of Micro interview with the winner each month. You an view the winner interview: Live Events
We are still waiting for the all the winners to reply back to us with their surveys. When those are received we can post them on the forum. This is usually done by the 15th of the month.
If the cftc forces the stopage of US offshore accounts and
forced to go to a crazy reduced leverage of 50:1
plus no more hedging
sept is probably the last chance United States has a chance to win king of the mini
If the cftc forces the stopage of US offshore accounts and
forced to go to a crazy reduced leverage of 50:1
plus no more hedging
sept is probably the last chance United States has a chance to win king of the mini
Hi m1234,
50:1 is still pretty high leverage. Also, statistics show that trader's who use less leverage are actually more successful traders. So it might not all be bad!
50:1 is still pretty high leverage. Also, statistics show that trader's who use less leverage are actually more successful traders. So it might not all be bad!
Rob
I agree with m1234
I would say about 98% of these traders that win these contests
win due to taking advantage of margin.
Now you have to compete
50:1 margin
against
200:1
400:1
no way these people could have won without margin advantage.
The proof is in all the competition results.
I think you know the thruth but just covering your moderator job.
Proof is in all the past competion results
Trader king JULY
1st place china - 998.39 % gain
first 2 trades of the month
EUR/JPY 40,000 7/13/10 8:01 AM 110.769 LE 7/15/10 12:19 PM 113.201 1,102.74
L
EUR/JPY 130,000 7/15/10 12:19 PM 113.201 LE 7/21/10 6:13 PM 110.879 3,473.35
he has a beginning balance of
$500.40
if he did this trade with a 50:1 margin ratio
he would need 1st trade- $1200 margin alone
2nd trade
$3900 margin deposit
with a $500 deposit aint happening
Impossible for him to win the trading competion with a 50:1
Trader king JULY
2nd place
first couple trades of month
had 3 -10,000 aud lots same time = 30,000
$530 beginning balance
margin required if 50:1 = $600
Impossible for him to win the trading competion with a 50:1
Trader king
3rd place
same thing
Impossible for him to win the trading competion with a 50:1
Trader king may
same results
1st 2nd 3rd place
Impossible for them to win the trading competion with a 50:1
98% of traders win competitions due to margin advantage.
past results are proof
ITs proof that you are just covering the thruth
yes a trader can be successful with a 50:1 margin BUT
BUT BUT BUT BUT they will never be able to win a trading competion.
You kinda mislead with your wording.
So oct18 if go to 50:1 ratio and no more offshore then UNITED States maybe has a 2% chance of ever winning competion
Last edited by wuzupeverybody; 09-08-2010 at 12:47 PM.
I would say about 98% of these traders that win these contests
win due to taking advantage of margin.
Now you have to compete
50:1 margin
against
200:1
400:1
no way these people could have won without margin advantage.
The proof is in all the competition results.
I think you know the thruth but just covering your moderator job.
Proof is in all the past competion results
Trader king JULY
1st place china - 998.39 % gain
first 2 trades of the month
EUR/JPY 40,000 7/13/10 8:01 AM 110.769 LE 7/15/10 12:19 PM 113.201 1,102.74
L
EUR/JPY 130,000 7/15/10 12:19 PM 113.201 LE 7/21/10 6:13 PM 110.879 3,473.35
he has a beginning balance of
$500.40
if he did this trade with a 50:1 margin ratio
he would need 1st trade- $1200 margin alone
2nd trade
$3900 margin deposit
with a $500 deposit aint happening
Impossible for him to win the trading competion with a 50:1
Trader king JULY
2nd place
first couple trades of month
had 3 -10,000 aud lots same time = 30,000
$530 beginning balance
margin required if 50:1 = $600
Impossible for him to win the trading competion with a 50:1
Trader king
3rd place
same thing
Impossible for him to win the trading competion with a 50:1
Trader king may
same results
1st 2nd 3rd place
Impossible for them to win the trading competion with a 50:1
98% of traders win competitions due to margin advantage.
past results are proof
ITs proof that you are just covering the thruth
yes a trader can be successful with a 50:1 margin BUT
BUT BUT BUT BUT they will never be able to win a trading competion.
You kinda mislead with your wording.
So oct18 if go to 50:1 ratio and no more offshore then UNITED States maybe has a 2% chance of ever winning competion
Hi wuzupeverybody,
You're right about King of the Micro winners taking advantage of leverage, but you are wrong about Rob or any other forum moderators trying to cover up some truth about leverage.
Leverage is a double-edged sword that magnifies gains and losses. Rob was simply trying to focus on the positives of the new regulation set by the CFTC.
As a regulated firm, we abide by all the regulations set for us in the countries where we operate. If you live in the US and are affected by this new regulation, you can get in touch with the CFTC to give them your feedback.
You're right about King of the Micro winners taking advantage of leverage, but you are wrong about Rob or any other forum moderators trying to cover up some truth about leverage.
Leverage is a double-edged sword that magnifies gains and losses. Rob was simply trying to focus on the positives of the new regulation set by the CFTC.
As a regulated firm, we abide by all the regulations set for us in the countries where we operate. If you live in the US and are affected by this new regulation, you can get in touch with the CFTC to give them your feedback.
Best of luck in the contest!
Suhail
See you agree that all the winners use leverage to be king.
I agree leverage is a double edge sword that magnifies gains and losses.
But this contest is about winners.
what rob and yourself are talking about is overall trading is beneficial.
with a 50:1. I can somewhat agree with that. But not winning a competition.
very very very very small losses
very very very small gains
They have almost zero chance in winning king of the micro.
It just shows that starting oct 18 if offshore accounts are closed and
50:1 ratio. the united states has almost zero chance of winning.
Last edited by wuzupeverybody; 09-08-2010 at 03:40 PM.
Looking at all the past king of the micro winners.
For united states.
Can you tell me how many winners
do we have when they changed the margin to 100:1.
I bet 0. maybe 1
Not UNITED STATES winners with offshore accounts fxcmuk
because they were able to take advantage of high leverage
and can you put a link to verify when
Our contest updates on the forum track the top 10 countries but not whether they're FXCM UK or US. If you live in the US, you can contact the CFTC with your feedback about their forex regulations.
See you agree that all the winners use leverage to be king.
I agree leverage is a double edge sword that magnifies gains and losses.
But this contest is about winners.
what rob and yourself are talking about is overall trading is beneficial.
with a 50:1. I can somewhat agree with that. But not winning a competition.
very very very very small losses
very very very small gains
They have almost zero chance in winning king of the micro.
It just shows that starting oct 18 if offshore accounts are closed and
50:1 ratio. the united states has almost zero chance of winning.
Hi Wuzup,
Of course you are completely correct. It's galling when people shrug off the obvious and try to cover for stupid new short-sighted CFTC regulations. Maybe Rob as a rep. of a regulated entity is afraid to say anything bad about the regulating body or has been instructed not to. We traders are free to openly comment, but complaining to the CFTC seems futile, as many of us complained directly to the CFTC before the rules changes were finalized and it seems to have had little or no effect.
The KOM contest aside, the rules changes are very damaging to traders in general. The rules changes can prevent trend traders from effectively pyrimiding - opening additional positions to scale in - even though stops are in place to protect gains and the risk from opening additional positions is very limited. Also, some people think using maximum leverage to maximize gains is extremely dangerous and reckless, but it doesn't have to be. For example, there is a strategy some refer to as "maximum lots." "Maximum lots" is a scalping strategy that involves opening the maximum number of lots your margin and desired stop will allow. The idea is to open a maximum number of lots when a currency pair is trending strongly in several time frames and capture only a few pips at a time (e.g. 15 pips while risking 9). With high leverage it only takes 3 or so trades to double your account. But surprisingly (if you haven't done the calculation), you must loose at least 20 such trades in row to essentially wipe out your account. The reason is that most of your account balance is tied up in maintenance margin and you get that back even if you are wrong. The strategy when properly mastered (on a demo account first!) can seriously grow your account, but only if high leverage is available. I personally have not traded the "maximum lots" strategy, but it is a valid, reasonable, limited-risk strategy, and I may want to do so at some point. I don't think the CFTC should be reducing leverage to the point that it is no longer possible.
Another problem with the CFTC is this. How long will it be before they become even more draconian and reduce the leverage by even more - say to only 10:1 which was their originally stated goal or less?
Do you know anything more about the CFTC's rumored plans to force this limitation on all traders in the US, even those like me who use an offshore broker (FXCM-UK), by ending the ability of US Citizens to open or keep accounts with offshore brokers?
What can we do to fight back? Well, we have Barney Frank and Chris Dodd to thank (and other Democrats - see link below). I strongly encourage all FX traders who are US citizens to VOTE IN NOVEMBER and to VOTE OUT EVERYONE WHO SUPPORTED THE LEGISLATION which lead to this CFTC crap. I would like to see a list of those who supported it. I am sure it is almost entirely democrats, but any repubs found supporting it should also be looking for a new line of work come November.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
1. United States - 1,284.46% Report / Survey
2. China - 883.86% Report / Survey
4. China - 449.40%
5. Belgium - 442.63%
6. Malaysia - 404.19%
7. United Kingdom - 372.22%
8. United States - 335.43%
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Originally Posted by dwt
