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Help me with a contest strategy


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#1 ⇑ Haut ⇑ 24-06-2010 22:33:29

donovan
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Help me with a contest strategy

Hello all. I'm quite new to trading. Few weeks ago I bought myself an EA (that's another story). When I was looking for an EA i came across a site (www.mt4brokersreview.com) thats hosting a contest and I decided to enter (could be that I'm a little too confident but what the heck). The prize money is too big to miss on.
Now I'm not quite sure how to go about it. I've never been in a contest like this before. What would you recommend a newbie like me to do? How to start? Is it even allowed to trade with EAs in contests?
What would be the best strategy to use?

Thanks.




 

#2 ⇑ Haut ⇑ 25-06-2010 01:00:52

Bruno
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Re: Help me with a contest strategy

Hi Donovan and welcome,

Is it even allowed to trade with EAs in contests?

There is no rule in a contest. You can trade the way you want.

What would you recommend a newbie like me to do? How to start?

I don't know if the contest is with real money but if it is, i think it's a mistake. If you're new on Forex, i advise you to trade on a demo account to be familiar with the forex, the way it works. It will also give you the opportunity to determine a strategy. You have to be aware that an EA is a not a magic thing. It could have good performance during a certain period but on the long term, most of all will lead you to lose your funds. Otherwise, banks will buy this EA and will not get any traders....

It's just a fact. I'm glad if you found a very performing EA but i just want to warn you about the risk of this kind of thing. Don't be too confident... that's the mistake of lot of new traders.

What would be the best strategy to use?

There is a lot of strategy but one tip i can give you is to find a simple one. Most of traders who succeed on the Forex or stocks markets have a simple strategy.

I don't know how you want to work. Some questions you have to answer by yourself by using a demo account :
- Do you want to use fundamental or technical analysis?
- Do you want to trade the trend or are you a scalper?
- On which timeframe do you want to trade? Day trading (15min-1h), medium term (2h-4h) or long term (daily-weekly candlesticks))

After that, you can try different strategy and see how its works.

Bye




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#3 ⇑ Haut ⇑ 29-06-2010 17:23:36

ryu
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Re: Help me with a contest strategy

As a newbie I would suggest that a forex trading strategy where you are not in front of a computer all day waiting for trades to happen. It can be like watching paint dry. I also find that it is harder to keep your emotions in check when you do this. The most important thing when currency trading is to take the emotion out of it. Otherwise you won’t make any money trading. I prefer an end of day trading strategy as I place my trades at night and forget about it till next night at same time. A company I have found good for this is makemoneycurrencytrading dot co dot uk as I can usually place the trades based on their strategy in 15-30 mins. I work full time and have a family so I can’t spend all day at screen nor would I want to.




 

#4 ⇑ Haut ⇑ 12-08-2010 16:51:47

Dave77
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Re: Help me with a contest strategy

i visited Rita lasker's site. if you know her product Fish Forex Robot and 96Informer surprised me by their quality. and at that site i've got supporters' uncommonly quick answer and was pleasantly surprised.




 

#5 ⇑ Haut ⇑ 16-12-2012 06:30:17

Princess Keisha
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Re: Help me with a contest strategy

I usually trading in contest like trading with live account.. So, i just use same strategy.. Sometimes, i also test my new trading strategy in contest..




 

#6 ⇑ Haut ⇑ 12-09-2013 20:06:22

Max Rose
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Re: Help me with a contest strategy

there are some basic contest strategy.one is :Install a 7 close price EMA.Install a 50 close price EMA.Basic instructions:If the 7 EMA is lower than the

50 EMA trade only the short opportunities for maximum risk/reward.If the 7EMA is higher than the 50 EMA trade only the long opportunities

for maximum risk/reward.




 

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