Rules & Prizes
What platforms do you offer?
Can I Trade during the News?
How can I monitor my trades?
We will provide you with an EA to install on your MT5 terminal to monitor all your trades while in the competition. Please expect an email from us with further instructions on Friday the 15 July 2022.
Do I need to use a stop loss?
Yes. You should use a stop loss on all your trades. Any trade used without a stop loss will not be counted towards your final results.
There is no limit on how much you can risk $ or % on each trade.
Respecting risk should always be the top priority for any trader who follows good risk management practices.
How the Daily Drawdown is calculated?
- On any given day, the Maximum Loss must not be equal to or exceed the value of 6% of the initial account balance (Initial Account Balance x 6%).
- The Max Daily Drawdown includes any swaps, commissions, and spreads.
- The Max Daily Drawdown resets every day at 22:00 GMT (Midnight Broker's Time).
If your starting account balance is $50,000, your Max Daily Drawdown is $3,000. Therefore, if earlier on the day you lost $1,000, you will have room to lose the remaining $1,000 on the same day.
If your starting account balance is $50,000, your Max Daily Drawdown is $3,000. If you made $3,000 in Net Profit earlier on the day, you would have room to lose the $6,000 ($3,000 Profit + $3,000) on the same day. If your account balance or equity reaches -$6,000 in losses on that same day, then your account would get terminated due to breaching the Max Daily Drawdown Rule.
If your starting account balance is $50,000, your Max Daily Drawdown is $3,000, and earlier on the day, you made $3,000 in Net Profit. On the same day, you opened new trades, and you had floating positions with total current floating losses of $6,000.
In this instance, you won't be violating the Max Daily Drawdown Rule "Today" because you already made $3,000 earlier, and your total loss for the day is $1,500 (+$3,000 closed Net Profit -$6,000 floating losses), which did not exceed The Max Daily Drawdown value of $3,000.
However, if you leave those positions open until the next day (after midnight broker's time), then you will be violating the Max Daily Drawdown rule because you will end up with $6,000, which is more than the $3,000 threshold.
How the Max Absolute Drawdown is calculated?
- The Max Absolute Drawdown is a 10% Fixed loss from the initial balance for all Phases on any given day.
- The losses can never exceed the 10% loss of the Initial Account Balance.
Suppose you're starting on a $50,000 account, then the stop out level based on the 10% Fixed loss would be $50,000 – ($50,000 x 10%) = $45,000. So, you would not lose the account unless the account balance or equity reaches $45,000.
Can I get a entry?
No. we do not allow for a 2nd entry. Each participant is allowed to have only 1 account.
What is the spreads and commissions on the Competition?
The spread is 0.2 on EURUSD on average and the Commission is $9 per lot on forex and $0.9 per lot on Index.
The spread and commissions should be similar to the live trading environment to ensure success when winning in a live environment.
Can I use EAs in the competition?
Yes, you can use any EAs as long as they are don't fall into one of the following categories:
- Martin Gale Style EAs;
- High-Frequency Trading;
- Ultra-Fast Scalping;
- Latency Arbitrage Trading;
- Any Tick Scalping Strategies;
- Any Copy Trading of other people's signals;
- Any Reverse Arbitrage Trading;
- Any Hedge Arbitrage Trading;
- Any use of emulators.
What happens if I don't trade the accounts in the competition?
If an account has not been traded within the first 2 weeks after the start of the competition, that account will be disqualified automatically from the competition.