Richard,

You mention that to enter the mini contest you need a minimum balance of 1000$ but isn't it the rule that you can enter the contest with a balance of minimum 500$ at the begining of the month?

Thanks
Steph

The information is compiled and released all at the same time. Since none of it has been released as yet, I do not have access to it.

Regards,
Richard

__________________
Enroll in our online FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click here to get more information.

Hello Kingroaw,

I am glad you asked this question as I am sure you are not the only one who needs clarification. In short, we ran two trading contests in August (King of the Mini & King of the Micro). Going forward, clients must have an FXCM Micro account with over $500 by the 1st of the month to qualify for the trading contest.

King of the Micro Trading Contest Link:
http://www.forexmicrolot.com/trading-contest.jsp

King of the Mini
August was the last month for the King of the Mini contest. Clients that had over $1000 in their mini accounts by August 1st were automatically enrolled. We will begin running stats and will have the data released on this forum around September 15th.

King of the Micro
August was also the first month for the King of the Micro contest. Many traders were transitioned over to King of the Micro on Friday August 1st. As not to disqualify these traders, we have made an exception to allow all clients that had $500 in their micro account by August 3rd (Sunday) to be eligible for the contest.

Going forward (september, october, november etc), you will need to have $500 in your micro account before the 1st of the month to qualify. We have begun to run stats and will have the data released on this forum and the FXCM Micro Forum around September 15th.

__________________
http://www.forexmicrolot.com/trading-contest.jsp

Hello moderator...

I understand that, with my mini account having more than $500 on the 1st of August, I have been automatically enrolled into the August King of the Micro contest... but I am unclear as to whether my mini account has automatically been converted into a micro account at this time as well. If not, then it seems I will not be enrolled in any "King of the..." contest for the month of September because I only have a mini account and there is no more mini contest. Is this the case? Thanks. -Stephane

Hi Moderator

How come my mini account which make more than 300% is not consider a winner in the August competition? My account number is 3100010955. Please advise. Thank you

Hi nio!

Thank you posting your question. We welcome such inquiries.

After reviewing your account we noticed that your Net P/L % gain was 358.31%. This is indeed high enough to be included in the top 5 traders, however, a portion of your profits came in July. Per contest rules "the percentage gain will be based on the ending gross P/L (including floating P/L) as a ledger balance against the beginning balance for the calendar month."

This means that we count trades open and/or closed during the month. Trades open at any point prior to the beginning of the monthly contest are excluded. Hence, your % P/L gain for the month, excluding trades open prior to the first trading day of the month, is a formidable 213.94%.

This number is definitely impressive and we are delighted by your results, however it does not quite make it into the Top Five.

King of the Mini

__________________
http://www.forexmicrolot.com/trading-contest.jsp

Dear Moderator,

I don't understand why i'm not included in the August results since my performance was above 1500%.

my account number is 2620204436

Thanks for checking.

S. Lombardi

Dear Moderator

I find this pretty misleading. The most apropriate way should be taking the balance (incld any floating P/L) at the 1st day of the month as the starting balance for the competition. This will then be fair as the last day of the month balance also includes any floating P/L.

It makes no difference if there are any floating trades opened before the competition month which you mentioned is not eligible. The starting balance should be calculated and based upon the 1st day of the month including any floating P/L on that day itself.

Why should we closed any floating trades just before the 1st of the month just to be eligible and open the floating trades again just after the 1st of the month? This is not logical.

If the starting balance includes the floating P/L at the 1st of the month, any trades open prior to that and the floating trades going into the competition month will be fair as the calculation of any P/L for those trades at the end of the month is based from the 1st of the month.

Hi steph,

According to numbers available to us, your account did not have the balance required to be included in the King of the Mini contest.

Your trading results are certainly most impressive. I am not sure how you came up with 1,500% P/L gain, as according to our numbers your ((Net P/L on open positions) + (Net P/L on closed positions)) / (Beginning Balance) = 559.13%

Unfortunately, the fact that your account did not have required beginning balance excluded it from being included in the contest.

Most Kind Regards,
King of the Mini

__________________
http://www.forexmicrolot.com/trading-contest.jsp

nio,

What we aim to do is to put all traders in the contest on the same playing field. This means a minimum balance of 1,000 USD or equivalent; no margin calls; no deposits, withdrawals, or transfers; for the purpose of the contest results, ending P/L (including floating P/L) will be the ledger balance against the beginning balance.

Note that in your proposal we would have to calculate your equity, not your balance. Case in point a trader who bought EUR/USD in September 2007 @ 1.3600 and never liquidated his long position: This trader would have taken top spot for months were we to include this trader in the contest. His P/L gain would be well over 1,000% and if added to his position, the gain would be exponentially multiplied.

Certainly, you should not close any positions before the beginning of the month. You are clearly doing very well and I would be wary of altering trades just to fit your account into the contest. However, the purpose of the contest rules is to ensure that on the first trading day of the month every trader has the same opportunity for success as other traders.

Kindest regards,
KOM

__________________
http://www.forexmicrolot.com/trading-contest.jsp

Dear Moderator,

I have a very interesting question here:
August contest
1st Place -- $2,500 -- Anonymous -- Romania -- 1,501.57%
I went back in time on my charts using "your" platform and also double checking it with other data sources.
I was trying to study his moves and see based on what her took his desision of "BUY/SELL".
For my surprise I found that the data is VERY inconsistent. What I mean by that?
The price point when he did buying and selling lots NEVER existed.! Even in a minute chart.

Seems to me that this "Contest" resouts are fake.

I also took a look in others previous months resoults and found a couple of same thing.
I would really appreciate your time to explain what this is about?

Ex:
04125082 EUR/USD 10K 8/1/2008 9:15 1.55662 Mkt
8/1/2008 9:31 1.55588 4.76 0.00 4.76 C

At:8/1/2008 9:15 high was 1.55442 so 1.55662 ??? explain it please
8/1/2008 9:31 high was 1.55452 so 1.55588 were this misterious price came from?

Thanks for your time and I am looking foward for explanations.

Hi Fores Student!

Let me preface my answer by saying that FXCM clients in the King of the Mini Contest are able to trade EUR, GBP, USD, CAD, AUD-based accounts. So when you look at reports you have to take into account that a USD-based account, for instance, will have reports in EST (UTC-5:00).

This particular account that are referring to is a GBP account, so at 9:15 London time the candle opened at 1.55645; high and low were 1.55675 and 1.55598, respectively; and candle closed at 1.55598.

We'll consider posting the time zones, so as to make your calculations easier.

KOM

__________________
http://www.forexmicrolot.com/trading-contest.jsp

Hi King of the mini,

I will be intruiged to find out the time zone, because me too couldn't find any analogy with the charts on our plateform. I still assume that this is due to the fact that Romania servers might be running on a different time zone. I did try the 7 hours difference with our EST but with no result.

Please advise! Thanks!

As to the posted trading results of the winners for the months Aug. and Sept(King of the Micro Competition), I assume that it is still in GMT time zone in posted results ? Or it varies as winners come from different countries ?

Top 10 Trading Results so far...

1. 368.65%
2. 360.88%
3. 253.11%
4. 252.17%
5. 239.12%
6. 227.12%
7. 209.17%
8. 183.48%
9. 183.16%
10. 172.36%

How's your trading going?

What's working for you? What's not?

Good luck for the rest of the month!

__________________
http://www.forexmicrolot.com/trading-contest.jsp