FCM Forex and Myfxbook break ground as they announced the launch of the “Prince of Pips” which is a live trading contest open to all traders where a winner can claim an extra $10,000 in capital.
The Trading Contest
Myfxbook, which is widely known for its history of co-sponsoring demo trading contests with various forex brokers, had recently announced that they will be having a live forex trading competition. According to several reports, this will be the first for the popular trading analytic and auto trader signal provider service (Myfxbook).
The competition is being sponsored by the Fidelis Capital markets who will be giving away a total of $17,000 for the top traders in the event. The Fidelis Capital Markets is a Cyprus invest firm which is being regulated by CySEC under the 208/13 license and is actually based in Limassol.
Winners of the Trading Contest
So what will the top traders get? The top prize for the competition is $10,000 in cash; second prize will be $5,000 in cash; and the third placer will get $2,000 in their live trading account. The Fidelis Capital Markets is naming the competition as the “Prince of Pips”. The questions that remained unanswered yet are: Will this be the first of a series of live trading competitions from this company? Are we going to see more reputable brokers that will sponsor various trading competitions that will stimulate volume? Well, stay tuned! For those who want to participate, best of luck!
Specifications of the Competition
Like any other contests, this competition has its own specifications.
- There is a required initial minimum deposit equal to about $500.
- The contest will be commencing on October 27th this year and will culminate by November 28, 2015.
- Registration for the contest starts on September 28 and it will remain open until the end of the contest.
- Registration would mean you should agree to the rules and regulations in order to be eligible for the prizes.
- Each participant is only allowed with only one account. Having more than one account will mean disqualification.
- Participants are allowed to utilize scalping, news trading, as well as robot trading.
- There is a fix leverage for all contest trading accounts; 200:1.
- Participants may continue trading even after the contest ends. Any P/L achieved after the contest ends will not be utilized for determining the winner.
- Funds that will be deposited by the Fidelis Capital Markets on the accounts of the winners may be withdrawn anytime as desired.
How to Determine the Winner
The winners of this Live Trading Competition will be those who have top Time Weighted Return (TWR), as well as any floating P/L.
The Floating Profit and Loss at the end of the contest will be used in the regulation for TWR primarily to determine the winners of the contest and to station in a personality board.
It is important to note that trading in the foreign exchange market entails high speculation and significant amount of risk. Also note that FX trading may not suit everyone because even the expert traders experience significant losses. Before you decide to trade, you must seek advice from independent financial advisers.