First qualifying rounds in Trading Competition III

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s it worth to put SL? Should SL be put up? Will stop loss save or ruin your account? These questions are asked by traders daily, unfortunately there is not one good answer for this. For sure, using Stop lossa will allow us to fight for the main prize in Trading Competition III, several participants have learned about it.

One of the rules in this forex competition is to maintain equity above 70% of the initial account balance. If the participant leads to an equity below 7,000 usd, he is eliminated from the competition. This rule prevents random competitions from winning. It is very often the case that the participants open so many positions on one instrument, in one direction, without stop loss, how much the deposit will allow and waiting for the winnings. It is more like gambling than trading, but do they trade in the same way every day?

First eliminations
On Wednesday, unfortunately, two participants were eliminated from the competition, both of them allowed to capitalize on their accounts below the statutory 70%.
Trader "rets" made only 10 orders, and the vast majority of these transactions were accompanied by audjpy. It was this instrument that led to a significant loss of capital. The predominant loss suffered on two orders. The first transaction of the size of 4 flights on sell, and the second one very similar of the same size and direction. (Duplicated orders?) Each of these transactions brought over 10% of capital loss, and the final result was the elimination of the competition.

The second eliminated participant was the leader of the forex TomaszP competition. This trader unfortunately predicted the direction of gold and brent crude. Yesterday in the afternoon he suffered several losses, which resulted in a reduction of the deposit and forced him to open much smaller positions than he normally did.
Until yesterday you could see transactions of a dozen or so flights. This, however, has changed. In the early evening, the retraction was already -28%. From that moment he opened positions on gold of 0.05 Lot and 0.1 Lot - unfortunately, they also brought losses. The last item and attempt to save the account was long on gold. The position of 4 flights also brought a loss of 1.2% and tilted the scales to the disadvantage of the participant.

The participant himself commented on the reason for his defeat in an interesting way.
The competition is still in progress and as long as the leading position is taken over by qfaxs with the result of 11%. Behind him is MIke lester with a loss of 3%. In the third position is Emeral-Fx, already known from previous editions of the forex contest.
The current ranking of the Trading Competition III competition

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