The first week of the Trading Competition III forex competition is behind us, so it's time for a brief summary of the past week, and the last two days have brought many unexpected changes.
Registration is still possible
You have to remember that despite the duration of the competition, you can still register and take part in it. Registration is possible until July 20. To start it is enough to register on the portal www.tradingdot.com, "attach" your mt4 account and when filling in the form tick the desire to participate in the competition Competition III. After that we can fight for the main prize in the competition.
Is it worth it?
Taking part in the competition is an excellent form of education. All participants at the same time are looking for opportunities to conclude a transaction, which allows us to observe the behavior of other traders. On the www.tradingdot.com portal, we can track the history of each transaction from its conclusion, through each modification made to its conclusion. It gives us the opportunity to thoroughly analyze the conduct of profit transactions and compare this with our decisions. Such observations allow you to make a huge progress and develop your tradesman's workshop.
Summary of classification
The first trading day of the competition fell on Monday 1 July 2019. From the very beginning, TomaszP took over, unfortunately on Wednesday lost the leading position in favor of Trader qxfsa. The competitor had an advantage over the second part of Mike Lester for only a few percent. On Friday everything changed, for the lead he left the seventh position of Larcz. Currently, he has 20% profit and has an additional 4% in open positions. He moved to lead thanks to a transaction like the one below.
The first triple is not changeable so far, on Friday this group joined the group.
Equity vs balance
Very often in the rankings balance is taken into account, unfortunately it is not modified by open positions. It is only when we close a transaction that its result is added (added or subtracted) to the balance. It happens that monitoring the balance itself can darken the overall picture of the forex competition, so you should also analyze equity because Equity includes all open and closed positions.
In the graph below, it's easy to see how, for example, the lager systematically built up his account balance, but only on Friday he closed all transactions by moving to position number 1.
At the moment, number 1 is Larcz with 8% advantage over qfaxs, followed by Mike lester on the 3rd place and @Emerald_FX on the 4th position
On Wednesday, two participants were disqualified. Both of them exceeded the statutory minimum set at the Equity level of 70%. The first trader who left the forex contest was rets. a few hours later, TomaszP let his account balance go below USD 7k.
The most interesting event of the week
Two events deserve attention here. The first is TomaszP's fight in the last hours before the elimination, when his loss amounted to -28.9%. Trader opened extremely small positions and quickly closed them as soon as the transaction began to count the loss. On the screen below you can clearly see transactions that were closed at a few pips of losses, so as not to drop with an equity below USD 7,000 and the holding time often did not exceed 6 minutes.