So the best case scenario, you can win 24,930.00 hryvnias from PFSoft and 124,650.00 hrynias from FXCM monthly. That is the best case scenario and probably won't happen, at least, not consistently. If you look at the results, you will see that it isn't the same person every month winning the top prize. It is very competitive to be placed first. You can look at the link above and see the numbers that people are putting up every month from a credible broker, somewhat. They did get busted by the NFA for unethical practices with slippage in 2009, but the NFA is here to prevent those things from happening.
I will like to finish by giving you a loophole that you can take advantage of. I feel that this loophole shouldn't exist and if FXCM fixes this loophole, then this program can exist for many years to come.
But since it exists, go ahead and take advantage of it. You see, you're rewarded based on your monthly percentage gains, not the amount of money that you earned. So if you don't want to lose a lot of money, you can open up an account with 1246.50 hrynias and trade a currency at like 12.46 hrynias per pip. So if price moves 100 pips, BAM!!!!! You're up 100% and you didn't even risked a lot of money. I'm just giving you some ideas, but I believe that is still a lot of leverage for that account size. But do the math and see what works best for you.
Also, I believe that you might can get away from those stupid FIFO rules that I always have to be aware of when I'm running my strategies with algoBots.
Okay, this is why I have a bad opinion about rewarding traders based on percentage gains instead of money gained. We know that this is a business decision for FXCM to compete with other brokers and at the same time, give out an incentive for people to trade more. They make money when you trade. But, if you're rewarded based on money gained, that means that you will have to trade bigger positions and they will get paid more, which will ultimately cover the amount of money that they have to pay out. My guess is that they don't do it with money gained instead of percentage gained, is because they don't won't they contest to look less attractive--I guess.
UPDATE: PFSoft rewards based on profit gained, which means you'll need to trade with a larger account balance than the one that I mentioned earlier. I skimmed the document and missed this one.
– In case two Participants have the same amount of profit, Organizer will look at the profit factor to identify the winner. For the purposes of the Contest, Profit Factor will be calculated with the following formula:
Profit Factor = Gross Profit / Gross Loss
So I thought that it was based on profit factor. The good news though, you can create two accounts and demoed PFSoft account and trade risk-free. I jumped the gun and wanted to clean it up by providing accurate and good advice so that you have a great chance to succeed in this event.
Hello! Thanks a lot for sharing such a useful info. I am new to trading, and I don't have much money too. I also want to try some binary trade, what do you think of it? I have found some cool demo accounts, and I am going to try them out. Maybe you can share some tips with me as well
Welcome to the forum. You can make a lot of money with binary options. However, if you live in the U.S., like I do, your options are limited. The ones that I trust a little bit more, are the ones like 24options or Stockbroker. They don't serve U.S. clients because of crazy regulations. The only one that I trust 100% is Nadex and they are open to the world. I don't like their platform because I feel that it is very hard to backtest by looking at the charts. When you're looking at the charts from months back, you don't know if you'd have been able to grab a contract. Nadex doesn't disclose the algorithm, per se, that they use to come up with their prices.
The problem I have with overseas brokers, is that, they don't play fair. You can do well and make money and taking on all the stress that goes with trading and what the brokers will do, they will allow you to continue trading, hoping that you'll eventually blow out you account and they be profitable. However, it that never happens, they will just deny your withdrawal request. You can go to Visa, but they will only fund you what you originally deposited. And another thing, you can run into this withdrawal problem months and months later, and it will be difficult to submit a claim. The brokers run a bad business. They survive off of your failures and they only want to do business with you if you're losing. They will try to lie and tell you that they are matching you up with Bob, but that is bogus.
So while binary options are the most lucrative ways of making money both legally and illegally, it is better to just stick with forex. You can make a lot of money with forex and you can automate it. As long as you're not dealing with a market maker broker.
PTMC is a professional trading platform that combines all the best charting and analytical tools to trade on different financial markets. It is developed by PFSOFT UK LTD, a global provider of trading technology for banks & brokers