Open trading account 
To win the contest you need some luck, the ability to spot a trend and you are going to have to buy or sell a market that is moving either up or down and hope that you are running in a trend, otherwise if you try to hold a move it simply will not run.
Many traders enter the contest and do really well only to fail sadly at the end and lose all their account even if they have made double or treble the previous week, so lets look at why this is.
Many traders start trading using the maximum trading amount of 5 million contracts on day one. Some will get lucky, others will get wiped out. The lucky ones will see their accounts double virtually in a week, the losers will take their balance to 9K or completely wipe out.
It seems like a game of chance and if you trade like this that is exactly what you are doing. You are taking your chance of winning and reducing it to the roll of a dice. BUT thats not the way to win the contest.
The contest is not just about the amount of money you make, its also about the amount of pips you make, thats why you see some traders with lots of money, but they are not ranked. This is because they simply got lucky, they stepped in the right direction and the market carried them up, doubling their account. They could have gone broke , but they got lucky, some people get really lucky they can make 10 lucky trades in a row, these are the people you see at the top 10 in the third week, but only the skilled trader or really lucky ones will win.
So the first thing you have to do is trade more pairs, more pairs mean more points, and you have to cut your risk on each trade down because come to Friday when margins are cut, you will be deducted points for closing out your trade before the profit target is hit.
So on the first 5 trades, keep your risk down to .6 lots on each trade, if you get the right pairs all of your trades will hit 40 to 50 pips targets and you bank 200 pips times .6 lots on your first day trading .
You should net 12,000 dollars, keep repeating this exact strategy all week and you will make 70,000 to 100,000 dollars and well over a 1000 pips, if you get lucky some of your trades will run for more pips and it is more than possible to double your account in the first week of trading without going broke, even if you have a couple of losing trade.
It is very important that you select the correct pairs to trade, you will not make 40 or 50 pips on a pair that does not move a lot. A typical example is the EURCHF, this often moves 10 to 30 pips a day, trades in a range and tends not to trend. This is quite a safe one to trade but it will not win you the contest.
In the next part I will show you how to select the right pairs to trade in order to win the contest.
Many traders enter the contest and do really well only to fail sadly at the end and lose all their account even if they have made double or treble the previous week, so lets look at why this is.
Many traders start trading using the maximum trading amount of 5 million contracts on day one. Some will get lucky, others will get wiped out. The lucky ones will see their accounts double virtually in a week, the losers will take their balance to 9K or completely wipe out.
It seems like a game of chance and if you trade like this that is exactly what you are doing. You are taking your chance of winning and reducing it to the roll of a dice. BUT thats not the way to win the contest.
The contest is not just about the amount of money you make, its also about the amount of pips you make, thats why you see some traders with lots of money, but they are not ranked. This is because they simply got lucky, they stepped in the right direction and the market carried them up, doubling their account. They could have gone broke , but they got lucky, some people get really lucky they can make 10 lucky trades in a row, these are the people you see at the top 10 in the third week, but only the skilled trader or really lucky ones will win.
So the first thing you have to do is trade more pairs, more pairs mean more points, and you have to cut your risk on each trade down because come to Friday when margins are cut, you will be deducted points for closing out your trade before the profit target is hit.
So on the first 5 trades, keep your risk down to .6 lots on each trade, if you get the right pairs all of your trades will hit 40 to 50 pips targets and you bank 200 pips times .6 lots on your first day trading .
You should net 12,000 dollars, keep repeating this exact strategy all week and you will make 70,000 to 100,000 dollars and well over a 1000 pips, if you get lucky some of your trades will run for more pips and it is more than possible to double your account in the first week of trading without going broke, even if you have a couple of losing trade.
It is very important that you select the correct pairs to trade, you will not make 40 or 50 pips on a pair that does not move a lot. A typical example is the EURCHF, this often moves 10 to 30 pips a day, trades in a range and tends not to trend. This is quite a safe one to trade but it will not win you the contest.
In the next part I will show you how to select the right pairs to trade in order to win the contest.
