AxiTrader CFD Trading Challenge

[Rogue Trading]

Hi to all,
Anyone know how Jorge Y won the AxiTrader CFD Trading Challenge?
I NEED to know how someone can turn $50k into $800k+ in a month. Thats what Jorge Y did.
Cheers
Rogue Trading

 

[nukz]

My guess is with the market volatility the way it's been over the last couple of months as long as you use lots of leverage and where lucky you could make allot.

I personally find when the market is very volatile dropping like a stone one day and rising the next its the best time to make money unlike traditional share trading.

He may have played things like wheat/corn ect.

 

[skc]

Hi to all,
Anyone know how Jorge Y won the AxiTrader CFD Trading Challenge?
I NEED to know how someone can turn $50k into $800k+ in a month. Thats what Jorge Y did.
Cheers
Rogue Trading

High leverage * high frequency = potential massive profit in a short period.

You see the results, what you don't see is the risk. The other 100 competitors also tried the same thing but they failed.

BTW, is that real or play money? Axi is not that big an operator they probably can't handle positions that big in the real market!

 

[cogs]

I entered the first comp they had and was running in what would have been approx 11th or 12th place for quite some time.

You start with 50k. I was making rediculous size trade for 50k baseline just to get where I was, my full time job and only trading asian hrs saw me come unstuck.

I honestly think many of the positions are fabricated, why would some one who is that successfull, be entering a comp to win $500 or a few thousand in a trading account?

As those who have accounts with axis we are the ones who are sent invites to the comp, it would also allow axis to understand existing members trading capabilities and techniques to then calssify them.

Bit of a cynical point of view, but there are no real prizes.

 

[Gringotts Bank]

If you take 1000 people off the street who have never traded, and entered them in the comp, there's a good chance one or more will decide to take on very high risks and bet the house.... and win. Some will bet the house and lose - we don't get to see those ones in the results table. That's why they run these comps - to make you think it's possible to get those sort of returns. It worked! You're interested enough to start this thread!

If you take the winner and give him real money, his whole psychology changes. It's a totally new game.

Sorry, my answer is the same as skc. Ah well!

 

[Rogue Trading]

Thanks to all that have replied.
So do you think Jorge Y traded the Forex market?
Anyone know what system he used?
Just guessing and hoping and praying is not a system.
Cheers
Rogue Trading

 

[nukz]

he might have been playing the euro/yen/usd as far as forex goes because of there huge flucuations recently so allot of money could have been made on those.

The same could be said for wheat/sugar/corn ect those have all risen quite high in the past couple of months.

 

[The_Snowman]

Starts again on Monday, June 13, wonder if he will be back?


You took part in the YTE/AxiTrader CFD Trading Challenge, what motivated you to take part? And what were your thoughts about the experience overall?

My motivation was the real prize, few brokers offer AUD5,000 to the first place. Before I won the AxiTrader contest I have been consolidating and capitalising my real account on winning these competitions.

I have participated in several competitions and they are balances that make you think and motivate you to improve your strategy everyday. No doubt to win a
 competition like this, you must operate with pairs of high volatility and sometimes over leverage too.


You turned a $50,000 demo account in to $836,216.07 - that’s an amazing result! Can you talk us through some of the strategies you used to achieve this?

Clearly they are an over leverage - operating with the yen cross pairs, gold and stock index futures offer these opportunities. These products are by nature volatile and even more in times of crisis.


Strategies must be dynamic and non-cyclical as the market conditions are changing fast. You must seek a balance point, and be prepared and able to quickly interpret the same trend with the existing technical or fundamental tools and information available.


Were there times during the challenge that you thought your trades may turn against you?

Of course an intraday trader must be prepared for the movements caused by central bank intervention or fundamentals, depending on the impact of the news and their movement in points, if they exceed these expectations on a technical level only closes the positions and waits for another opportunity to re-enter in the market.


How did the CFD Trader Challenge affect the way you trade your live account? (if at all) i.e risk evaluation, trading psychology etc

It is (my live account) the same strategy only with less leverage; however there are times when market conditions allow for over leverage, so just clear intraday.



How important do you think it is for new traders to start out trading demo accounts?

It is the best support to have as a trader. In my early times, I remember the (free) demo accounts would expire in 30 days. Now thanks to a standardising MT4 platform and a lot of new brokers, the demos every day have better services, and you can practice as long as necessary.



Jorge Carlos Mercado Yances lives and trades from his home in Colombia and was profiled in the Nov/Dec 2010 issue of YTE ‘Trader’s Story’ ;

 

[Paulo30]

I'm looking into this.. but more from a trial perspective on their platforms.

Yeah, interested to see who has the best luck during the competition..

 

[Paulo30]

Needless to say the strategies one uses in these competitions are near worthless in the real world. I've just entered some massive positions which will either pay off excellent, or blow my account.. I don't care since it's a competition. In reality I would be using a much smaller position size, and also having smaller TP expectations from the pairs.
If anyone could turn 50k into 832k, they wouldn't spending time playing competitions..

Starts again on Monday, June 13, wonder if he will be back?


You turned a $50,000 demo account in to $836,216.07 - that’s an amazing result! Can you talk us through some of the strategies you used to achieve this?

Clearly they are an over leverage - operating with the yen cross pairs, gold and stock index futures offer these opportunities. These products are by nature volatile and even more in times of crisis.

[/B]

 

[The_Snowman]

Been thinking about this, if you double account each week for 4 weeks -

50,000 -> 100,000
100,000 -> 200,000
200,000 -> 400,000
400,000 -> 800,000

then you have 1 week to spare. The point is, you need 2 trades that make 10% of the account each day for the week, that is, first week, 2 winners at 5,000 daily is 10 winners total 50,000 and so on.

Therefore you need excellent skill at picking the direction, trade management, some luck perhaps.

I wonder if he ever wrote a book or article about this; would love to see the actual positions and get a glimpse of the strategy

 

[dawsonsg]

How about 50000 to 572000 in a little over a day.

Sorry, I just dont believe it.

Been thinking about this, if you double account each week for 4 weeks -

50,000 -> 100,000
100,000 -> 200,000
200,000 -> 400,000
400,000 -> 800,000

then you have 1 week to spare. The point is, you need 2 trades that make 10% of the account each day for the week, that is, first week, 2 winners at 5,000 daily is 10 winners total 50,000 and so on.

Therefore you need excellent skill at picking the direction, trade management, some luck perhaps.

I wonder if he ever wrote a book or article about this; would love to see the actual positions and get a glimpse of the strategy

 

[Paulo30]

It's tricky doubling the account each week, since you need to 1) Pick the right pair which will even move enough pips to double your position, and 2) If it reverses, and you've staked all your account (around 5-10lots?) on one trade, the margin will knock you out.. hence the whole thing is really a bit of fun and a bit of luck..

Ironically it suits experienced traders a bit more than newbies it is designed to attract, since experienced traders know its a game and bears little resemblance to real trading strategies.

 

[hottrader]

The last 2 days, axitrader demo platform used in competition has been having price lags. There has been delay as mush as 1 minute before price catches up. I made $190,000 in less then 2 hours on demo just because i knew where price was headed because of teh lag. So this whole competition is a scam to attract more clients into believing that fx trading is such wonderful and easy, lol. The axitrader team and management should look into restarting the competition fairly with live prices and no lags. Thats when one may see some real talent !

 

[Paulo30]

I don't know about price lags.. but I had an issue on the iphone app where I couldn't close open limit orders.. and had to do this via mt4. Doesn't give much confidence if I was in a live situation. They said they had contacted the app developer to sort this out.. (not sure what QA procedures they use..)