king of the micro for a day, fool for a lifetime

M

milktruck

man this contest is sinister. lever up 400 to 1 and swing for the fences kids, that's how to be a winner!

no way they hedge micro accounts. the spreads are pretty good they have to be banking on your ruin to make money.
 
Quote from milktruck:

this is borderline criminal, meaning par for the course in forex.
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WTF are you talking about? Nobody is forced to enter these contests. If one doesn't do their due diligence that is their problem.
 
they are incentivizing reckless trading. you aren't going to win by trading in a sustainable manner. 95% of the traders looking for outsized monthly gains on the order of the past winners will end up with 100% loss. 4% will just be marginally down. I don't remember where I saw those stats but if they are at all accurate (they are, I know from seeing hundreds of client accounts working in fx) this is fantastic for the house and crap for 99% of aspiring traders.
 
Quote from milktruck:

they are incentivizing reckless trading. you aren't going to win by trading in a sustainable manner. 95% of the traders looking for outsized monthly gains on the order of the past winners will end up with 100% loss. 4% will just be marginally down. I don't remember where I saw those stats but if they are at all accurate (they are, I know from seeing hundreds of client accounts working in fx) this is fantastic for the house and crap for 99% of aspiring traders.
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If punters are stupid enough to give their money away then it's not really the house's fault for accepting it.

No-one is forcing anyone to trade (or gamble) recklessly, people who lose money in this game only have themselves to blame.
 
while that's true they find their way to the slaughterhouse just fine without being led. its like offering a prize to gun owners for being really good at russian roulette. I'd make a better comparison but I'm weary from easter dinner lol. just seems irresponsible.
 
I'm not talking traders results as much as underhanded business practices. I can see a lot of people are going to miss the point and try to go ayn rand on me tho.
 
Quote from milktruck:

I'm not talking traders results as much as underhanded business practices. I can see a lot of people are going to miss the point and try to go ayn rand on me tho.
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Anyone with half a brain realizes that the odds of winning one of those contests is pretty low. However, how can you dump on the organization that is making something available that apparently a lot of people are perfectly willing to try?

Seriously, anyone who thinks that they have a good chance of turning a $500 account into one worth at least 1000% in one month with low risk is insane.

In fact, someone could easily make the argument that FXCM is doing ignorant traders a favor by letting them blow $500 accounts instead of $50,000 accounts. Think about it...
 
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