What strategy to use?
A contest a simply "encouragement" for you to enter and to mixing up your confident level if you were to be the one in the million / thousand to have won this contest.
Let's talk about the IMPACT
If you win this time, it would ruin your confident level of your trading in forex in the future. Because you would believe yourself that you could win every contest that is available. Just like, if you win the Olympic, you would like to hold the title for the next Olympic.
If you lose, you may always focus every contest that is available in the market, because opening a demo / practise accounts would not attract you and quite boring.
THE FACT
In forex world, there is no "education" system that tells you how to make a profit. Everyone needs to go into the practice mode and losing for the first time, until you have found your mistake and discover some skill.
Breakout trading remain the best forex trading strategy because it is so easy to understand and as long as there are trend in the market it will always work- so base your trading strategy on breakouts and you will have a simple and timeless way tp make a great trading profit..
It is important to make the necessary SWOT analysis to determine the strengths and weaknesses, opportunities and threats. External relations SWOT factors is more factual and realistic, if you use pest analysis will result in different opportunities and threats. Remember to assess the pest factors, positive and negative aspects of your business.
I would not recommend you to use EA in that contest. If you just bought it, I think you still had not enough time to make good forward testing. Though, if you will try, you will definitely know is your EA really good or not
The best strategy is to enter multiple EA's under different names and IP adresses. Just use a random entry and random exit, and use something like optimal F position sizing.
If you can enter a hundred or so versions, theres a good chance on will do well enough to get you into the prize money.
Thats what everyone else does, and unless you play the same game, you have no chance of competing.
Ideal candidate for some positions during the day trading. The typical day trader is looking for two things at the store: liquidity and volatility. Enter and exit stocks with good liquidity is one of the most popular price.Scalping strategy, has sold almost immediately after the trade is beneficial.
so many working EAs that do not work for everyone.
I don't think there is an EA which would work for everyone. Some people just won't follow the instructions although they are told so, others choose an unsuitable broker etc 
I don't think there is an EA which would work for everyone. Some people just won't follow the instructions although they are told so, others choose an unsuitable broker etc
Agree!
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Hello all. I'm quite new to trading. Few weeks ago I bought myself an EA (that's another story). When I was looking for an EA i came across a site (mt4brokersreview.com) thats hosting a contest and I decided to enter (could be that I'm a little too confident but what the heck). The prize money is too big to miss on.
Now I'm not quite sure how to go about it. I've never been in a contest like this before. What would you recommend a newbie like me to do? How to start? Is it even allowed to trade with EAs in contests?
What would be the best strategy to use?
Thanks.