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Championship Report: Second Week (9 – 16 October)The second week of the Championship ended. Ended, as expected, with surprises. First, nobody has reached 25 thousand dollars yet. Equity of only one Participant, Rich (Ukraine), has exceeded 20 thousand. Second, no leader of the previous week is now in the Top Three. Hendrick who took second place before, has completed the second week on the fourth place. And Sashken, leader of the first week, has made only one trade, a losing one, during this week. Thus, Alexander’s expert advisor has moved to the seventh place. This time, the first place is occupied by the developer from Ukraine, Rich. Using an MACD expert, he has earned about five thousand during the second contest week. His expert is notable for the fact that it opens three positions in the same direction simultaneously and divides the total amount of lots among them into equal parts. The count of lots will gradually increase and reach 15 (maximum permitted by the Championship Rules). Many admitted such trade management to be ingenious and one of the simplest in realization. Good on you, Rich! The second place was taken by Participant nicked as Better who represents Ukraine, too. The expert advisor under intriguing name of Crossavcheg that opens a multitude of positions has completed the second week with over 18 thousand. Great result! The third place was taken by expert GUMASA developed by Ldamiani from Brazil. The “fate” of this expert advisor is peculiar. The first two trades were losing and reduced the Participant’s balance to 6 thousand. Everybody thought he would not restore. But the trade closed on Friday, 13, brought Participant 6 000, and his balance became 12 thousand. By the end of the week, GUMASA Expert had an open position with the profit of 5 and a half thousand dollars. The result: Expert Advisor did not have only 100 dollars to reach 18000. Crack on! On Wednesday, 11, the Jury Meeting was held. Its agenda concerned some Participants. The Meeting decided to disqualify Participants under accounts ## 400251, 400013, 400114 and 400126. The Top Ten Expert Advisors are listed below:
The total results of Expert Advisors’ trading became one more surprise of the week. This time, the top ten experts have increased their total equity by only 7 thousand. We remind that this index was equal to 60 thousand the previous week. The mean equity of top ten experts of this week is 16 725 dollars. Hopefully, the results of the next week will be more impressive! Created: 2006.10.17 Author: MetaQuotes
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"Is forex trading, in our case automatic trading, profitable?"
A quick answer is: My EA (fireflies) is sofar losing, Sashken is defintely profitting. But what about for the whole traders? As I guess many brokers are a kind of bucket shops. Who is profitting? The broker or its traders?
I collect and sum current balances of all the players and compare it to the total of original deposites. The result is depressing. At the time of this writing (2006. 10.23), from the total deposites of USD2,580,000.00 (from 258 players), now the total balance is only USD2,266,782.83. And that is more than 12% reduction.
However if I compare the result to manual competition from other organizers, the result is suprisingly not different. From one company that organizes weekly competition regularly, for its 5 last contests, the
balances reduced from around 10% to 33%. And from another competition that lasted a month, similar result is given, that is almost 10% reduction.
What does these results tell us? For one sofar automatic trading doesn't do better than manual trading, however it doesn't do worse either. Another is that even without putting other constraints to the traders (like slippage, wide spreads, etc.), bucket-shop brokers may profitting alot of money from their traders.