Here’s Why You Should Participate In The 2019 MT5 Trading Challenge
If you’re new to trading, here’s a chance to make some money while you learn the ropes. This is a tremendous opportunity for seasoned traders as well.
Phillip Futures, one of the oldest and most respected brokers in Singapore, is holding its annual MT5 Trading challenge. The Phillip Futures MT5 Trading Challenge 2019 starts on 1st April 2019. Its main features are:
⇨ It’s open to everyone except existing clients of Phillip Futures. However, if you opened your account on 4th February 2019, or later, you’re eligible.
⇨ There is no financial commitment required, and opening a trading challenge-linked demo account is free. There are no costs involved at all.
⇨ The prize money is unlimited. What this means is that although the amount that each participant can win is capped at U.S.$1,500, there is no limit to the number of winners.
Okay, so how do I register for the MT5 Trading Challenge 2019?
It’s simple. All that you have to do is to enter some details on the Registration For Phillip MT5 Trading Challenge 2019 page. The entire process shouldn’t take more than 30 seconds.
What happens next? Upon successful registration, you will receive your Trading Challenge ID and password by email. At this stage, you should download the MT5 platform in the Phillip Futures Setup.
Remember that the account will become activated only at 6am on 1st April 2019. Until then, you can’t use this account.
What if you want to learn how the MT5 platform operates and practice your trading skills immediately? You can do that too. But you need to open another demo account. This is called a practice demo account, and you can find a step-by-step guide on how to set up this account here.
What happens on 1st April 2019?
At 6am, your trading challenge account will be activated. You will receive starting equity of U.S.$30,000. This is your initial capital.
The challenge is to maximise your equity by the end of the trading period. There are two rounds to the competition:
⇨ Round 1: 1 April, 6am to 12 April, 6am (SGT)
⇨ Round 2: 15 April, 6am to 26 April, 6am (SGT)
You can participate in both rounds. However, your eligibility will be restricted to a single prize. Phillip Futures will provide you with an award for the round that you ended with the highest equity balance.
Here are a few more things that you should know about the Phillip Futures MT5 Trading Challenge 2019:
⇨ The leverage used in the competition is 1:50.
⇨ You can trade five days a week, 24 hours a day. Bullion trading is subject to an interval from 6am to 7am (SGT) every morning.
⇨ You are required to close all your positions at the end of each round. The first round ends at 6am on 12 April and the second at the same time on 26 April.
What if you don’t close your positions? At the end of the round, the system will automatically force-liquidate your position and transfer the profit or loss to your equity balance.
⇨ All the different contracts offered by the MT5 trading platform are available for you to trade on the Phillip Futures MT5 Trading Challenge 2019.
One of the biggest advantages of participating in the Challenge is that you will get an opportunity to familiarise yourself with the Autochartist plugin. This is an advanced pattern recognition tool that is completely integrated with Phillip MetaTrader 5. It automatically scans your entire market watchlist for technical patterns and helps you to identify the most profitable trading opportunities.
⇨ When you are trading, you will be bound by the rules of the competition. The minimum contract size for a forex trade is 1K. For gold trades (XAU/USD), it is 1 oz, and for silver, (XAG/USD), 50 oz.
Some advantages of the MT5 platform
It’s important to bear in mind that the Phillip Futures MT5 Trading Challenge 2019 offers you a dual benefit. One, it provides an opportunity to win a significant amount in cash prizes. Secondly, you will learn to use the Phillip Futures MT5 platform in a demo environment.
The platform offers rock-bottom spreads on your forex trades. The spread on EURUSD is just 0.6 pips. While this gives you an advantage in the Challenge, it applies to live accounts too. So, when you are trading with real money (this is not a part of the Challenge), you get a chance to keep costs to the bare minimum and maximise your profits.
The platform also allows you to create trading robots. It’s a simple process that can be completed in less than a minute. These can help to boost your trading profits.
Let’s understand how the prize money will be awarded. The best feature of the Phillip Futures MT5 Trading Challenge 2019 is that everyone can win!
If your trading skills are of a high order, you will be able to increase the U.S.$30,000 capital that you began with to a higher figure. The prize that you can win is based on the closing equity balance at the end of the competition period.
Remember that you have 11 days to increase your capital. Round 1 of the competition is from April 1 to April 12, and Round 2 is from April 15 to April 26.
Here are the details of the prize money:
|Participants’ Equity Balance at the end of the round (Initial balance: U.S.$30,000)||Prize|
|U.S.$51,501 – U.S.$80,000||U.S.$400|
|U.S.$41,501 – U.S.$51,500||U.S.$250|
|U.S.$31,500 – U.S.$41,500||U.S.$150|
To claim your prize money, you will have to open and fund a live MT5 trading account with Phillip Futures. The minimum funding amount is S$500. You must open this account by 31 May 2019.
The bottom line
Sign up right away! Here’s the link. You have a good chance of winning. There were over 300 winners in last year’s competition.