Contest account link: http://www.myfxbook.com/members/bcfxsignals/contest-bcfxsignals/462513
In the beginning of the contest, my account was growing very slow due to I was traded mostly on EurUsd, AudUsd and UsdJpy. And most of top accounts were trading on EurJpy, GbpJpy and AudJpy which were more volatile.
The result of trading in less volatile pairs is my account drawdown comparatively smaller when I was in top 10. Most of top10 accounts was >50% drawdown while my account was 38% drawdown.
In the last week of contest, I was in top 5 with 2000%+. I decided to make take some risks by trading in EurJpy and AudJpy with 1/3 of total lots.
Meaning that EurUsd, AudUsd and UsdJpy will take 2/3 of the trading lots, EurJpy and AudJpy will take 1/3 of trading lots.
And I was so lucky that managed to catch one of the JPY big drop wave
This had make my account grow tremendously to 12000%+ and overtook first place that have 8000%+.
In that moment, my account was 50%+ bigger than number 2, I had 2 choices to finish the contest,
1. Stop trading and watch, only continue trading when saw other potential account to overtake me.
2. Continue trading and finish the contest with good sportmanship.
I chose the second one and continue trading. I loss some trades that made my account reduce to 9000% where is near to second place 8000%.
The rage of lossing trades made me traded my full margin with EurJpy and AudJpy with that hope to gain back my loss, without consider the volatility of EurJpy and AudJpy pairs. The pairs had extended the reverse movement before it goes as my prediction, and my account was not able to hold the volatility, trades were closed automatically due to margin limits. (in personal account with much lower leverage, this is actually a winnning trade)
I end up with no.4 with a good lesson.
"Do not over trade the account" where is the one of my trading rule. I disobeyed it in contest account, thought that I will be lucky, and I this is the consequences. I should always remember that.
