Forex Demo contest
What is Forex Contest
A forex contest is a competition for forex traders that hosts most of the forex brokers. The aim of the forex contests is test forex trader quality and experience. Sometimes forex brokers host a contest for both the beginners and the experienced traders. Every beginner and the experienced traders can join this competition but, it is apprentices for beginners and very hard to war with professionals. The contest might be of numerous types, for example, weekly, month to month, mini, micro and more. The benefit of these challenges gets the real money and prizes such as a smartphone, car and more.
Generally, there are two forms of Forex contest. Forex contests are not the same as forex trading. Some individuals think Forex contest to be a form of a bonus.
Broadly speaking, there are two types of forex contest for traders;
Forex Demo contest
Forex demo contest is basically for demo trader to compete with other demo traders. It is the best choice of beginner trader because absolutely free to join and real prizes also withdrawal money. Sometimes, also experienced traders participate in this type of contest to take advantage of big rewards.
A demo contest is an extraordinary method to accomplish a great deal of forex trading knowledge, mainly if the dealer is a learner and, thus, encourages the newbie to test skill, run the system to know its specialty.
Forex Real contest
It is little different from demo contests. To take part in forex real / live contest, you need registration with a hosted broker. It is same as demo contest, the winner will get prizes and money, but this contest is only for professional traders. It also helps to lean and communicate with others and make it an extraordinary gathering experience and show trading experience. All prize is given by broker regular cash and others the same as the demo contest.
But, forex traders don't attempt new strategies and method in a real contest, they do it in the demo challenges. They started trading with existing and confided in techniques and to win because they need own deposit fund and it’s highly risky to lose fund. Forex real contest is for expert forex brokers who are in the business for a long time and can take the high level risk of the deposit amount and have an excellent confidante to win. So, only real account traders, who expert to make money he or she takes a part in real forex contest.
Period basis contests
Weekly Contest: The Competitions start on the first day of each week and end in the last days of the week. The contest trading period is one week.
Monthly Contest: Most of the traders host monthly contest on demo and real trading. The Competitions start on the first day of each month and end in the last days of the month. The contest trading period is one month and held once per month.
Most of the trader like to join the monthly contest. Obviously, don't think a Forex contest can bring you plenty of money.
How to participate in a contest
To be a participant in any contest, you must do only four easy steps!
- Registration an account
- Request submit or direct join
- Deposit if would real contest
- Start trading between the trading periods
How to choose a good and win a forex contest
There are many facilities to join a contest. Generally, the forex broker makes some rules and regulation for each competition. There are a few things you have to understand as a way to win any contest.
Before deciding to start a contest, make sure to look at its regulations to be able to be positive they fit you. In any event, you can try any contests in order to meet your wants.
Some contests are complete only for scalpers, and a few have rules which do not fit scalper’s needs in any respect. Read terms and regulation carefully before select any contest.
There are lots of forex brokers on the market. Small brokers also have contests, but they aren't reliable. So, it's essential to choose a genuine and trustworthy broker from the crowd.
- Don’t be afraid
- Play Big Do Not Play Safe
- Start your trade with higher volumes
- Don’t trade when you fell pressure
- Use leverage wisely
- Take risk with maintains trading period and duration
- Try to take a position in the winner list not top
- Take a break when you need
- Mentally prepared to afford your loss
Standard Rules and regulations of contests
There are many brokers and different rules of each broker for each contest. Here is the most common rules and regulations:
- Need a trading account to join, sometimes need to verify before join otherwise have to confirm before get the prizes.
- Minimum or once time deposit depends on the broker
- IP restriction – once IP for one trader
- You can’t use a trading bot
- Sometimes broker give limit using a specific strategy, trading software and automated trading
- Prizes or money winner won’t get if they violate any rules
Benefits of a Demo Contest
- Free to join and Special for Beginners
- Beginners can learn and can make their strategies
- Beginners can test any proven strategy for their own
- Traders can jump into real trading after winning a contest
- Communicate with other traders
- Compare with others
- Increase the level of experience
- Prizes and withdrawal money
Benefits of a Live Contest
- Trading with real market conditions and trading period
- Chance to prove yourself
- An actual test of skill and competing with other traders
- Increase of personal confidence And motivation to trade carefully
- Prizes and withdrawal money
- Good relation with broker
- Interview and popularity
Forex contest is useful for forex traders. Demo contest is free to join, don’t need any deposit. The live contest is high risk involved, and traders need to deposit. Your skill, strategies, the technique may not work sometimes, but don’t be frustrated. Before participating in a real contest, prepare to afford your loss. Try to engage with other experts traders, take advantages of the contest and read carefully before joining any contest.