What is a Forex Trading Contest?
Forex Contest is a trading competition for traders to win prizes and test skills. It offers an excellent opportunity to win cash prizes, intelligent electronic accessories, even a beautiful island trip!
Forex traders participate in a contest to demonstrate trading skills, strategies, experience and improve confidence.
What is Forex Demo Contest?
Forex Demo Contest is a trading competition for demo account holders between other traders. It is an excellent opportunity to earn money and prizes without any risks.
Every demo trader can take part in a demo trading competition, but good luck, perseverance, and experience can make you a winner. Be sure that it is opposite to the live forex contest and test to analyze your ability for live trading.
Forex Demo Contest April 2021
How to Pick the Right Demo Contest in 2021?
Nowadays, Forex brokers are offering several trading competitions. Before you start, first check the trading instruments that you can trade or not.
Every broker has several uncertain terms and conditions. Take part in a contest, not a big deal, and there is no restriction. But, before joining, look at the demands you can carry out. In most cases, the beginners can't fullfill. Around half of the participants will go out in a starting few hours!
The offer is a superb way to marketing for brokers. This is the cause; read the conditions carefully; otherwise, your time will just be spent!
Yet, the broker could offer big amounts such as $10,000 for first place with a trip to the romantic islands!
This greedy time, do not forget to check the broker reputation, trading platform, account option, trading assets, leverage, etc.
How to Win a Forex Demo Trading Competition?
Step 1 — Take it Easily
Hurrah! I am becoming the winner. No! It isn't easy! Don't be in a hurry. Rather than winning, focus on the mind in trading.
As of now, you know, around 40-60% of participants will get out of the beginning. It happens because they want to get first place before the starting!
So move on your way like a turtle, then you have to win a chance of a minimum of 50%.
Remember, up the speed little over the time. Stematically, your chance of winning will continue to grow.
Step 2 — Keep your mind sharp in every moment
Your emotions certainly want to play a game with your mind. But, do not be an idiot, keep cool, control your feelings, and stay on your gol.
No mistake, and do not change your strategy. It could be the reason for your destruction. So stay calm and go on with your predefined process.
Maybe, sometimes your technique will not work! Don't be frustrated. Ask yourself what you are doing, what's wrong here.
Now, think about your strategy. It's high time to change your approach. But, be careful. A method is the main strength of a success.
Step 3- Take Seriously
Bonus means amazing! No! Why did you need to take it carefully? Let me explain:
You may ignore, cause it's not your own money. You may think you have no headache to lose it. Oh No! It's just like stupid. This misconception never makes you a winner.
Besides, having such a heedless frame of mind will never set you up for an interest in your live trading.
So, think you are losing your own money and playing a real contest. Further, take seriously, at least, you are preparing for live trading!
Although, in the demo contest, the biggest winner is the broker, but it main benefit is newbies can prepare them for real trading.
An Ideal Way to Win Demo Contests
Win a demo contest is hard. Once the highest percentage gain is figured, the broker will announce the winners so, it's very hard.
There is no magic to win. But if you understood something, then you are doing well; continue to read. You are very near to getting surprised:
First, hold and see, how many participants are there? Wait for starting a few hours—recognize minor upward and descending patterns. Also, try to gain some 10-20 pips. This is undoubtedly a great procedure.
Last but not Last
Day to day, forex brokers are organizing lots of contests. Concentrate on learning not to win. Don't think about the money, and prizes. Just consider to building up a triumphant strategy.
We recommend to taking advantage of demo trading competition. Winning a contest needs a distinctive technique and strategy. After winning, you should start trading journey with free bonuses.
In this guide, We had not to show you a precise technique or strategy. Here try to instruct you to open your brain and powers of perception. Build up your thinking and a winning strategy with this guide.
So, try continuously and check what's working and what isn't. You will begin to build up your strategy and style from being presented to various methods in the long run.
That's it! Don't forget to share your experience with the Demo competition with us.