Top tips to win forex trading contests that you shouldn’t miss. There are many ways performed by Forex brokers to attract new clients’ interest. One of the simplest ways is by conducting a Forex trading contest. For those who are new to Forex trading and still on their way to learn Forex market, joining this kind of contest can be a great idea too. This is because they can test out their skill and knowledge.
How to Win Forex Trading Contests
In fact, there are many brokers out there that hold a trading contest regularly. Most of the contests will be conducted on the brokers’ demo account with various presents given to the winner. The present is typically free trading capital and other beneficial treats. While it seems to be interesting to gain the present, obtaining the valuable experience along is still rewarding.
#1 About Forex Trading Contests
Since Forex trading contests are held by different broker, every contest is not created equal. Each broker will own their rules and regulations that must be followed by the participants. Most contests do not charge you money to take part in the competition. Then, the rules are typically simple and easy to understand even for new traders.
• Rules and Regulations of the Contests
When we are talking about the rules and regulations, there are actually some common rules and regulations which are worth mentioning. One of the common rules is that participants can only create one account with the broker which is running the Forex trading contest. It includes one account for each IP address too. So, you cannot use one computer for opening two accounts.
In addition, it is obvious that you need to open a Forex demo account on the broker’s platform if you want to participate on the contest. It is not going to be complicated for opening a demo account in a broker because there are only some steps before you can get the account. Mostly, you will only need to provide a few personal details.
• How to Find a Demo Forex Contest
Then, how can we find a contest? Actually, you will not have any problem on finding one because there are hundreds of trading contests available out there both the free ones and the paid ones which use real money to trade. You can simply type “Forex contest” on your search engine and you will get so many pages that can direct you to a contest.
#2 Tips to Win the Forex Trading Contests
There are some common tips that you can follow to get the most of your participation on the contest. First, it is recommended for you to not play safe to improve your winning. This is because the goal of participating in a demo contest is to win as much and quick as possible. Other than that, here are some other tips that you can follow.
• Think of the Contest Duration
When it comes to Forex trading
contest, how much your risk will rely on the contest duration. Short contest duration needs greater risk. For your information, contests are able to last anything from a few days or only 15 minutes. Then, longer contest duration will let you to be more traditional in trading. But, if it is short, you should think going all in.
• Other Tips to Consider
Additionally, it is possible that the contest has more than one winner. Thus, you don’t need to be the most excellent all alone to win the prize since a lot of brokers provide the prize for the top 20 or even 50. The last, remember that it is not only about winning. You can use this chance to learn Forex market more too.