How do you build up your confidence by trading in ‘live’ competitive conditions, while improving your trading ability under real market conditions?
Long-term traders need to develop the basic skills of trading – for example, discipline and patience while running their strategy – in an environment that tests the skills to the limit.
Forex contests combine all of these elements to help you on your journey towards your trading goals.
Choosing and then using your trading platform in a trading competition is an exciting way to sharpen your skills and prove your talent.
What are forex contests?
Forex trading contests are competitions between traders to see who can achieve the highest returns over a specified period. Most use demo accounts, trading with virtual money. That means you do not use your own funds, and therefore would not take drawdowns on your account if you were to experience a losing run of trades.
Forex contests have grown in popularity in recent years as the ability to trade financial markets anytime and anywhere has become more accessible. Technology and the way we access markets, news and financial information is now extremely straightforward, with online trading platforms becoming increasingly user-friendly and personalised.
Why enter forex contests?
Forex competitions allow traders the opportunity to top leader boards, gain respected titles and other rewards. What participants also get is the chance to test and fine-tune their trading skills and strategies. This is vital if you want to become an experienced trader over the years.
- Excitement – there is nothing like holding ‘live’ trading positions when markets are moving and news is constantly breaking that might affect your positions in ways you have not seen or forecast. So forex contests are ideal for understanding how these moves impact on your style and strategy in competitive conditions.
- Psychology – trading in a real market environment, and alongside other traders of all different kinds of experience, means you are subject to competing challenges and stress. Will you behave differently or react out of character if your trades are going against you? How will you respond and what changes might you make to your plan?
- Education – forex contests may encourage you to dig deeper into the financial markets and increase your knowledge base. You might want to get into the top 10 of the leader board, or simply to better yourself and your trading. Some of the best brokers who hold forex competitions have free trading education and market insights from experts to help you along the way.
- Practicalities – competing with other traders and the thrill of a live trading contest encourages traders to push themselves to learn and adapt quickly. That is especially the case with newer traders who must rapidly understand all the tools and features available to them when they are using their online trading platform. Speed and agility can be crucial when trading in live markets!
How to take part in forex contests
- Open an account – choose the best online trading broker for you and your experience level. It must be licensed and regulated and should offer segregation of funds.
- Develop your skills – use available educational resources to build your understanding of the markets. A reputable broker should supply you with many different ways to engage and interact using webinars, courses and eBooks.
- Use the world’s favourite platform, MetaTrader – choose MT4 or MT5. You can trade hundreds of different markets, use numerous analysis tools and charts, enter various order types, and even build and back-test your trading strategies, all on an easy-to-use, fully customisable platform.
Forex contests provide the chance to take part in live competitions which can enhance your knowledge and understanding of financial markets. The excitement is real as you try and battle other traders as well as the market gyrations, which are often unpredictable and volatile.
It is also imperative to remember, however, that as with all aspects of trading, there is always an element of risk involved. That is why is it is vital to remember the trader’s mantra – never invest more capital than you can afford to lose.
Learn more about forex contests at FXTM.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
FXTM is an international online forex broker offering financial services in forex, CFDs on spot metals and CFDs on Commodity Futures, Indices and Shares.
FXTM brand is authorised and regulated in various jurisdictions. ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475. Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295. Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
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