By winning the Forex contests, both newbies and professionals have an excellent chance to get their hands on a large amount of money for their trading account without investing a single penny. This also allows demonstrating their own skills and starting a career as a professional manager.
Aleksandr Gerchik recommends the newbies to start out with a demo account but not hold on to it for too long since it gives a false sense of security and decreases responsibility for their own actions. Plus, you cannot make any real money with it.
However, it stands to mention that there is a way to win a solid deposit replenishment without losing capital. And it is by participating in the demo account contests where the traders aren’t putting their money at risk. This is one of the safest trading competitions.
Aside from allowing you to win good money, demo account contests provide an opportunity to put your trading skills to the test. This is an excellent transition period for the newbies who seem to have already figured out demo account trading but haven’t tried their hand at the live market yet.
The battle heat, when you know that real investment is at stake, makes demo trading feel like actual live trading. You will learn how to control your emotions, how not to open positions when the thrill is taking over you and you wish to catch up with opponents no matter what. So, essentially the Demo Account Contest is 1,000 times - or $ - better than your regular demo trading.
In today’s article, we are going to share how to trade and what rules you should stick to in order to win every Forex contest.
1. Recipe for Victory in Forex Contests
2. How to Prep for Demo Account Contest
The overwhelming majority of people mistakenly believe that winning the Forex contest is just a game of chance like winning the lottery. But this couldn’t be further from the truth. As a matter of fact, your odds of winning directly depend on your knowledge, skills, and the way you act in the market. There is a list of clear-cut rules that can help you boost your chances of winning exponentially.
Depending on whether you are a newbie or a professional, the preparation stages will differ quite a bit.
Professionals do not need some specific routine to prep for the demo account contest. If you have long-standing successful trading experience, you are obviously aware of the market laws and how they work, understand the mechanics behind trading, and how to choose and make winning trades.
That being said, if your trading performance could use some improvement, participating in the demo account contest is a great way to go over your trades and analyze them to identify possible mistakes so that you could adjust your trading strategy or approach accordingly.
The newbie traders shouldn’t take preparation for the demo account lightly. Having just a basic knowledge of how to open orders and interpret key market indicators will only get you so far when it comes to the forex competitions.
To win, you need a more comprehensive knowledge of the market, its laws, and analysis, the ability to read charts and extensive trading experience of making trades. These do not necessarily have to be live trades - demo account trades are good enough too.
PLEASE NOTE:
If you are only dipping your toes in forex, it is unlikely that you will be able to win the forex contests because your opponents are typically those who have a much bigger experience and better skills. However, as far as demo account contests go, it can become a great training ground for everyone who wishes to learn how to trade forex. So, whatever the case, participating is definitely worth it.
If you are still new to the forex market but already have several winning trades under your belt, there are even more reasons for you to enter the contest, for it's your real chance to win!
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