If you are interested in forex trading, you must be similar with Demo account, which is so important that brokers create forex contests, called Forex Demo Contest. The purpose of those contests is to provide more opportunities for new traders to practice freely; even they can get good bonuses. However, for beginners, it is not easy to be the winner because of many competitors. The following know-hows are sure to help you to get a chance of winning.
Stay on your path
Many people will start their advice with a very huge tip or strategy, but for me, the first of all should be the consistency. It is absolute that you will be kicked out of the competition if you do not have enough patience and effort. Remember that you will get troubles or difficulties during your participation, even your strategy might be wrong. In that case, it requires you to keep your target and try to fix or change your ways to continue on your path. You will be the loser if at that time a blue concept is covered you or you even think about quitting.
Besides, a predefined strategy is very essential in any contests, so you must focus on this strategy right from the beginning. No soldier goes to combats with empty hands. And participants in Forex contests also have to be well-prepared in not only knowledge but also psychology.
Pick the right Forex contest
The next step I advise you in order to be the winner in the forex contest is picking the right Forex contest, or do not bite off more than you can chew. It is sure that you will try your best and you have good preparation, it does not mean all Forex contests are suitable for you. It is the reason why you need to read contests’ regulations and rules carefully, this simple step can bring you closer to the top. Moreover, taking part in Forex contests is to get prizes and improve yourselves, but you should be wise to avoid troubles in those risky games. There is a point I need to remark that the winner of a Forex contest will be a customer of the broker who helps that contest. Therefore, learning about brokers who are the host of Forex tournaments is one of the must-do things for beginners. It will not be risky anymore if contests are held by reputed brokers who have gotten trusted regulations by authorized organizations.
Now we talk about your feeling and emotion during the tournament, it is extremely important. Do not rush! It is the secret of the champion. You would have tends to do careless things when your position is dropping such as trading with a large amount or using high leverage and excessive levels of risk. As a new trader, you must be both eager and nervous in contests with hundreds, even thousands of contestants; however, do not take it so serious. Stay calm and consider as you are playing an amazing game, sometimes. Normally, the winner beats all competitors in tournaments by their psychology strategy, not only with his brain. It is not exaggerated to say your knowledge helps you beat your opponents and your calm stays you on the long path in Forex contests.
Start trading slowly
After defining your path, your target, and your psychology; you can start trading now with all passion, but slowly as the way you have a good preparation for Forex contests. As I mentioned above, it is smart for you to be calm. If you do not want to be out on the first day of the competition, you must be careful with your trading transactions. Starting with huge leverage might push you in high risks. In order to avoid this mistake, you have to calculate all possible risks and analyze the situation. Hurry never brings good results; you had better go step by step to evaluate competitors so that you can have wise decisions.
What is the point of forex contests?
After all the above strategies, I hope you now are confident to join any Forex contests and achieve the highest prizes. However, you perhaps are wondering why do brokers have to open these contests for free meanwhile their prizes are very attractive? It is definite that nothing in our life is completely free. Brokers need to spread their brand and attract more traders, and contestants want to practice and earn money also. This is called mutual benefit.
However, I have to warn you that do not focus on Forex contests and spend too much time on taking part in those. You are feeling it is unreasonable and silly because my opinions are so opposite, so read all my next sentences for your comprehension. The advantages having been brought from Forex contests cannot be refused, but it still has a backside you might not know. In the fact that very few beginners can be the champions in Forex contests because experience traders also can join. It means that the winning chance of new traders is nearly zero. Furthermore, the purpose of those contests is to attract new traders, the trading conditions are amazing but it is together with some commitments. For example, the bonus is not cash, it will be paid through forex account and the winner just is not able to withdraw, or very little. They are required to use that account to do transactions and trades with this broker. It is also the reason why I have noted traders to choose the right tournament so that if you will be the winner you can trade with a trusted broker.
In conclusion, it is very attractive to participate in Forex contests with lots of amazing conditions, but for new traders, one or two contests are enough I think. Especially, competitions with a lot of experienced traders are not beginners’ chances; they are clearly not their opponents. Therefore, just get those contests to be places for you to improve your skills and understand how the forex trading world is working. And when you choose the Forex contests to join, do not forget strategies I have recommended: consistency, the right contest, psychology, and slow initiation.