Alpari’s Formula FX competition lasts for a week with a prize fund of USD 40,500 – The participant aims to maximize profit to win the […]
Browse our complete list of Forex live contests and discover strategies to win.
As forex live contests are held using live accounts, that means that you’re going to have to open and fund your new account in order to be eligible. Depending on the broker and the rules of the contest, this means that the winners will not only receive a prize but also be able to keep all of the profits earned on their account. In a forex live contest, the risks are real. But at the same time, so are the rewards on offer if you do well. Scroll through the table above featuring our comprehensive list of brokers and the live contests they currently run, then use this guide to learn winning strategies.
Advantages of a Forex Live Contest
Both new and experienced traders are drawn to forex live contests for a number of reasons.
Let’s explore some advantages of entering these contests and learn why they’ve become a popular staple of the industry.
Trading in a live market environment
Something that many new traders don’t realise is that the price feed which forex brokers show on live accounts is entirely different to the demo feed.
This means that certain trading strategies that work on demo accounts, simply don’t translate across to the live environment.
Forex live contests allow you to trade and perfect strategies that will make you money long term.
Learning to make trading decisions under pressure
There’s no denying that forex trading is a pressure-filled environment.
Pressure is a part of the game and if you want to be successful, you have to confront it headfirst.
What a live trading contest does, is turn up the heat.
If you can handle the elevated pressure of a contest then you will put yourself in a position to make it as a trader.
Joining a community of traders
This is completely different to an education group or chatroom as it’s competitive trading.
The experience of being a part of a modern-day forex live contest can be compared to what it was like sitting on a prop trading desk in the 1980s.
But while the competitive spirit remains high, you’re all striving for the same goal – To make money!
The ability to win extra cash and prize bonuses
Not only do forex live contests allow you to keep your profits earned during the contest, but the broker will often front some extra cash or prizes to the winners.
While you’re not going to win unless you make a trading profit anyway, think of these prizes as a nice bonus on top of your regular trading gains.
Who doesn’t like more money?
How to Win a Forex Live Contest
In order to win a forex live contest, you have to make money on your account.
But unlike on a forex demo contest where you are encouraged to take wild risks in the hope of getting lucky, you have your own real money on the line here.
Manage your risk
This means that risk management and preventing a dreaded margin call should be at the top of your priority list.
To effectively manage your risk, you have to implement a set of rules which indicate what to do when the market goes against you.
A risk management plan will outline the percentage of your account which you risk each trade, your risk: reward ratio, and expected win/loss rates.
Use a proven trading strategy
Isn’t it funny how two different traders can use the exact same trading strategy, but very rarely will their results be exactly the same.
This is because there is so much more to making a trading strategy profitable than simply following a set of rules.
To win a live contest, don’t just copy someone else’s strategy.
You need to trade a strategy that <b>you’ve</b> proven is successful over the long term.
Embrace the pressure
As we spoke about above, entering a forex live contest will throw you into an environment of extreme pressure.
It’s under pressure where you will find out who you really are.
Instead of letting it get to you, try to embrace the pressure and enjoy the contest for the experience that it offers.
Choose the right Forex broker
Finally, choosing a forex live contest run by the right forex broker is vital.
Enter forex contests run by regulated forex brokers with a strong track record of running successful live contests for their clients.
This should be similar to your standard vetting process whenever you open a live account with a new broker and will ensure that there is no shady business at the end of the contest.
Conclusion to Forex Live Contests and Competitions
If you have a choice between entering a forex live contest and a forex demo contest, always choose the live option.
This is because entering forex live contests will ultimately teach you the right skills and habits that make you a better trader in the long term.
We all know that trading forex on a live account is a completely different kettle of fish to trading forex on a demo account and even trading live micro lots is more beneficial than demo bucks.
While demo forex contests may seem easier on the surface due to not having to fund an account in order to enter, they actually foster bad habits.
Bad habits that if left to linger, can be catastrophic for your long-term career as a consistently profitable forex trader.
Winning a contest from time to time is nice, but forging a career as a consistently profitable forex trader is the goal we’re all trying to reach.
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