Reasons To Join A Forex Trading Competition

[HYMarkets]

Whether you are a beginner or seasoned Forex trader, participating in trading competitions is a great opportunity to improve your skills and earn free trading credits. There are so many incentives to join a trading competition that you probably are aware of already:

- Free to participate

- A chance to win large amounts of trading credits

- Gain more knowledge of the market

If you need more reasons for that added push to join a trading competition, here are three advantages based on the experience of trading competition winners:

Risk Free Trading

Most trading competitions work by crediting the participants’ account with virtual money for them to trade. And because the funds won’t come from your pocket, you can trade the funds using any strategy you like. Of course, just because you can risk your whole account while trying to win the prize doesn’t mean you should. Treat the contest as a chance to execute your well-crafted trading plan and evaluate its effectiveness.

Competition Atmosphere

This applies to traders who are currently on demo accounts either to test their trading plans or simply get their hands dirty. A lot of traders tend to slack off and not take things seriously after just a couple of months or even weeks of paper trading. Participating in a trading contest can motivate even the least competitive trader. Competitions make you stronger and the tension will sharpen your thinking skills.

Opportunity to Interact with Other Traders

Some trading competitions give the participants access to community blogs, forums and other features that allow them to interact with other traders. Now, this is a great opportunity to meet like-minded people from different backgrounds and learn trading techniques that you wouldn’t learn otherwise. You never know if this can later trigger the latent trader in you as you put to use the strategies and tips that you’ve picked up along the way.

While you will be trading with virtual money, it’s all about learning good habits and smart strategies in the end. Trading recklessly just to win the competition is just not worth it in the long run. So get your solid trading plan ready and sign up for a Forex trading competition whether it’s hosted by your broker or an independent Forex trading website. The experience will surely be invaluable whether you win or lose.

Ready to take the challenge? HY Markets, a leading brokerage company is going to launch its first trading competition on October 1, 2012 with big prizes at stake. See here for more details and how you can join.

[shere0901]

You know there are many Forex competitions taking place everyday. I took part in one of such forex trading championship which was started recently . Member with highest equity is the winner. I was trying to trade using PA and some risk management model's. What i saw in the ranking was totally blew out my mind, many of the trader's already have achieved 150% - 200% in a single day and if this goes on atleast for 20 day's they'd be on 6 digit percentages. Though it's a demo account, it's a championship and really have to be careful with it as we do with the real account. I just don't understand how did they even do it. Is it aggressive scalping or such ?

I thought I'd drop by and ask you pro's about this thing, if you can throw in some suggestion's how to win or such. Would like to know if you guy's ever been through any contest's like this ?

[RBwood]

I'm not sure if that happens but I'm currently observing HY Markets' trading competition and tell you what based from their leaderboard, the top traders aren't achieving 200% on a daily basis throughout the entire course of the competition which is for each weekly championship - 7 days. This is what I observed: the top traders surpass 100% yield as early as the first day of the competition, 2nd day the latest. Yield increases quickly between 0 to 300% yield. And then i think it gets tougher once they surpass 300% because the yield increase becomes slow from there. At the end of the 7-day weekly competition, the average yield is 700%. Highest so far is 1016%

So, i don't think traders can easily achieve 200% on a daily basis throughout a competition. Maybe that's possible, but there are so many factors that come into play.

And yeah i agree, really curious about what strategies they use to achieve those outrageous yields at a very short time.