Yes, there is such a thing as Forex trading contests. These contests test the skills, abilities, temper, and decision making of traders.
Joining these contests, which are usually conducted by Forex brokers, provides traders a wealth of learning and experience. By competing with other traders, they are able to show what they’re truly capable of – their ability to analyse the markets as well as their trading styles and strategies. Of course, the top contestants at the end of competition walk away with rewards such as cash prizes, trading funds, and gadgets among others.
Here are the top two trading contests that are well-loved by traders. Let’s find out how they differ from each other.
Forex Demo Contest
In a Forex demo contest, traders don’t have to put real money into their accounts to be able to participate. As the name suggests, this type of contest is held on demo accounts. This makes it a perfect avenue to test your trading skills in a risk-free environment.
The contest may be held on demo accounts, but the prizes awaiting the winners are real! Furthermore, the wealth of information you’ll gain from joining such contest can truly help you in your future trading.
Forex Live Contest
In this type of contest, traders are required to deposit real funds to their trading accounts. A Forex live contest can be a thrilling and exciting contest because your trading skills will really be tested to the limit.
Cash prizes may also be won in this contest which can excite traders more and make them more competitive.
Trading contests have proven their worth both for traders and Forex trading companies. Whether you’re a beginner trader or a skilled one, you should not skip the opportunity to join these highly-charged contests. These give you a chance to make a huge leap of learning that would really pay off in the future.
Also read: Forex Bonuses for Beginners