Test Your Skills and Strategy, Without Risking Real Money – Demo Forex Contests
Are you new to Forex trading? Are you thinking of trying out a new way to trade? There is a great way you can test your skills and practice different strategies, and that is by participating in demo Forex contests. Forex demo trading contests are a way for brokers to bring in new clients, and encourage them to trade on their site. Forex trading has become a very popular form of investment, but individual brokers are always on the lookout for new traders to boost their coffers. It’s no wonder there are so many promotions and special offers to attract their attention
What are Forex demo contests?
Forex demo contests are basically competitions, in which there are prizes of either money or other incentives for the winner. Mainly set up for new traders to get a feel for Forex trading, there are also experienced traders who choose to take advantage of the possible prizes. Generally, there is no cost to enter, and only rules and regulations of the competition that need to be followed.
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Each broker will have their own set of rules and regulations to follow
Contests run by different brokers will all have their own set of rules and regulations for participants to follow, and it is vital you read the rules carefully. Failure to follow them may result in disqualification, and then all your hard word will be wasted. It may have cost nothing to enter, but consider the cost of your time. The rules are, on the whole, pretty simple, and are really just a matter of common sense. But they are there for a reason, and that’s to make the contests fair for everyone taking part.
One common rule that is worth mentioning is that participants should only have one account with the broker who is running the demo Forex competition. And that also includes one account per IP address. So if you’re sharing your computer with another Forex trader you should check they haven’t opened an account as well. It might seem unfair, especially as two different people would be participating, but in the long run it reduces cheating and allows everyone a shot at the prize.
A few more common rules and regulations
An obvious requirement for entering many Forex demo contests is that you must register for a demo account with the broker, before participating in a contest. It won’t take very long, and only requires you to enter a few personal details.
It is also common practice for withdrawals to be prohibited, until after the contest has ended. Failure to adhere to this rule will result in disqualification.
It is not permitted to use certain trading software or trading platforms, and some stipulate that traders are not allowed to receive any kind of professional help. This is because the organizers of the competitions want to keep everything fair. And this wouldn’t be the case if certain people were getting expert advice or using a computer program to make the decisions.
There will of course be a host of other rules and regulations, so be sure to read and understand them before entering the demo Forex contest.
How do I find a demo Forex contest?
You won’t have a problem finding hundreds of Forex trading contests, both free and for real money. Type “Forex demo trading contest” in your search bar and pages of hits will come up. You can take this route or let us do the legwork for you, as we plan to feature some of the best demo Forex contests available.
To help you win with Forex demo contests here are a few hints and tips
Every contest will be slightly different, but there are, however, a few simple strategies that will increase your chances of winning.
- Don’t play safe – The aim of participating in Forex demo contests is to win as much money as possible, as quickly as possible. Open trades with higher stakes than you might normally and make as few trades as possible. Choosing those with the highest potential for profit. Play your trades safe and you’ll end up losing out to those who were prepared to risk it all.
- How much you risk depends on the duration of the contest – A short duration requires greater risk. Contests can last anything from a week or more to just 15 minutes. A longer duration will allow you to be more conservative in your trading. But if the contest is only for 15 minutes you might want to consider going all in.
- There is often more than one winner – You don’t always have to be the best in order to win the prize, as many brokers offer prizes to the top 20, or sometimes 50, traders.
- Remember, it’s not all about winning – While a prize is always a great incentive the Forex demo contest is not just about winning. Taking part gives traders the opportunity to learn the ins and outs of Forex trading and test out the platform the broker is offering.