A forex demo contest is a trading platform were different categories of forex traders (beginners and experts) trade against each other as individual participants in other to makes a better result than his co- competitors and emerge the winner of the contest. This forex demo contest is slightly different from a regular forex trading where forex traders engage in trades independently from one another. A forex demo contest is basically held on demo accounts where participants take part with fake money and win real money. It has no form of monitory risk for a forex trader or the participant but every penny which is the cash winning prize is real.
A forex demo contest involves the participation of two or more forex traders coming together to compete for a winning price. A demo contest forex trading is done in a trading website were interested competitors (forex traders) log into in other to be a participant and become part of the contest.
BENEFITS OF A FOREX DEMO CONTEST
By taking part in a forex demo contest, a forex trader will have the immense pleasure of trading with fake money and if he/she becomes the winner of the competition, he/she goes home with true money as the winning price. This signifies that there is no form of monitory risk for all participants, no loss of money but a 100 percent gain on income if he/she becomes a prominent winner.
A forex demo contest have the ability to both test the skills of various forex traders and gives way for the improvement and development of those skills. By trading on a forex demo contest platform, every participant is indirectly gaining more skills at the same time making extra cash.
A forex demo contest gives forex traders the chance to trade alongside forex pros all over the world. As a beginner, a forex trader will have the chance of trading forex with a better head and by so doing, not only does it improve trading abilities but it also pinpoints the areas were he didn’t get it right.
Another benefit of forex demo contest is that it helps a forex trader to take part in good money management techniques. Money management principles is one of the hideaways of experiencing a long-term success in forex trading. A forex demo contest has a way of impacting its participants with this knowledge when competing and gives the ability to employ it in a real trading environment.
A forex demo contest helps forex traders put their emotions in check while trading. Even if it has no money involved, it has real money as the winning price, therefore, participants learn how to manage their trading decisions and emotions in response to winning and losing trades which in turn inspires the general profitability.
TYPES OF FOREX DEMO CONTEST PLATFORM
One of the top listed forex demo contest platforms offers a variety of great forex contest and tournaments. It offers forex traders with daily challenges as well as long-term forex contests. It gives forex traders who subscribe to their websites the ability to choose between daily, weekly or monthly forex contests. The winning price is shared among the peak placed ten forex traders at the end of the competition without reference to the type of challenge engaged into. The desired winning amount will be credited into a demo trading account which can be withdrawn at will.
Another top listed forex demo contest system is one that offers its participants the possibility of taking part in weekly challenges with a strong price range. It gives their members (forex traders) the possibility to join a forex contest four consecutive times in a month and display their trading skills. The winning prize for a week is usually 5,000 dollars which gives a total of 20,000 dollars in a month. In other to start competing, the forex trader opens a demo trading account where 10,000 dollars (virtual currency) is given to every participant. This forex demo contest platform have the ability to be adjusted every week and gives traders the opportunity to start over and change trading strategies.
Another good forex demo contest platform gives registered forex traders two unique kinds of contest which is a daily challenge and a weekly jam that last from money to Friday. These weekly jam are termed the best kind of forex competition of the session because each forex trader is given a sum of 10,000 dollars as a form of deposit in his demo trading account with the opportunity to win 500 dollars at the end of the tournament.
In conclusion, forex traders or participants who take part in a demo forex contest should not get mistaken that it brings a lot of profit. In the real state, forex demo contest is rare and brings only a little amount of money.