If you are new to the forex market, you may be wondering what’s so great about forex live trading contests. First of all, these are competitions where you play with other live trading accounts. Typically, there is a real money prize, so the winning contest usually means winning the actual trading itself.
The profit factor of forex live trading contests is based on how profitable each trade is. This contest is held on an online trading platform and streamed price data for 60 foreign exchange pairings. In order to participate, participants are provided with $50,000 in simulated trading accounts. The contest rules include factoring in real-world news events. Winners will be announced the week following the competition. While some of these contests feature high prize money, others offer prizes that may be less than $100.
Forex live trading contests are extremely popular among both new and experienced traders. They provide an opportunity to practice strategies and make money in a pressure-filled environment. They also help traders improve their confidence and encourage more investment growth. Make sure you have the required funds to compete, as any false information could disqualify you from winning.
To increase your chances of winning a Forex live trading contest, it is essential to understand traded volume. Traded volume is simply the total number of trades opened in a given period of time. A high traded volume usually means that a stock is going to make a long-term move. A low traded volume means that a stock is going to make a short-term move. In forex, volume is measured in volumes of one thousand dollars or more.
To win a Forex live trading contest, you must make a profit in at least five out of seven rounds. Each round will have a different prize value. Typically, the prize will be 20 percent of the total amount. Unless the results are very different, the trader with the lowest drawdown will win the contest. Otherwise, the two participants will split the prize equally.
The forex live trading contests are held by brokers and addressed to actual traders. They are typically held on a daily, weekly, or monthly basis. The main difference between forex live contests and forex demo contests is that they involve real trading on real accounts. But traders should be aware that the stakes and risks are much higher in forex live contests. They also face real monetary losses if they do not win the contest.
Forex live contests provide an environment where aspiring traders can practice their strategies in front of others. They provide a competitive environment that is difficult to replicate in the solitary world of forex trading. This pressure-filled environment provides the opportunity to test strategies and learn from mistakes. Those who are willing to endure the heat will be rewarded. But they should read contest rules and conditions carefully. While participating in a live trading contest, make sure that it is organized by a reliable broker.
There are many benefits of joining Forex live trading contests. These contests can help improve your trading confidence, and they may even stimulate growth in your investment. However, before you begin trading, make sure to read the risk-reward ratio of each contest. Forex live trading contests may require a deposit, so make sure that you have the funds necessary to participate. Failure to do so can disqualify you.
Risk-reward ratio is a measure of potential reward per dollar invested. A ratio of 1:1:2 means that you can earn $1 for every dollar invested. A ratio of 1:5 is suitable for trading in a trend. A ratio of 1:5 may be more suitable if you are trading in ranges or when the risk is high. A 1:2 risk-reward ratio is a good rule-of-thumb for beginners, but it is not necessary for traders to start out with a large amount.
Terms and conditions
Organizers of Forex live trading contests reserve the right to reject registration of any Participant, or to disqualify a Participant who uses non-market quotes. These reasons can include opening large volume opposite orders, using errors in quote flow, or guaranteeing profit. A contest organiser may also conduct a verification procedure on a Participant’s trading history.
Prizes awarded during the contest are credited to the winning live account of the winner. A participant cannot pretend to be a winner the next month, but may withdraw the prize money in the case of winning. Any profit earned over the prize amount may be withdrawn without restriction. Winners must verify their live trading accounts within 30 days after the contest concludes.