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A Forex contest is in essence a trading contest organized by a broker. These Forex contests frequently provide expensive prizes, in some cases they are in the form of large cash rewards, iPads, Blackberries, or fancy cars. A trader who has a high percentage gain which beats all others might win cash prizes. In other contests traders may qualify for a raffle just by meeting the contest rules. Forex contests are usually planned in the form of either demo or live trading contests.
Some Forex contests are carried out risk free on practice accounts and one may participate without any charge—these are the demo contests. Some demo contests function in the form of virtual reality.
Forex Demo Competitions are perfect for beginners and give them the ideal chance to not only try out their trading skills but to gain a little experience with Forex. Demo contests are not for beginners alone, however, and many skilled traders often participate in them because many demo contests still offer real prizes. In fact, some demo contests are actually geared towards experienced traders. Some demo contests are set up the same as live/real contests on certain websites, but this ultimately comes down to the individual broker. It is good to start with a demo account and then move to a real contest, and if you are successful with a demo contest you should have success with a live contest. In a live contest the money you move around is real whereas it is virtual in a demo contest. Most traders agree that the biggest difference between demo and live is the psychology behind it; real money vs. fake. The biggest key is to believe in yourself and stick to your plan. Some contests require you submit a deposit.
For most Forex contests the objective is to identify the best trader and then reward them. It is not uncommon for a Forex contest to last for one or two years. Most contests typically consist of a series of rounds lasting a set period of time in which traders will compete with one another. While some rounds may last months, others can last a much shorter period of time such as days or weeks. Some contests require that you enter them prior to the beginning, but others allow you to enter at any point during the duration of the contest. Often times prizes are given away at the end of each round, and sometimes there are weekly prizes and an annual prize. When the prizes are given and what the prizes are depends on the contest and can vary significantly.
Some Forex contests are carried out risk free on practice accounts and one may participate without any charge—these are the demo contests. Some demo contests function in the form of virtual reality.
Forex Demo Competitions are perfect for beginners and give them the ideal chance to not only try out their trading skills but to gain a little experience with Forex. Demo contests are not for beginners alone, however, and many skilled traders often participate in them because many demo contests still offer real prizes. In fact, some demo contests are actually geared towards experienced traders. Some demo contests are set up the same as live/real contests on certain websites, but this ultimately comes down to the individual broker. It is good to start with a demo account and then move to a real contest, and if you are successful with a demo contest you should have success with a live contest. In a live contest the money you move around is real whereas it is virtual in a demo contest. Most traders agree that the biggest difference between demo and live is the psychology behind it; real money vs. fake. The biggest key is to believe in yourself and stick to your plan. Some contests require you submit a deposit.
For most Forex contests the objective is to identify the best trader and then reward them. It is not uncommon for a Forex contest to last for one or two years. Most contests typically consist of a series of rounds lasting a set period of time in which traders will compete with one another. While some rounds may last months, others can last a much shorter period of time such as days or weeks. Some contests require that you enter them prior to the beginning, but others allow you to enter at any point during the duration of the contest. Often times prizes are given away at the end of each round, and sometimes there are weekly prizes and an annual prize. When the prizes are given and what the prizes are depends on the contest and can vary significantly.
Article Source: Forextradingbonus.com
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