This can add another interesting dimension to your trading interests when you start your week with a
forex contest. The brokers, all over the world organize regular contests for traders like you and me where hundreds of traders from different parts of the world, with different kinds of strategies come to participate and test the supremacy of their skill-sets against each other. All contests are held online and promise excellent rewards for the winners including live funded accounts, cash prizes, Ipad’s, laptops and a lot of things like those. Guess what, these contests are absolutely free to participate so you have nothing to lose but a lot to win.
Most of the contest are monthly and weekly in nature and usually are conducted upon demo accounts, so you never really need any of your own money to risk in it. Of course there are live account contest also Like ‘King of MINI’ contest by FXCM broker’ (www.fxcm.com ) where the top prizes can be in the tune of even $15000 but you run the risk of losing your own money in a live trading contest. This risk is eliminated by participating in a demo contest where you just need to register a free demo account and there you go. The prizes in a demo are limited alright but If you could just explore that more, then you will see the even the demo contests can win you a million dollar account. I remember this forex contest held sometime in the end of the last year in Dubai where the contestants were to be judged upon their’ ‘adjusted rates of return’ and the highest achiever was to be handed over a $ 2.5 Million live account to keep. Of course, it takes perseverance to keep an eye on the latest happenings in the contest world and finding a seat in it at the right time but you will see that in the end that all these efforts are worthwhile as the winners not only get to keep the winning prize but also come in the notice of other traders around who have a lot of interest in finding a winner. An example of this will be the monthly demo contests held by Dukascopy broker of Switzerland ( www.dukascopy.com) where the winner of each of the tournament gets to become a listed trading guru whose services can be availed of by the other members in lieu of a fee, so that’s regular extra income besides the basic winning prize.
That’s not the end of it. The hidden game is that the contest winners and other statistics are tracked by the recruiting firms who are always in need of top performing traders for their hedge fund clients. The contest data is bought by these recruiters as this is the easiest method for them to reach the right guys for their top notch companies, all in a single place. To the winners, there is this international exposure to earn which comes extra to the basic prize you win and then, you never know when the hedge fund is coming your way.
I also witnessed a ‘Trade to lose’ contest held by a US based broker where the biggest loser in the contest was to be declared the winner. Funny it is but know what, it isn’t easy to lose it either when your sole objective behind your trading is to lose. So make up your mind, sharpen your strategies and start participating in few. It’s just a matter of days that you will see for yourself where you stand and find it on your own if you really are better than the rest.
Brokers Who Organize Regular Contests: