How To Get Started In A Forex Demo Competition?
There are several factors to consider when organising a Forex demo competition. These include the Rules, Prize structure, prize fund size, and registration process. This article will give you an overview of these factors, as well as help you determine if a forex demo competition is worth participating in. While a forex demo competition will have similar rules and procedures, it may be easier to organize a larger competition.
Rules of a forex demo competition
The rules of a forex demo competition should be clear and unambiguous. A forex demo competition can be held on a monthly basis, but different brokers will have slightly different rules. Before you start, you should know that you can only participate in the competition with one demo account per IP address.
The first thing that you should know is the minimum risk per trade. Usually, the amount you risk is about one percent or less of your deposit currency, and you should be careful to not take any risks that are too large. In addition, make sure that you monitor your trades closely, because this will help you win. Lastly, keep your trading under control, even if you are not in the prize-winning places.
A forex demo competition is a great way to learn more about the forex market and to improve your trading strategies. This is one way to avoid costly mistakes and losses while trading. There are also prizes available to the winners of these contests, and you don’t have to risk any money to enter them.
First of all, make sure you have a forex demo account with the contest provider. Demo contest accounts are usually available to anyone, but there are a few rules you should know. Some contests will only allow you to use demo accounts, so it’s best to make sure you are registered with a demo account. Once you’ve signed up for a demo account, use your demo account to make trades. To earn the highest equity, you’ll have to make at least 500 trades within a specific timeframe.
Size of a prize fund
The size of a forex demo competition prize fund will usually depend on the number of contestants. For example, a contest with $100,000 in prize money might not be as popular as one with a smaller prize fund. In such a case, the prize fund should be relatively small, or it would be insignificant. If the contest has a low prize fund, there are other ways to get a big prize.
Whether a competition is free or has a prize fund depends on its size. It should also be clear which contestants are eligible. New traders are not the best candidates to take part in such a contest, as they may break rules involving money management and risk. Those with enough experience can take advantage of forex demo contests, even with their limited amount of funds. They are well aware of the risk of trading with high leverage and are more likely to be able to meet the competition’s requirements.
Forex Brokers like RoboForex host demo competitions for their clients with prize money of $3000. In order to participate, the top 20 traders have to register in the Members Area of the forex broker and open a MT4 Demo account. The contest account has a leverage of 1:100, a 20% stop out level, a 25% hedge margin, and a limit of 10 simultaneous orders. The contestants are allowed to use all trading instruments, except EAs.
The contest is run in a monthly basis with a $10000 prize pool, and the winning traders will be rewarded with one of the $10000 cash prizes. Traders can compete solo, as teams of three or five, or both. The top five traders will be awarded the prize money in descending order of profit. To participate in the demo competition, the contenders must open a demo account with the competition broker using their full trading might. Once the demo competition ends, the trader can withdraw the prize money.
Alternatively, you can opt for a premium service, which costs PS40 per month, and receive 4-5 free signals per day. If you’re new to forex trading, you should opt for a low-fee broker and a good amount of leverage. They’re a reputable online broker with top-tier regulatory bodies. They hold client funds in segregated accounts, ensuring the highest level of protection. Withdrawal times depend on the method you choose, but generally range from one business day to two.