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Participate with other demo traders, do your best to get on top and win big prizes. Demo contests are very popular because they are free to join and generally with withdrawable cash prizes. All you need to do to win is to obtain the maximum profit during the trading contest. You can find all the active Demo contests in the table below, participate now & win.

For the reason that forex (FX) is a decentralized market in which dealers disseminate their own price feeds through their trading platforms, it is crucial to learn the features and how to use the platform you will be trading on. Fortunately, FX traders can test out each platform using a demo account, which means no real money is at risk.

Reputable FX brokers allows prospective customers to download a free demo version of their software. This is vital if the customer is to become familiar with the platform's layout and use it to trade. Here we'll discuss the significance of demo trading and let you know what you should look for when trying dissimilar platforms.

Every Platform Is Different :

More than a few platforms are usually offered by many brokers. Common platforms include MetaTrader 4 and 5, also called MT4 and MT5. In addition to these platforms most brokers offer additional platforms, although these other options may be proprietary to the broker. This means that platform may not be available from other brokers (for additional reading, see Beginner's Guide to MetaTrader 4).

While each platform may function and look slightly different, most provide roughly the same features. These features include forex quotes/prices, charts, technical analysis tools, news feeds, trade history, drawing tools, and functionality for buying and selling currencies.

Some platforms have more features than others. For example, some platforms have integrated fundamental and economic analysis tools, while others do not. For a trader taking long-term trades this may be important, but for a short-term trader it isn't.

The image below is a snapshot of the MT4 platform.

Forex Demo Contest

Along the top of the platform are shortcuts to different tools and settings. Below this is a charting window to see the price history of a currency pair or other asset. Below the chart is the Terminal. There are multiple tabs in the Terminal, provided that access to News, Account History, current trades, and other information. As mentioned, not every platform is set up this way, but most offer the same features just arranged in a different way.

Orders Placing:

It's a good idea to place at least 50 demo trades on each platform before trading actual money, just so you can master the details of order entry on each platform. A trader should never trade live unless he or she can self-confidently answer all of the following questions:

  1. How do I place a limit order?
  2. How do I set a stop order?
  3. Can I set a limit and a stop at the time of entry?
  4. Are the spreads on the platform fixed or variable? And what is the typical spread?
  5. What is the lot size that I can trade (1,000 units, 10,000 units, 100,000 units)?
  6. Can I mix and match the lot sizes?
  7. Can I call the dealing room directly if my internet connection goes down?

Some platforms use pop-up order windows, while others allow you trade by clicking prices directly on a chart. Typically, to buy a currency pair, click on the offer part of the quote (the ask), and to sell, you click on the bid part. Some platforms allow you to choose market order or limit order after the quote window pops up, while others force you to make your selection beforehand.

Here is a sample order screen in MT4. To bring up a detailed order screen like this, in most trading platforms you can right-click on a chart or quote and select new order or new trade.

Forex Demo Contest 2

On the left is a very short-term chart of the currency pair the trade will take place in. This currency pair is also listed at the top of the trade box. Next, input the volume you want to trade. Enter a stop loss and take profit level for the trade. The trade type can be a market order or a pending order. If you want to buy/sell at the current price choose market as the type. If you want to buy or sell at a different price, choose pending.

With a pending order there are more options, as you need to input the price you want to buy or sell at. You may also prefer to put an expiry on the order. Once everything is filled out, place the order.

Demo Trade But It's Like Real :

Once you have mastered the basic functionality of a trading platform, use the demo platform to testing with various strategies. Are you a short-term momentum trader who likes high leverage and tries to capture 10 to 20 pip moves? Or do you prefer using less leverage and holding longer-term positions that could potentially yield hundreds of pips? Demo trading can help you determine what type of trading suits you best.

On the other hand, demo trading is not the real thing, even though it helps prepare you for the real thing. You may be perfectly calm after sustaining a big loss in a demo account, but might become completely unbalanced over even a small loss in your real account. To make demo trading as productive as possible, you need to trade the demo account as though the money were real. For example, if you plan on funding your real account with $5,000, don't trade a demo account that has $100,000.

The demo account should mirror your real situation as much as possible. Pretend the money is real, and don't do things you wouldn't do with real money.

Conclusion :

Even after you make a decision to trade live, demo trading can be very valuable. Many successful traders will test strategies in a practice account before they try them out with real money. while demo trading will not guarantee you profits in real life, many traders agree that if you cannot first achieve success in a demo, you are almost convinced to fail in your live account. This is why demo trading is vital to the growth and development of FX traders.

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What Is Forex Demo Contest?

Forex trading is not a little new for most people. It is one of the most accepted financial markets in the world. And it offers many opportunities for traders. One of them is the forex demo contest or forex demo competition. Forex demo competition is one type of forex contest which involves a demo account. A demo account is not a trading account. You can win the competition without forking out your hard earned money. It is a great way to learn about forex trading without risking any money. At the same time, you can win some real money. A forex demo contest is somewhat similar to virtual trading.

Why Forex Demo Contest?

Forex trading is not incredible new for most people. These contests are formed for traders who are new to forex trading. When you are uncertain of your trading skills and you want to test your information, brokers conduct these contests to be a focus for new clients to sign up and begin trading with them. After all, forex trading involves high risks, as a result, be warned. Demo accounts are not live accounts. So traders do not carry any risks because it is not real money. On the other hand, there are real money prizes. These real money prizes can be withdrawn as cash prizes or used to open an real trading account. The reason of the Demo competition account is for traders to add to their level of experience.

Common Rules in Forex Demo Contest:

Every demo competition has their own set of rules and regulations arranged by the specific broker. The traders have to stick to them. On the other hand, every broker will put up a set of his own rules and regulation which would vary from the rest. Due to the dissimilar set of rules and regulations set by the individual broker, it is significant to carefully be glad about these rules before signing up for any kind of demo contest.

One major rule for all forex brokers is that one contestant can only have one account in that exacting demo contest. To be more accurate, there can only be one account for one IP address. In addition this, the other common rule is, after you have signed up, you cannot withdraw from the contest unless it is over. Failure to follow the rules and regulations can lead to ineligibility of the contestant.

Read All and Accept The Terms and Conditions :

It is normal to have a number of terms and conditions because no competition is whole without them, so the best thing that all the participants can do is to read all the terms and conditions, be conscious of them and then only sign up. In case you have any query regarding the rules, then it is better to contact the customer support team.

What To Consider When Choosing A Demo Contest :

As in any struggle, it is crucial to know what to do. We have move toward with a list of the criteria which you should know before taking part in a forex competition.

Reliable Brokers :

There are many forex brokers in the market. A lot of them started with online brokerages to get cash. So, it’s significant to pick a authentic and dependable broker from the crowd. There are certainly some real brokers that run contests, As like, FXTM, FBS and HotForex and etc.

Forex Demo Contest Strategy

Forex Demo Contests are great tools for having fun and working trading. As with any sport, forex contests have their code of conduct and you should apply to it. Breakdown to do so will not put you in unjust situation compared to other participants. Forex Contest policy plays an vital role. This article will not tell you how to win a forex demo contest. This article will focal point on amplification the best forex demo contest policy, it will also give details best demo contest practices and show a few tricks for an extended participation.

How to Start?

Forex Demo Championships are fairly fun as all of the traders try to earn as much as possible within a short amount of time, mainly in the beginning. In most of the cases, the participants open greatest size position right when the contest starts. This usually results in a quick removal of the people that opened a behind trade and also this sets a group of people that nearly doubled their balance.

How to Finish?

It is ordinary for traders to stay the losing positions open, and as it is a dreadful mistake from a view of trading psychology. It also occurs often during the best trading demo contests. You may expect 80% of your opponents to hold a few losing positions. Once all of the positions are closed, you could wait for a few people above you in ratings to really go below. This is expected with this forex demo contest policy. You should assume your rivals have losing trades.

Best advice here is to try keeping a winning position opened, but not a cost of losing a lot of probable profit. If you don’t have such a position, try at least to avoid having any open positions in the last hours of the competition.

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