What is forex live contest?
Forex live contest for live account traders which host by the forex broker. This contest not for everyone, it involves money and there is a fund risk.
When a trader has good experience in winning demo trading contest he can join in a forex live contest. Forex live contest offers to win a lot of prizes, cash prize also. This type of contest trader needs to deposit money to join and obviously a real trading account. Nowadays more than 70% of broker offer this type forex contest.
This contest is totally different for demo contest, demo trader cannot join in this contest. This is only for professional and experienced traders.
Things you need to consider before joining a live contest
The live contest is the biggest game in forex trading. Broker offers a lot of live contest, there always a lot of participants, time period, deposit limit, trading fund management options, trading platform and trading conditions. So, before sign up for a live contest, you need to discover these things
- Read carefully before joining a forex live contest, all broker live contest terms and conditions is not same. First, ensure that you can full fill all terms conditions.
- Be aware of deposit fund, live contest means you need a deposit, sometimes broker offer to join by a big deposit. So, before sign up for a live contest be sure that you have the sufficient fund.
- The broker can terminate your trading account for any black use, also you can disqualify you if they think you provide wrong information and if you don’t verify your account completely.
What is the benefit of forex live contest?
As already mentioned forex live contest is different from the demo contest. Actually it is different for money, broker provides money in demo contest and trader need to deposit own money in a live contest. If you an experienced and a successful trader in demo contest, it will be better to understand forex live contest benefit. This contest first benefit is to win good prizes and cash prize also. Most of the demo contest holds monthly and weekly. Also, there are more benefits
- It holds on the real forex market and real account, with the popular trading platform
- Sometimes broker allow robot trading also any strategy
- You can compare yourself with other real market traders
- You can will a big money prize also there will other prizes such as a car, bike, mobile, laptop and more
- You can improve your trading skill and confidence
- A good chance to build up a trader community
- A chance to prove own self that you are a good trader
- You can learn unique something from other traders that you haven’t know before.
Live contest common rules and regulation
Different forex broker offers different types of forex contest and different rules. But, there is a common pattern for the live contest. Look a monthly live contest rules pattern:
You need a registration first to join with a live contest between the registration periods. In a monthly live contest, broker allows starting registration beginning day of the month until the last day of the month.
There has a round duration like 30 days for the monthly contest.
You will see trading period and times.
Forex broker can say you need to minimum deposit $XXX USD/other currency.
You have to trade at least xxx standard lot volume, and close XX trade.
This contest allows for X, Y, Z accounts and X, Y trading platform.
You can not participate if you opened your account before 00/00/00 date.
Deposit funds will not able to an internal transfer, or internal transfer will not count as a deposit to join this contest.
The broker / company reserve to right change or close this contest any time.
The company reserve to right disqualifies your account for any rules violation.
A winner is only able to withdraw trading profit without any restriction or trading account.
The company reserve to right update terms and conditions of the contest.
The contest prize will give you within XX business working days.
If you will be elected as a 1st place winner you have to give an interview with the broker and more.
What is the strategy to win a forex live contest?
This is an advanced contest. There is a lot of prizes also risk involved. There are many strategies, almost every trader have different strategy and technique. You have to set your objective first before sing up in a live contest. We suggest to set goal learning period but trade as much professionally. Anyway, this few paras can increase your chance to become a contest winner. Some short tips may be a wonder for you.
When you start trading don’t apply any strategy to only win. Start your trading that your trading part goal is learning but it also for some profit earn.
Anyway, let’s talk about it directly, there is a lot of techniques and strategy that can increase your winning chance.
You can follow simple two techniques. First one is you can start trading as a beginner means, start your trade slowly with small funds and update it with time to time. Or the second one is start trade with a full confidant, in this way you can start trading with large volume. It will give tow result one is, it will boost your profit double or triple and another one is it will be stopped you.
Sometimes we saw beginner think Forex contest is a part of forex bonus. There is a lot of different. Forex real trading and live contest are almost the same, that different from demo trading and demo contest.
You can earn more money and prizes by joining a live contest. Pick up a good live contest is important with a good forex broker we at fxdailyinfo.com provide best live contest and forex broker also best forex broker list. Also, you will find best broker award in every year, which will help you choose a best live contest with a good forex broker.