How to Win Forex Contest?

At the start of trading career, most of us do not want to deposit our own money and always try to find a way to get some initial investment elsewhere. Furthermore, there is part of traders that just like competitions and challenges. Either way, you can try demo contests in order to satisfy your needs. But remember, winning a Forex demo contest is not as easy as it seems. There are some things you have to know in order to win your first demo contest.

Pick the right Forex contest

Before you start competition, it is crucial to know that prizes will be paid as promised, without any problems. This is why, we would not recommend you to take part in the contests that are held by Forex brokers that have got doubtful reputation. In such cases you risk to never see your winnings and, basically, your time would be just wasted.

Furthermore, Forex demo contests have different terms and conditions. Some contests are done just for scalpers and some have rules that do not fit scalpers’ needs at all. So, before you decide to start demo contest, be sure to check its regulations in order to be sure that they fit you. If you start participating in competition that does not fit you, your chances of winning would be significantly lower.

Start trading slowly

It is true that around 50% of participants are out of the competition in the first few hours. This happens due to the fact that they want to become leaders from the day one and involve themselves in too risky trades. Be sure not to make this mistake. Start your contest slowly, calculate all possible risks and do not go for deals with high risk at the beginning of your championship. Remember, even if your account balance will be at the starting point after half of the contest period, you will still be better than half of participants, since they are already out.

Stay on your path

It is important to start your demo contest with a pre-defined strategy. You should know what you are doing. If you do not have a good strategy, there are no chances of you winning this competition. Remember, sometimes your strategy will not work and sometimes you will even need to change it. But it is better to fix or change your strategy on-the-go than to start without any strategy.

Psychology

We know, that some traders can be stressed if their tournament position is not as high as they would expect. Such traders try to compensate the difference by using high leverage and excessive levels of risk. And, as you would expect, they lose the championship. Be aware, your emotions can play tricky games with you and you should always be aware of them. Stay calm and trade on!

If you use this tips for your next demo contest, your chances of winning will increase significantly. So after reading this article, we would suggest you to pick one of the Forex Demo Contests for yourself and win it!

This article is a guest post written by ForexBonusLab