What is a trading contest? A question you wanted to be answered for a long time. Or maybe now it came to your mind. Let’s see what it is?
These contests are mainly available across many markets as well as many assets where you can compete to make a good name for yourself as a trader. These are maybe popular among forex traders but it doesn’t end here, you can also find competitors that compete in the stocks alone.
Types of trading contests.
You can find two types of these contests;
- Demo account
- Real money contests
The difference between these two is that in demo accounts you have a virtual amount and it has no chances of any loss or wins. It is used by newbies and is used for practice.
While in real ones you do have a high-risk factor but the reward is also promising.
For instance, if you have experience in trading you can go from some hundred bucks to a hundred thousand or maybe millions and that’s why these contests are held.
Platforms for trading contests.
For demo accounts
For demo accounts trading contests you can visit many platforms and one of many is Allforexbonus yes here you have awesome opportunities like you can double your profit and also it offers many bonuses as well. This platform enables you to know about the current contests and the ones that are going to end soon.
It’s an awesome platform for beginners because in trading beginners’ luck has very little chance. And you can polish your trading skills by competing in these contests until you can make a name for yourself that stands speaking to the people that you are the one.
For real money contests
Now comes the part where real ones are to be tested. Yes in these contests you can compete by using real money and if you have any loss or profit it all belongs to you.
Real effort and hard work are needed to be here. These don’t exist in stock markets but are very popular among forex as well as binary trading.
So when you are entering a real money contest, your primary goal must be to look for something that you might have a realistic shot of winning a prize in. As mentioned above you can always trade-in demo accounts where chances of loss are very low? If you’re going to enter a live trading contest, it needs to be more than worth the time you’re going to put in it. You must have a focus on the metrics for determining who wins, then. For example, if a person enters a forex trading contest and who has the 10 000 $ quickly is the winner then the person with 1M$ in his bank has an advantage over who has 1000$ in his bank. But if the goal is to be the first person to make a 20% return is the winner then everyone is on an equal scale.
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Forex and stocks trading
There is a huge difference between forex trading and stocks. New York stocks exchange is
The world’s biggest stock exchange but it almost has a volume of about 966 million per day whereas in the forex world since it is happening all over the world it has a volume of 6.6 trillion a day.
So if you want to start trading, you should start with a demo account. To participate in demo trading contests and gain experience then step into the real trading this way you can make a huge amount of profit with a little or no loss.