Simply it's a fight for real traders. Where Traders are fighting for the contest price. In this contest, every trader is starting the contest with the same parameters such as the same capital at a time. There is a great chance to win a big prize such as a car/$10000 USD. Traders are fighting for these prizes. But you should remember that you will trade with your money. Actually, it's a risky trading type cause of you may be lost your money on this contest. Everyone will try to score the highest score here and when everyone tries, many will lose their capital. Because in competition, they will risk trading, and in this way, they will lose their money.
What do you thinking? Am I saying trading contests are bad? No, I'm just alerting you, if you are not careful, your account balance may end at any time. One thing you should remember about forex live contests is that they really test the limits of your risk management rules. Because of your intention to win the contest- and the fact if you are playing on demo contest- you may take risks that you wouldn't take on your own live trading account. What is to prevent a player from "betting the farm" on each trading? You're not going to lose genuine cash by doing as such and you'll just lose the game.
How it's work?
There are so many brokers are offering Forex live trading contest, everyone is offering with different criteria. Every broker is setting their own trading rules and prizes. So we can't say appropriately how it's working. But you will see in almost all the contests that you have to earn more points/profit/ gain to win the contest.
How to choose the best Forex live trading contest?
First of all look at your trading skill if you think you have the ability to fight with other traders. Then find which brokers are offering the most valuable prizes. If you choose your contest then look out the contest terms of condition. Then read carefully the terms of the competition, and see if you can fight to trade with the trader in this trading skill?
How to win the contest?
1. Try all the time to invest a little more money.
2. Always aim to keep an eye on the news that influences the forex market.
3. If you see the temporary success of any other trader, do not get in touch with it.
4. You must be on the top to win the contest.
Common Applying method:
1. Select an account type
2. Register with a broker who is offering forex live trading contest.
3. Verify your identity by your national ID/ Passport
4. Deposit a minimum required amount to your account.
5. Join the live trading contest