Forex Trading Contests

Why A Forex Trading Contest?

Many forex trading firms kick off a contest to ratchet up popularity among both the newbie and the experienced player. They welcome all traders to take part in the contest which is a way of popularizing lucrative forex trading and to make it more accessible to beginners.
People have lost money in stocks and commodities in the wake of the economic meltdown experienced the world over and are now checking out other investment opportunities these days.
No risk demo account
Forex trading made easy contests and opportunities are fast catching up among people coast to coast as they are beginning to log in from the comfort of their homes at the click of a mouse. Online trading in forex has opened up several avenues for the investor and with state of the art tools and software and you are never left out in the race to make more money these days.
Making profits from it is no big deal and is not restricted to the experienced trader only.
You don't have to pay any money to participate in the forex trading contest held online as it is an absolutely no-risk demo account. But if you make huge returns in the contests, you can actually win money.
Primarily, contests are meant to test the ability of the forex trader or even the wannabe forex trader to identify weaknesses and strengths. Forex trading contest can also trigger the latent trader in you as you put to use strategies and tips that you have learnt.
Bonuses and gifts
You also know when to make the moves and when to buy and sell. Trading with real money will not allow you much luxury to wait and sit over a deal. You have to think on your feet and even out of the box.
You can get bonuses and even know the areas where you need to tighten up before you do a real money trade. You can also get attractive bonuses and gifts that also make it very lucrative to participate in the forex trading made easy contests.
Nowadays, forex trading is made easier with state of the art systems and software that have cutting edge technology to negotiate the bends and curves in prices. Compared to stocks and commodities, forex is traded in trillions of dollars per day and the volatility is also very high. By entering into a forex trading contest you can ramp up skills better.

Other benefits of Any Forex trading Contest

Investors who hold mini accounts, may win one of several monetary prizes through a forex contest. Each month, five prize amounts are given out. First prize is twenty five hundred dollars, second prize is one thousand dollars, third is five hundred, fourth is two hundred fifty, and fifth is one hundred dollars. These will vary with each type of contest.

One of the most attractive aspects of the monthly forex contest is that all prizes are cash. The contest begins on the first of each month and ends on the last. Open to new and established investors, the only qualifications for entry is to deposit one thousand dollars into the mini account called FXTSP.The minimum of the one thousand must be maintained in order to be eligible.

Once the highest percentage profit is calculated, the winners will be chosen. Before entering an actual live contest such as this one, it is advised for new investors to open a virtual demo account to test the waters by learning hands on what trading through an FXTSP account is. Another is the Micro forex contest, where a deposit of five hundred dollars is required to enter the contest. In this contest, there are three winners with first place receiving twenty five thousand dollars, second place will receive ten thousand dollars and third place will win five thousand dollars. Again, once the highest profit or gain is calculated the winners will be chosen.

Some of the firms which provide a currency mini forex contest are the Akmos, the Forex capital markets, the Alpari, and the PEG forex. There is also a Refco FX five thousand dollar contest, and one for ten thousand dollars as well. The Refco FX ten thousand dollar contest includes real investing, where the Refco five thousand dollar contest, uses virtual investing and deposits. Lastly is the MG Forex monthly contest, a virtual or demo trading contest where investors will be trading with fifty thousand virtual dollars. These investors who trade with virtual money are automatically entered into the contest. There is a small monthly fee to join the virtual demo trading. Initial deposits in each monthly contest vary from five hundred to one thousand dollars. It is a fun and exciting event for all to enjoy.

Forex strategies and developing a winner trading system

Embarking on the forex market is diverse from other kinds of business dealings. Taking part in the currency trade is a gamble and when you lose a big sum of money you definitely lose a bigger portion of your funds. This is how crucial the trade becomes needless to say in dealing with its erratic market that a sheer hypothesis will not suffice. Therefore, forex strategies are vital if you want to have years of doing the trade and surviving the odds.
Based on research, one of the most effectual forex strategies that a trader can employ is the scalping strategy. forex scalping is one strategy that has a sense of oddity yet, is combined with a certain kind of effectiveness. As many investors see this as a striving trader, the process takes place by buying and selling diminutive holdings in a series of transactions in a day. With this meager amount, a trader performs promptly specifically during the time where he is able to acquire a small profit. He lets it out once again and the strategy continues as he generates profit through very little amount of gains.


A forex scalper is recognized as a risk taker as he goes way beyond what is expected in a trader. He performs major decisions that are characterized by sudden conclusions and analytical thinking a lot of times in a day. If you are a professional scalper then there are also bigger chances of getting huge profits from your small holdings. When luck is on your side, you will certainly gain much more than any non scalpers in the trade. Thus, a careful observation and monitoring of risk factors in the currency market is what made this strategy acceptable to traders.

Another forex strategy that you can use is through the development of a currency pair. This is done by means of providing decisions of whether to stop or continue with the dealings as you feed yourself with the current happenings as well as with the price movement. Your currency pairs will play significant roles that will either make or break you. These two serve as your statistical meter if currency will go up or down. However, this strategy is time consuming and spending the whole day monitoring your currency pairs would only generate frustration and boredom on your part. A trader with certain schedules to follow, would fail in this kind of strategy as this is only applicable to those who take full concentration and focus in the forex trade.

Setting up your last forex strategy entails the identification of proper timing of when to enter and exit the market. This strategy is called the three day rolling pivot forex strategies and is recognized as one of the simplest tactics to follow since a trader is only entitled to generate what is best for his trading. This strategy shows you when to stop trading when you are on the verge of losing and when to generate more profits when you are starting to turn the table to your advantage.
The only piece of software that can accomplish all of the forex strategies mentioned above in called forex tracer.