What are Forex Live Contests and Competitions?
Forex Live Trading Contests are held by many brokers as an incentive for their traders to make more trades, earn more money and have more fun while doing it. In a Forex Live Trading Competition, you are using real money so most traders will be much more cautious in the way they trade compared to Demo Trading Contests. In a Forex Live Training Competition, traders are not only rewarded with cash prizes and/or other prizes, but they also make and keep money from their trading, so it’s like a double win situation.
There are many different types of Forex Live Trading Contests, as there are many different Forex Brokers out there. Each contest will have its own unique rules and prizes, as well as requirements and eligibility standards. You should be sure to check each Brokers rules and regulations carefully, so you can understand the contest and won’t accidentally disqualify yourself.
In a Forex Live trading Competition, you will be going head to head against some of the most experienced traders in the Forex Market, so it’s really not something new Forex traders might want to do right away. At least not before they try a few Forex Demo Competitions and understand the basic concepts of trading. Once you have become more learned on the demo contests and trading, you can hone your skills and even learn new strategies by entering Forex Live Trading Contests.
Why do brokers hold Live Forex Trading Contests?
The main reason Forex broker offer Live Forex Trading Competitions and Contests is to encourage current traders to trade more and to entice new Forex investors to register on their site. It is really a win-win situation, both for the broker as well as for the traders. The higher volume of trading that Forex Live Trading Competitions bring to a Forex Broker, the more money they will be making, part of which is offered in present and future prizes to keep the trading lively.
A broker’s main objective, in order for them to make money, is to get as many traders trading through them as possible, making as much profit as possible. While Live Forex Trading Contests are a great way to meet this objective, most brokers also offer key training videos or eBooks and other educational resources. This will allow even the newest and most inexperienced trader to learn the ropes and start making profits right away, thus encouraging them to trade more.
Forex Live Trading Contests offer traders, both inexperienced and veterans, an added level of excitement to their Forex Trading, by going head to head with other traders. As more brokers offer Live Trading Competitions more traders are discovering the win-win nature of these contests, even if you lose the contest, you may have learned some vital trading strategies and you may have made a decent profit.
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How do I enter a Forex Live Trading Competition?
It’s usually quite simple to enter a Forex Live Trading Competition, but care should be taken to read all the instructions and rules on each Forex Trading Competition, as rules change from one competition to another. If you already have a great broker, look around their site to see if they offer Live Forex Trading Competitions, then simply read the rules and comply. There may be a registration process though some brokers keep their Live Forex Trading competitions open, which means you do not need to register for the individual contests.
There are a few basic things need do in order to be entered into Forex Live Trading Competitions:
- You must have a live account registered with the broker holding the competition. This means you need to have deposited money in your trading account and be a verified live trader.
- You need to have all your information verified with the broker. You should be sure to read and understand the verification process with each broker you have an account with in order to be sure you are a verified user.
- You should understand whether there is a registration process by reading the rules for the Live Forex Trading Competitions you wish to enter and if it requires registration you need to make sure you are registered.
- You should carefully check any deadlines for registration and make sure that you register within the proper time period. Some Forex Live Trading Competitions are weekly and may require you to register each week for the new contest, while other competitions may be held every month and require entry by a certain date in order to be entered in the next Forex months Live Forex Trading Competition.
How much can I win in Forex Live trading Competitions?
Prizes will vary among different Forex Brokers, from as little as a few hundred dollars for the top prize thousands of dollars. Of course, you should keep in mind, the higher the prize pool the fiercer the competition will be. With some Forex Live Trading Competitions the prize pool depends on the number of traders entering the Live Trading Contest. Again, the more people in the contest, the more competition there is. If you are new trader, you may win more by going with Live Forex Trading Competition offering a smaller prize pool and work your way up to the larger, more competitive contests as you become more skilled in your trading.
If you take a little time to check out the many different Live Forex Trading Competitions being offered, and be sure to follow all the requirements, you’ll probably find at least a few that are on your level of trading, whether that be unskilled or expert. Just be sure to play on your level and not try to compete with experts if you are beginner (or vice versa). If you keep this in mind when you look at the brokers offering Forex Live Trading Contest, you will find your venture very profitable.
Another thing you should keep in mind is one of the best things about Forex Live Trading Competitions (compared to demo competitions); you not only win a prize, but if you do well, even if you don’t win the prize you should have made some good profits on your Forex trading account. That’s what makes it a great opportunity. You will be trading live and making real trades which (hopefully) are making you real profits, the contest is just the icing on the cake. Even when you don’t win, if you’ve traded wisely, you are still a winner.