New Trader- Contest Question

[dygtrader 10]

Hello everyone,

 

I just started trading and am very new to the concept. In order to practice and test some of my strategies I want to find couple of demo contests. I prefer a contest with small participants and prizes. I mean, let’s be realistic, I can’t win millions of dollars anyways (just yet)

 

Anyhow I searched online and found out that IKON Finance is launching a similar demo competition. There are giving away total of $1250 worth of live accounts to the first three and a İPad4 to the winner. And prize money is withdrawable. I thought I’d give it a shot and registered from http://www.ikonfinance.com/tradercontest/?ref=forum

 

The demo account will be deposited $ 50K. There is a leverage of 1:400 and they use Meta Trader 4. Do you guys think these conditions would be beneficial for a new trader??

 

And does anyone know any other contests like this?

 

Thanks in advance...

[jiken 10]

Yap, it is definitely benefit for the traders. But we must be careful with those offers. Sometimes bad broker might suck up your credit for this contest. So, make sure the offer and the TOS before entering into a contest.

[henryduncan12 10]

A forex demo account can be undeniably useful in honing a trader’s technical skills, demo contests & competition is better way to improve skill. I will suggest such site name AccentForex, Atlas Capital FX, ActivTrades, Forex Club, eToro, FXCM Asia.

[DbPhoenix 42]

Hello everyone,

 

I just started trading and am very new to the concept. In order to practice and test some of my strategies I want to find couple of demo contests. I prefer a contest with small participants and prizes. I mean, let’s be realistic, I can’t win millions of dollars anyways (just yet)

 

Anyhow I searched online and found out that IKON Finance is launching a similar demo competition. There are giving away total of $1250 worth of live accounts to the first three and a İPad4 to the winner. And prize money is withdrawable. I thought I’d give it a shot and registered from Ikon Finance Trader's Competition

 

The demo account will be deposited $ 50K. There is a leverage of 1:400 and they use Meta Trader 4. Do you guys think these conditions would be beneficial for a new trader??

 

And does anyone know any other contests like this?

 

Thanks in advance...

 

You're looking for contests instead of asking yourself if you should participate in the first place, and the answer to that is no, assuming that you're serious about trading. Trading for a contest is very different than trading for real, and unless you're in this just for part-time, short-term fun, better for you to get to the work and begin progressing toward your trading goals.

[samuel23 10]

Well forex contest is a somehow becoming bigger and bigger everyday. Well i have myself tried it and somehow it make you forex the old way of trading forex. There we can see prizes and you can also see who is the best and win the most. Well surely it is different.

[dygtrader 10]

Thank you everyone for great suggestions. I think I'll go ahead and trade on ikon's competition and use my strategies as if I were trading on real life and be careful about not adapting any bad habits on the contest.

[fxqueen 10]

Yap, it is definitely benefit for the traders. But we must be careful with those offers. Sometimes bad broker might suck up your credit for this contest. So, make sure the offer and the TOS before entering into a contest.

 

I agree.. I think trading in contests and demos may help you better grasp the concept and practice your tactics without a risk of losing real money. I myself have traded with Ikon and found them great. I'd say go for it.

[Jack Francisco 10]

Thank you everyone for great suggestions. I think I'll go ahead and trade on ikon's competition and use my strategies as if I were trading on real life and be careful about not adapting any bad habits on the contest.

 

My advice to you. Before you joined the ikon's competition- try to get on at trade1on1 first. I think that this is the best place to test your trading skills by competing other trader in the world. It is a very nice website and am in since a few week. It's amazing and fun to compete with others there. I find the rules very easy to learn and with a little bit of practice, you'll be meeting and beating players from all over the world in no time at all!

 

In short I challenge a friend or someone else for a specific amount of money for a game of forex of commodities. Each player gets a virtual amount of $100,000 for trading. The player who gets the highest yield on the portfolio won the common pot of the games. It is like a sort of contest.

 

friends- am sure that you will find the strategy of the best traders how to compete in a contest. But open a demo first , with practice you can go for real

[Lavazza 10]

BTW Forex Club recently held demo contests and a friend of my friend managed to win an iPad while my luck was not there. And I believe that a contest is a thing that can be easily ignored by a trader so there would be no any complaints about it.

[samuel23 10]

This seems really different as i can see many places where we can try contest. Normally i would suggest people to look for the best one before proceeding with deposit as we should always put ourselves in a good position. Well we have to agree that forex contest is somehow ruling

[gavind 11]

Does this have any known issue with the latest IOS on an Ipad?

[elliot wave 10]

I think that contests are fine as a bridge between trading demo and trading live, however, sometimes the broker offering the contest may not be the right one for you. So feel free to enjoy the benefits of these contests but don't let it lead you to make a decision you might regret later. Demo contests are not effective broker research.