Top Tips To Win A Forex Trading Contest

What is a Forex demo contest?

A Forex demo contest is a risk-free competition that puts Forex traders’ skills and strategies to the test in a virtual trading environment. Using a demo trading account, entrants compete to make the most profit in a fixed timeframe, with real prizes given to the winners.

Forex demo contests are a great way for beginner traders to get hands-on experience and have an opportunity to kickstart their Forex trading career with an injection of prize money and practical, indispensable experience.

Entering the world of Forex demo contests can be pretty daunting. Going from demo trading to live competitions is a big jump, so it’s vital to know what contests involve, and how to succeed when competing. There are several steps traders can take to ensure a better chance of coming out on top when participating in a Forex trading contest.

How do Forex trading contests work?

People over the age of 18 who own an e-wallet and demo account on whichever platform the contest is on are allowed to compete. Contestants must first register for the competition – some registration periods finish before the competition starts while others allow you to register even after the contest has begun.

Once the contest begins, entrants have a specific amount of time to trade and meet the winning criteria– the time limit can range anywhere from 24 hours to a few weeks. A live leaderboard displays competitors’ stats such as total profit, daily change, number of trades etc.

Rules differ between contests so each one works differently. The winner could be determined by who has the highest trading volume, the highest profit margin or highest equity. Some may have other required conditions such as a minimum profit margin or a minimum number of trades executed.

At the end of the contest period, the winners are declared – the number of winners depends on the contest’s own rules. Most competitions offer prizes to the top five or ten traders, with the prize pool split amongst them. Some even offer prizes for the lowest total gains.

How can I win a Forex demo contest?

There’s no guaranteed way to win a contest, but you can increase your chances by following these tips:

• 1

  Pick the contest that’s right for you - With so many contests out there, it’s important to choose one that works for you. Prizes will differ vastly between competitions, as will rules and regulations. Make sure to read specific details about a contest before picking one and entering

• 2

  Plan out your trading strategy - Before you begin, you should decide on what trading strategy to use. Will you adopt something simplistic like the Moving Averages (MA) strategy, go the technical route with a Breakout Strategy approach, or make small incremental gains using a scalping method? Knowing how you will operate throughout the competition is vital. See TU’s list of Day Trading Strategies for guidance

• 3

  Practice - You wouldn’t enter a competitive sports tournament without first knowing the sport well – the same goes for Forex trading. Use demo accounts to practice trading and get familiar with how to execute your strategy under different market conditions before undertaking a real contest

• 4

  Use a trading journal - Keeping track of trades you make is an effective way to develop your skills and recognize patterns in strategies that do or don’t work for you. Keeping a trading journal for contests gives you something to analyze and improve upon before competing again. If you opt for using trading journal software, see TU’s list of the Best Trading Journal Software

• 5

  Follow news related to the market - An integral part of Forex trading is staying up to date with market news – this is no different with trading contests. Political events, budget announcements, trade deals – these are just some of the news events that could affect the market. Keep an eye on Traders Union’s newsfeed for up-to-date market news

• 6

  Keep your cool - Fear, greed and anxiety can be the biggest barrier to successful trading, leading to poor decision making. Trader psychology often determines the likelihood of winning. Stick to your strategy and avoid making choices based on how you feel. Avoid impulsive trades and don’t get too emotionally attached to specific trades

• 7

  Persevere - The chances of winning a contest on your first time are pretty low - though not impossible. Forex trading is a numbers game, as are contests. The more times you compete, the higher your odds of winning. Try not to be disheartened if you don’t win – you’ll get better with each attempt and so increase your likelihood of winning

Best Forex demo contests in 2024

In this section, we are going to briefly discuss the most exceptional Forex demo contests available in the market, according to Traders Union experts.

1. RoboForex Demo Account Competition

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The RoboForex Demo Account Competition is a monthly event open to all registered clients, providing an opportunity to win a total prize of $3000, which will be distributed among the top 10 participants with the highest account balance at the conclusion of the contest. To join, clients must complete verification in the Members Area, choose a unique nickname, and open an MT4 Demo Fix account with an initial deposit of $5000 and a leverage of 1:100. It is important to note that the Stop Out level is set at 20%, and the Hedge Margin is 25%.

During the competition, each participant is allowed a maximum of 10 orders, with a transaction volume not exceeding 0.1 lots. While all trading instruments are available, the use of Expert Advisors is strictly prohibited. In the event of multiple traders achieving the same results, the prize will be divided among them based on their final rankings. Winners can claim their prize money in various trading accounts, including Fix-Cent, Pro-Cent, Fix-Standard, and Pro-Standard. To claim the prize, winners must send a private message containing their account number to ContestFX on the RoboForex message board. However, participants should be aware that if a suspension occurs during the contest period, the prize money will be deducted from the account.

2. Traders Union Monthly Forex Demo Contests

For novice traders interested in participating in the monthly Forex demo contest, Traders Union (TU) offers a user-friendly platform. To get started, simply visit the Traders Union rebate service website, select the hosting broker running the contest, and open a demo account. Follow the guidelines provided in the broker's contest section to join the competition and stand a chance to win from the enticing prize fund. The Top 10 winners will be rewarded based on their profits, making it an excellent opportunity for those who secure a spot among the leading traders.

TU Forex contests are held on demo accounts, which not only allow participants to compete but also provide an opportunity to thoroughly test the broker's services. Winners of the contests receive real cash prizes to support their trading journey. To participate in Traders Union contests, you need to be a registered member of the Union and have access to your personal account. The contest runs from 10.05 p.m. CET to 3.55 p.m. CET and is open to all verified members of the Traders Union.

3. VantageFX Demo Contest

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By participating in the exciting VantageFX Demo Contest and showcasing your trading skills, you can stand a chance to win attractive cash prizes using virtual money. This risk-free competition allows traders to compete for the top spot and secure the grand prize of $2000 USD. The second and third-place winners also stand a chance to win $1000 USD and $500 USD, respectively, while the fourth and fifth-place participants can earn $100 USD each. This monthly contest is open for registration until December 31, 2023, exclusively for MT4 STP accounts denominated in USD. Traders can access a wide range of financial instruments with leverage of up to 1:40.

With its simplicity and easy registration process, the contest appeals to both seasoned and new traders. Interested participants only need to follow three simple steps: register an account, verify their profile, and actively participate in the demo contest. The winner will be determined based on the highest profit achieved during the contest period. One unique feature that sets this contest apart is the ability to withdraw all earned profits, provided that the participant completes at least three closed trades. This attractive aspect enhances the appeal of the competition, making it an excellent opportunity for traders looking to maximize their rewards.

4. OctaFX demo contests

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OctaFX presents two thrilling demo contests that provide clients with an opportunity to refine their trading skills and win exciting cash prizes. The first contest is the OctaFX cTrader weekly demo contest, which is open to all clients who can vie for a portion of the $400 prize pool. The top five traders with the highest account balance at the contest's conclusion will be generously rewarded. Trades must be executed on the cTrader platform or its browser-based version, and participants must open a cTrader Weekly Demo Contest Account to join. Accounts are equipped with a $1000 virtual deposit, 1:50 leverage, with conditions akin to OctaFX ECN accounts. Furthermore, traders are allowed to use Expert Advisors, and the minimum trading volume is set at 0.01. In the event of ties, the prize shares will be evenly distributed among the winners, ensuring fairness and excitement.

The broker’s Champion Demo Contest is the second, it takes place monthly and is open to all clients. Participants have a chance to claim their share of the $900 prize pool, with an additional $100 prize awarded to the last-place holder. To enter this contest, traders need to register a Demo Trading Account with verified information. This contest has similar conditions as the first, but one noteworthy feature of the OctaFX Champion Demo Contest is that there is no maximum limit for trading volume, providing traders with ample room to demonstrate their trading prowess.

5. InstaForex demo trading contests

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InstaForex presents an array of captivating demo trading contests, providing traders with a risk-free environment to test their skills and strategies while vying for lucrative cash prizes. These contests encompass the Great Race, Sniper, FX-1 Rally, Lucky Trader, and Real Scalping, catering to various preferences. Participants can enter using demo accounts, honing their trading abilities without any real financial risk.

Of all these thrilling contests, the InstaForex Forex Sniper Contest stands out as one of the most popular demo trading competitions offered by the broker, offering weekly opportunities for traders to showcase their skills. The contest runs from January 1 to December 31, 2023, with traders registering using unique nicknames, and competing for the highest profit. As the contest concludes, the top five winners will be handsomely rewarded with cash prizes, with the first-place winner securing an enticing $500 USD reward. It's important to note that while the bonus amount cannot be withdrawn, all earned profits from the contest bonus can be withdrawn, further enhancing its appeal.