Forex Contests: What to find out

bankruptcyIt’s not every day that you are participating in a forex contest. You might as well be a regular forex trader. However, participating in a contest is a different ballgame altogether. If regular trading is all about winning profits, a contest is all about winning profits – as much as possible – within the shortest possible timeframe. How do you do that? How do you ensure success in a forex contest? Let us find out in the course of this post. Given below are a few tips:

Tips to win a forex contest

Can a rookie trader compete against the pros and go on to win a forex contest? Forex brokers often conduct contests for their members. Do you think you should not participate in these contests because you have just started learning the ropes? Let us find out in the course of this post.

The beginning of the championship: What you should find out

Though wining in such a contest is all about leading within the shortest possible timeframe, it is not prudent on your end to blow out your account at the beginning by entering too risky positions right at the beginning of the trade. The first day of the contest might as well be the right time for you to watch- because half of the participants will be out as most of them will be too eager to see their account size doubling or tripling right at the beginning. This will lead them to enter too risky trades right at the start- only to be stopped out in the contest. It doesn’t happen with everyone. Some of them actually go on to see accounts doubling- but that again, is a matter of chance. So, the right way to go about winning the contest would be to find out how many of them have been stopped out. The key is not to take too many risks right at the beginning of the championship. Weigh the pros and cons. Even if your account is half at the middle of the contest, you’ll still be in a better position than those who are already out.

How should you battle your emotions? How important is doing that?

Be on top of your psychological game. You might as well start panicking to see a small account in the middle of the contest. However, you cannot really go on to risk high leverages. The key is to maintain your emotional stability. Don’t be too stressed. It is very important to ensure that you’re acting calm throughout.

It is very important to remember that your trading strategy will turn out successful or quite the opposite throughout the course of the strategy. Stick to or change your strategy in accordance with results during the different stages of the contest. It is better to change strategies along the way rather than having no strategy at all. In short, you cannot begin your championship without a strategy just because there are chances of your strategy failing at the middle of the championship.

Save More Money in 2018

Coins 1523383 1920

Subscribe and join the worldwide 52-week money challenge! Get the tools you need right to your inbox.

We won't send you spam. Unsubscribe at any time. Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment


What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
student loan, student loan debt, college debt

How to Attack Your Student Loans upon Graduating

If you’re anything like me, you chose not to think much about your student loans while in college. They seem like a nonissue.... more →