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.

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