Whether you are a beginner or seasoned Forex trader, participating in trading competitions is a great opportunity to improve your skills and earn free trading credits. There are so many incentives to join a trading competition that you probably are aware of already:
Free to participate
A chance to win large prizes
Gain more knowledge of the market
If you need more reasons for that added push to join a trading competition, here are three advantages based on the experience of trading competition winners:
Risk Free Trading
Most trading competitions work by crediting the participants’ account with virtual money for them to trade. And because the funds won’t come from your pocket, you can trade the funds using any strategy you like. Of course, just because you can risk your whole account while trying to win the prize doesn’t mean you should. Treat the contest as a chance to execute your well-crafted trading plan and evaluate its effectiveness.
This applies to traders who are currently on demo accounts either to test their trading plans or simply get their hands dirty. A lot of traders tend to slack off and not take things seriously after just a couple of months or even weeks of paper trading. Participating in a trading contest can motivate even the least competitive trader. Competitions make you stronger and the tension will sharpen your thinking skills.
Opportunity to Interact with Other Traders
Some trading competitions give the participants access to community blogs, forums and other features that allow them to interact with other traders. Now, this is a great opportunity to meet like-minded people from different backgrounds and learn trading techniques that you wouldn’t learn otherwise. You never know if this can later trigger the latent trader in you as you put to use the strategies and tips that you’ve picked up along the way.
While you will be trading with virtual money, it’s all about learning good habits and smart strategies in the end. Trading recklessly just to win the competition is just not worth it in the long run. So get your solid trading plan ready and sign up for a Forex trading competition whether it’s hosted by your broker or an independent Forex trading website. The experience will surely be invaluable whether you win or lose.
Ready to take the challenge? HY Markets, a leading brokerage company is going to launch its first trading competition on October 1, 2012 with big prizes at stake.
More details are available at http://www2.hymarkets.com/event/contest/english/index.html