Looking for a Way to Increase the Thrill of Trading? Read all About Live Forex Contests.

Live ContestsNowadays, almost anyone with a reliable Internet connection can take part in the world of Forex trading. Individuals can link up with traders all over the world and interact with each other, compete with each other, and take part in various Forex events. All of this and more makes for a very exciting and appealing experience. We’ve already touched on the subject of Forex contests, and now we’ll be looking at live Forex contests in a little more detail.

What are Forex contests?

There are a number of people who consider Forex contests to be a type of bonus, but this couldn’t be further from the truth. Although contests usually feature on the promotions page of a broker’s website, this is really rather misleading. Bonuses are just gifts that brokers give away to their clients, and are aimed at both experienced and new traders. In return, all that is asked is that you sign up for a trading account and keep trading. Forex contests, on the other hand, are a competition that traders are invited to join. The contest takes place on the broker’s website, and is a way for traders to compare skills and abilities and compete to win a prize. Obviously, there is going to be a winner, but it isn’t always just one. The winner or winners are those who are able to achieve the best trading results, and the reward is a prize. Basically, there are two types of contest: the demo contest and the live trading contest.

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What is the difference between live and demo contests?

In order to appreciate what a live contest is, we thought it best to compare it with a demo contest. It is usually newbie traders who participate in demo contests, as they are the ones most likely to be using a demo account for trading. This is because a demo account allows new traders to practise their skills without risking any real money. Beginners are usually far less confident than experienced traders, and not yet ready to risk their own hard-earned cash. A demo account is far less risky than a live contest because it only involves virtual cash. A live contest, on the other hand, involves real money, and is therefore considered to be more risky. When you participate in a live contest the stakes are much higher, so it requires far more concentration and focus. If you win a live contest, not only do you make a profit, but you also win an added prize; whereas with a demo account, you aren’t worried about losing your initial investment. If you win, all the better, but if you lose then you’ve really not lost anything.

What are the benefits of live Forex contests?

There are a number of advantages to participating in Forex contests. These include the following:

Is there a downside to live Forex contests?

We spent a lot of time considering this question, and have to say we really couldn’t think of any major ones. There are a number of considerations you should bear in mind, however, before registering for a live Forex contest.

On the whole, we have to say that live Forex contests are a good thing. There are a few points that don’t do them any favours, but nothing that can’t be overcome with good sense and careful thinking.