Daily forex demo contests to enter
- 18.11.2021
- JoJotaur
- Msn investing
- 0
Eightcap Global and Traders Summit reserve the right to withhold or void without further notice the prize amounts if in its reasonable belief, there is any indication or suspicion of any form of arbitrage including but not limited to risk free profiting , abuse, fraud, manipulation, cash-back arbitrage connected to a trading bonus or any other form s of deceitful or fraudulent activity or behaviour. By participating in this Competition, you consent to your personal data being collected, processed, and used by Eightcap for: a.
The purpose of the Competition, and b. Marketing and promotional activites conducted by Eightcap Global including but not limited to, any form of marketing and advertising activites such as posting photos, ranking and trading performance on the Eightcap Global website and social media accounts. Participation in this promotion signifies acceptance of all Terms and Conditions referenced herein. Selected Clients are required to abide by all Terms and Conditions as presented, at all times.
Eightcap Global and Traders Summit reserve the right, at their absolute discretion, to modify or amend the terms and conditions, the type and names of prizes at any time without prior notice and explanation. Eightcap Global and Traders Summit shall not be held responsible for any technical disruption, such as weak internet connection, that could affect the result of the Competition.
If two or more clients attain the same gain, the client with the higher equity will be ranked higher; If two or more clients have the same equity, the client with the lower maximum drawdown rate will be ranked higher. The terms and conditions of this promotion are governed by and construed in accordance with the laws of Bahamas. Any dispute or situation not covered by these terms and conditions will be resolved by Eightcap in the manner it deems to be the fairest to all concerned.
Margin trading involves a high level of risk and may not be suitable for all investors. Trading demo competitions from different brokers will often have their own sets of rules, with some limiting the total number of trades allowed, amount of leverage, the use of EAs and available trading assets.
Performance Tracking Once the trading demo competition is underway, entrants will want to know how they are performing and how their gains or losses stack up against others. Entrants can quickly see if they are in a prize-winning position and how aggressively they need to trade if not. Performance data is often also available from past trading demo competitions to give users an idea of the kind of returns that are required to finish in a winning position at the end of the competition.
Competition Ends At the competition close time, all open trades will automatically be closed and no more trading is allowed. The final rankings of all competition entrants are now decided with prizes awarded to entrants based on these rankings. The former is often more appealing to entrants but the latter can also be useful and is generally worth more. If a trader is comfortable with the platform and trusts the broker, this credit can be used to generate more profit and then be withdrawn later.
Entrants can be disqualified for breaking competition rules either before the final leaderboard is published or afterwards. Traders that narrowly missed out on prize positions should check back in case someone above them drops out. Rarely in trading or investment does anything come completely free, so these tournaments are a rare opportunity to gain something for nothing.
Gain Experience With No Risk — As trading demo competitions are designed to imitate real market trading closely, traders have the chance to gain valid experience with new markets with no risk attached. For emerging trading markets such as cryptocurrencies, this can be very valuable.
Experience is important for new or intermediate traders who wish to get a feel for the markets. Tournaments are also a way for veteran traders to gain experience with greater leverage, different software or new currency pairs without risk to their capital. Perform Under Pressure — One thing that differentiates demo trading contests from normal demo accounts is the pressure that comes with potential rewards.
Competing for the best prizes is a great way to expose traders to the pressure that comes with having a real financial outcome when trading. It is easy to maintain a clear head and watertight strategy when nothing is at stake in a standard demo account, introducing prizes adds similar mental pressures to trading real capital.
Beginner-Friendly — Trading demo competitions are a great place for new and aspiring traders to start. Gaining a solid amount of practice before staking real capital is crucial to long term success and these tournaments are the perfect place to learn the fundamentals of forex, cryptocurrency and commodity trading.
There is no substitute for a hands-on environment for learning and demo competitions allow beginners to test out their knowledge in a realistic trading scenario. Prizes — What may appeal most to some traders is the prospect of being rewarded for no-risk trading.
The best trading demo competition prizes can be thousands of dollars, with leaderboard places paid out up to the top ten traders. Competition prizes are either paid out in the form of withdrawable cash or trading capital. Those that allow enhanced trading provide a great opportunity to test algorithms on real market conditions, seeing how effectively they function and whether there are any bugs in their software. Ironing out errors and optimising performance during a trading demo competition means that, when capital is at stake, traders can trust their expert advisor software.
Drawbacks Of Trading Demo Competitions Here are a couple of reasons why traders may be put off trading demo competitions: Limited Prize Positions — If traders are competing in trading demo competitions purely with winning prizes in mind, then this can be a frustrating affair.
The biggest demo trading competitions have many thousands of entrants and only a handful are rewarded for their efforts. Payouts Can Be In Trading Credit — Many traders will want to be rewarded in cash if they finish in a prize-winning position but some prizes are paid in trading credit.
This means that competition prizes have to be traded live before they can be withdrawn, which adds both risk and hassle to being paid out. Unrealistic Trading Required To Win — In a demo trading competition, there is nothing to lose and everything to gain from aggressive trading. For the vast majority of traders, the amount of leverage and risk required to compete for a prize position in the biggest trading demo competitions will be an unrealistic strategy when using real funds.
This is especially important for firms who pay their prizes in trading credit because traders will have to use their platform to wager their rewards. Prospective clients should research brokers, looking at user reviews from external sources as well as recommendations or warnings from trusted websites.
The biggest brokers that run trading demo competitions will often be regulated by an independent governing body, so look out for such certification as an indicator of authenticity. Important aspects of a broker include the reliability of deposits and withdrawals, safe holding of client funds and stability of the platform. The largest tournaments can offer prize funds worth thousands of dollars, which is an appealing prospect for entrants. As well as the size of a prize fund, it is also worth checking out the reward structure of each competition.
More leaderboard places being paid means a higher chance of winning but also a smaller share of the fund for each winner. You should choose carefully between these factors, depending on your priorities. Depth Of Field Another key aspect when choosing whether to enter a specific trading demo competition is the depth of field.
While larger prize pools are attractive to individual traders, this will likely increase the number of competitors for a prize. Theoretically, traders will have a better chance at winning with a smaller field, so each entrant has to find a balance between the prize pool and the depth of field.
Information on the number of entrants may be available during the sign-up phase to a competition. Alternatively, most competitions will display past leaderboards showing how many entrants there have been in each contest historically. How Winnings Are Paid Out An important factor for traders to consider when looking for brokers that offer trading demo competitions is how the prizes are paid out.
Some firms will pay prizes in cash or withdrawable funds while others will pay out in trading credit on their platform. Such funds will need to be traded before being withdrawn.
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