FX Contests to Make You Some Money in 2013
Welcome to 2013! What better way can we start the year than to give you a heads-up on some of the forex trading contests that you can participate in and get some money to get your forex trading campaign going.
Many brokers throw up forex trading contests from time to time in order to increase awareness about their brand and at the same time, use this as a way of recruiting clients into their network which will ultimately lead to future spread income. On the trader's side, this represents an opportunity to showcase your skills and make some money on the side. This could also be used to get some funds to start a live trading account, as some brokers only deposit the winnings from the contest into a live account opened on their platform.
Most of the contests are performed on a demo account, which must be opened on the demo platform of the broker handling the contest. The contest will usually be open from a certain time of day 1 to a certain time on the day of termination. Conditions are standardized so that no one trader has an undue advantage over another trader.
If you have followed all my posts on this site and started to rehearse them on a demo platform, you would already have at least some of the information that you require to make your foray into the world of forex contests. Remember, it is all about keeping it simple. So without further ado, let us look at some of the forex trading contests that you can participate in this year.
Dukascopy Forex Contest
This contest pays out a total of $15,000 to the top 10 traders in its monthly forex trading contest. Manual trading is the only form of trading allowed in this contest, which is carried out on a demo trading platform. In other words, trading with a forex robot or indicator is forbidden.
The trader is required to open a demo account on Dukascopy's demo trading platform with the sum of $100,000. The minimum trade size is 1 standard lot or 100,000 units of the base currency. The trader is restricted to being able to have a maximum of open trades, and only one order per instrument is allowed at a time. The trader must open at least 10 positions during the lifetime of the contest, and must either hit the TP or SL levels assigned to the trade. These TP and SL levels cannot be cancelled, or readjusted towards the entry price. Traders must use the special forum opened for the contest to broadcast their trades. The first place winner gets $5000. $2000 goes to the 2nd placed winner, while other winners in the top 10 category receive their share of the prize money. All winnings are paid into a live account that the trader must open, and can only be cashed when the trader has generated a particular amount of trade volume.
Myfxbook Forex Contest
Myfxbook is an independent website that provides among other services, an independent trade verification service for the MT4 platform. Myfxbook also runs a forex trading contest that pays out various cash amounts to the winners of its contests. These contests are held monthly and are sponsored by participating brokers. The last contest (as at the time of writing this) was held from November 14th to December 13th 2012, was sponsored by FXCM and paid out $5000 in prize money. The competition had 2 winners out of more than 3,000 participants. So watch out for the next edition.
MetaQuotes Automated Forex Trading Contest
This is the ultimate challenge in trading contests. It is organized by MetaQuotes Inc (makers of the MT4 and MT5 platforms), runs for three months and offers huge payouts. The 2012 contest which was run in partnership with Alpari saw close to $45,000 being given out as first prize. The concept is simple. If your EA is good enough, submit it for the contest, run it on the demo account and see whether your EA can beat out all competition to the prize.
Look out for the 2013 editions of these contests and make some good money off them.