Transparent pricing, reliable, fast executions and tight spreads. This is certainly one of the most simple trading strategies and it can also be quite useful for many rookie traders. The main idea of this strategy is that even though you are not experienced at trading, you still can win a contest with quite limited knowledge. So what is that you have to do? Simple — once the contest begins, you have to open a position for the maximum available trading volume.
What happens then? There are two possible scenarios, either you will be stopped out and your participation in the contest will be over or you will double or even triple your account. Sounds quite easy? In fact, this is a very easy Forex contest strategy!
How to do it right? First of all, even though you will eventually experience a great market move, you still want this to happen as quickly as possible. Hence, you should first take a look at the Forex calendar before you open a trade. Check the most volatile pair for the starting date of the contest.
Usually, a pair that will experience the largest degree of volatility is the one that has the largest amount of fundamental events attached to it. Once you have identified a proper pair — open a trade for as large volume as possible in the forecasted direction. Once you have experienced a stopped-out, well, unfortunately, your participation is over. You will still have some funds left on your trading account , but it makes quite a limited sense to continue participating.
You have not ended up at the top, but you only lost a few minutes of your time. You have opened a position and by now you have nearly tripled your account size. This would certainly land you at some top10 or top20 participants of the contest. However, the tournament goes on and so does the account balance for some of the participants. If you simple restrain from trading, eventually you end up at some top and, of course, these places are not paid.
So what should you do to win the Forex championship now? Exactly the same thing you did before — you look up a volatile pair and you hope that your prediction works out. This sounds like quite a dummy Forex contest strategy and in fact, it is. However, it does not mean it is impossible to win a contest using it. An important thing to keep in mind is that you should find a contest that allows operating with as high leverage as possible.
Next to this, there should be no restrictions on the maximum trading volume. In most cases you will end up losing a contest, however, you may count that at least once in 20 times you can get lucky and win it. On average, you should make 3 all-in trades in a row to end up amongst the winners. While the previous strategy is certainly suitable for the people that just want to win the contest, it may not be accepted by the traders that actually want to learn during the contest.
This is why we are going to show you quite an interesting strategy that is designed for slightly more advanced traders. First of all, you have to understand that every contest will have a great number of dummy traders that will be going all-in from the very first minute. This is why the main step is to hold on and actually see how many all-inners participate in the contest together with you. What you are looking for afterward is as frequent trading as possible.
This is also known as scalping and it involves opening low-volume positions while expecting some small returns. A scalping Forex contest is certainly an effective strategy as within a few hours you can make quite a substantial return. However, an important thing to consider here is that your trade size should not be equal to the trade size of a regular scalper that operates on a live account. Next to this, your trades should last less than 15 minutes, ideally even less than 5 minutes.
Participate in a demo contest on HotForex! Unlike all-in strategy, we are not looking for volatile instruments. In fact, it is better to avoid pairs with high volatility. The main idea of this strategy is to identify minor upward and downward trends and try to gain some pips. This is a superior strategy to an all-in trade, as you could certainly gain more pips than a regular all-iner. This is true because you can gain from both directions of the price move, while only average all-iner profits only from one side of the move.
Keep in mind that when participating in a certain competition and trying to win it by cheating, you, first of all, treat yourself with disrespect, and secondly, you treat other contestants the same way. Why is that? Because when cheating, you are firstly telling yourself that you are unable to win using fair rules and you need some handicap to actually beat the others up. However, we are still going to disclose some cheating practices, mainly for informational reasons.
When looking at the all-in Forex tournament strategy, it is safe to assume that it is like a lottery ticket. It may work or it may not, it is just not in your control. However, the more lottery tickets you have, the higher is the chance of winning. Hence, if you are able to participate not with one account, but with 40, you can then be sure that you can easily win a contest.
Thus, it is advisable to apply bigger risk rule in order to gain big quickly. Forex trading contest has different characteristic with daily trading, so the proper strategy and management to succeed is rightly different. Competing in forex trading contest needs quite a lot of time; it could even take up the time you usually use to profit from the daily trade in forex market. What's more, trading with different strategies in two accounts or more will mess with the result of your normal trades.
So, if possible, consider to use expert advisor for the contests. That if possible is, of course, in accordance with the rules; whether it is allowed by the organizers or not, and whether you already have a reliable expert advisor or not, as well as the availability of necessary infrastrusture such as strong internet connection.
Forex trading contest is held at limited duration. Often, the closer it gets to the end of the contest, a trader gives up when he knows that he is not one of the top traders, or else carelessly opening trades to pursue the desired target.
It needs to be noted that trader psychology also determines one's possibility to win. You will not win by acting up like that. Keep cool head, and continue to go on with your trading plan and strategy. There are always opportunity to win if you do not give up; but if you do, then there is where all of your hard work becomes a waste.
As long as the contest go on, anything could happen. Traders that ranked high in the beginning could slid lower and lost, while those that ranked lower at some time after the start might shot out later and win. The fact is, be it winning or losing, they are often determined by positions that are closed near the end of the contest.
This is why you should continue to fight even if your result is bad, and also why you should not brag unnecessarily although you have ranked high. Don't be easily satisfied and boost your result as high as you can. When we decide on competing in a contest, there must be 'something' we wanted to win. That 'something' could be the prize itself, the prestige, a simple satisfaction, or others.
Because of that, every losses must be an incentive to work harder. The luck where you compete in one contest and instantly win is practically inexistent, so don't give up so soon after failing in one. Most traders that has won big in forex trading contest are those that has been trading for a long time, and not newbies and greenhorns.
By employing special trading contest tactics and never give up, surely you can gain an advantage from the many forex trading contests that has abounded. Aisha has been working with forex industry since Currently active as independent trader and educator in financial trading and investment. I do nothing in the meantime. Losers get high from the action; the pros look for the best odds.
If you don't bet, you can't win. If you lose all your chips, you can't bet. If you can follow these three rules, you may have a chance. They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on. The most important thing in making money is not letting your losses get out of hand.
If intelligence were the key, there would be a lot more people making money trading. They are aware of trading psychology their own feelings and the mass psychology of the markets. Not finding what you're looking for in this page? Or go to one of our top sections if you need any suggestion. When we join in a forex trading contest, our rivals came from all around the world, including much more experienced traders.
Begin In Demo Online forex trading contest generally can be sorted into two kinds: contest in real account and contest in demo account. Understand The Rules Oftentimes, losses in forex trading contests came from one simple mistake: did not read the terms and conditions thoroughly. Give Your Comment Here.
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