Oh Alex, I believe your first place is in danger now when you have shared the link, lol. I am sure everyone loves the opportunity for making money of Forex without risking any personal funds.
As for the strategy in such competitions it is about placing high volume trades (like Carlos has done) risking almost everything and hoping for the best. So you definitely will need LUCK 
E.g. It has nothing to with live trading (refer again to lexys’s comment)
Hint: you may focus on news trading if you are feeling lucky.
Cheers and good luck
Zeb4xDotCA have you even traded so far in this championship? Or you are saving yourself for the last day :D?
I was planning to join but the rewards actually aren’t worth the effort in my opinion.
Oooops!!! I was not even among the first 10 winners, unfortunately. Luck is not on my side. The reward is small, but it is not every day someone gets a chance to earn free cash. I will go for the second round starting January 2nd. Hoping to go with news trading this time…
I love Demo contests :59: NO matter how small, it is free money anyway… username: Corneliu. Wish me Luck!!:35:
Hey how to join in Newbie Championship Demo Contest?
It’s something you should [I]avoid[/I] at all cost, RDix. :8:
Success in competitions, and what you learn from them, are as diametrically opposed to sensible, profitable, successful, long-term trading for a retail trader as it’s possible to get: retail trading is all about [B]prioritising risk-management over profit-maximisation[/B], while competitions inevitably reward the [U]exact opposite[/U]. Nothing could be more counter-productive to “learning to trade”.
I know they look attractive and fun to take part in, but they also inculcate terribly bad habits, have their emphasis on completely the wrong features which you should be avoiding, and they can truly be damaging to an aspiring trader trying to find her way.
Okay thanks lexys, Yeah sounds interesting when I read this thread
I wish you luck guys but it is not “exactly free cash”. When you go on “Contest Rules” and scroll down to “How to get the Prize” you see that:
• The prize is paid out automatically to a real account you’ve provided using the special form on the website.
And to withdraw the price you need to:
• The prize can be withdrawn after 2 weeks of trading and having made at least 5 deals. The summarized trading volume shouldn’t be less than 6 lots
So it doesn’t sound so seductive anymore but that is only my opinion.
However good luck and have fun
where i can take part in demo contests?
I am ever take part in demo contest, when I see list partcipant, there are so many trader more than one hundred trader on one round, unfortunately I am never become winner and only on more than 50 rank from all participant, usually on round contest just submit plan strategy and then leaving chart due not always having time to monitoring the chart
You should avoid them, Rasuli, not take part in them.
Contests establish dreadful habits, which aspiring traders need to avoid. They’re all about prioritising profit-maximisation over risk-management - that’s [B]exactly the opposite[/B] of what people learning to trade need to do.
At the moment, you seem to be covering the board with quickfire, very general beginners’ questions (I’ve never seen anyone make so many posts, so quickly!) all of which are well covered by helpful comments in the “School” pages, here: School of Pipsology | Learn Forex Trading.
Working your way through that, first, and doing the quizzes, will be hugely helpful to you (including in enabling you to formulate questions whose answers will actually help you a lot more!). Good luck.
It is obvious that you are not a fan of contests. Well, some people love it and others don’t. I love it, and I don’t mind taking part in it, especially when I have nothing to lose. It is exciting even when I don’t win. And demo contests gives you a whole new experience and helps you to understand how emotions affect trading. Like I said, when you participate in a demo contest, it is a Win Win.
[I]Nobody[/I] making a living from trading “loves” them, Alex.
When you’re not pasting in chunks of text from Investopedia, here, and trying to pass them off as your own forum posts, you’re advocating ridiculous competitions which are counter-productive and damaging both to the industry and its reputation, and to individual traders who take part in them because of the dreadful habits they inculcate; they serve only to promote counterparty market-makers pretending to be brokers and using competitions as a specific method of identifying and attracting the most gullible trading aspirants whose accounts they want later to drain by trading against them.
These competitions are inevitably about profit-maximisation, in huge contrast to real trading, which is primarily about risk-management.
Two totally different and in fact [B][U]diametrically opposed[/U][/B] sets of criteria are therefore involved.
Contests are won by the players with the highest returns. You therefore need to reject any concept of “good trading” or a “good strategy”, and throw most risk-management rules away.
For these and other reasons, demo contests tend to inculcate very bad habits and actively damage aspiring traders’ chances of ever becoming successful.
Given the rest of your posting history here, that’s no surprise at all. :rolleyes:
Interesting posts from Lexys. I don’t participate in a demo contest, but I trade with this broker. @Lexys, I see top brokers running demo and live account contests now and then; what does it say about these brokers? Does it tarnish their image as well? I am confused by your posts on this thread.
It isn’t really so much about whether it “tarnishes their image”: it’s about whether or not they’re [U]actually[/U] brokers at all. The reality is that the one you’re talking about isn’t actually even a [I]genuine[/I] broker, let alone a “[U]top[/U]” one).
There’s an underlying issue, here, which accounts for a lot of “confused” conversations in a lot of forums about forex brokers: there are (remarkably?) no laws or regulations preventing counterparty market-makers who are [B][U]not[/U][/B] actually brokers at all from calling themselves “brokers” - and they all do so. Distinguishing between the two is a hugely important issue, because it relates directly to whether or not the “brokers” are incentivised for their customers to win or to lose!
Unfortunately, a winner in this contest cannot participate in the other rounds. I managed to make get 50USD contest price, but not allowed to participate again.
Always read the rules first.
Multiple registrations (including registration of more than one contest account on one and the same e-mail address) and scalping EAs are strictly prohibited.
The winners of the contest cannot participate in further ‘Profiforex Newbie Championship’ contests.
I’ll just refer a friend and trade for him, if I win anything we’ll split the money. The contests was suppose to be open to new and old traders.
It is open to new and old traders, but not to those who have already participated and won. You need to give others an opportunity to take part and get money like you did. Your idea of introducing a friend to take part and split the prize is good. It also shows that we humans always ask for more #OliverTwist