Do you participate in trading challenges?

[TheLastBear]

Hey guys,

I was wondering if you newbies participate in trading challenges and if you would like to share your experiences?

[Jezzode]

I've taken part in the Yearly Alpari UK Forex Challenge. This consisted of about 9,000 people and was free to enter. I think I took part in 2010 challenge which lasted for one month. As with any trading competitions your main goal is to make as much money as quickly as possible, so usually bad money management is used, I was no exception to this either

I finished inside the top 100 by ROI, so in the top 0.11%...but its all games and high risk, rather than looking at sound money management your looking at the person who is above you on the leader board and changing the trade risk and reward so that you come out on top.

[MeiHua]

Trading challenges IMHO are kind of like video games, it may feel like the real thing but will get you hurt if you apply those techniques in real life. What jezzode says is right. I have done one before, basically went crazy with risk and busted out. If i wasn't going to be in the top 5 I didn't care. So basically just ramped up risk like crazy and ate it.

[bobmaninc]

I have never done any challenges. I just dont see the point. If you are going to break all your rules just to show you can I really do not see any benefit from it. If I will not benefit from it then its just not worth my time IMO

[Jezzode]

Usually you get paid a nice amount for coming in the top 1% quartile, depending who the sponsorship is. You can still use insane risk management, and at the same time be smart. Luck does play a bigger edge though in these circumstances.

[TheLastBear]

Hi Jezzode, I totally agree. A trading challenge has nothing to do with wise money management. I do enjoy them every so often especially if the rules are not structured so that you can't really get your money even if you cash out.

[TheLastBear]

MeiHua I know what you mean. It is more like if you mess up from the start you are doomed especially in short challenges which last a week or two.

[TheLastBear]

Bobmaninc that is why you need to be in full control of you emotions. A trading challenge can add a decent amount of cash for your real trading. It does not really consume any additional time. I do them sometimes and have been lucky enough to cash out. I just do not pay too much attention to them in general.

[TheLastBear]

Usually you get paid a nice amount for coming in the top 1% quartile

Yes, that is why I decided to currently take part in Pax Forex's $200 No Deposit Bonus. At least every trader is able to get the $200 and it all depends on you. You do not have to compete for the money and the terms are among the best I have seen so far.

[Haley12]

I did not participate in trading challenges or competition however will participate in near future.