Newbie Championship Demo contest

Hi guys,

I am about to register and participate on the Profiforex Newbie championship contest. It is a Free demo contest and I am aiming for the 1st prize. I have no previous experience with Forex contests. So I want someone who has contested in a demo contest to tell me how to win this competition. I need the cash prize more than anyone.

Please share your contest experience on this thread if you have previously participated in one. Helps and Tips please….

4 months ago I took part in a demo contest and won 100 bucks as 8th place. Demo contests are pretty interesting to me because I lose nothing. My advice to you would be to trade like you are not in a contest. Demo account gives you a chance to be calm and not panic because your money is not on the line. So have fun and you might win the prize. I will look into this Profiforex contest for sure.

Damn right! Trade like you are not contesting with anyone and keep your head cool. This will help you concentrate even more.

If this contest is like most where the winner is the one with the highest return (biggest account) at the end of the period, then you almost want to throw out the concept of good trading. Yes, you have to get in on the right side of the market, but risk management rules almost go out the window. The goal is to attempt to maximize returns.

“But that’s the goal of all trading,” you might say.

Not exactly. In real trading when your actual money is on the line you also have to consider the risk. In a contest you basically don’t. That means you can use way more leverage. In fact, it’s basically go big or go home.

Exactly so.

These competitions are inevitably about [I]profit-maximisation[/I], in huge contrast to real trading, which is primarily about [I]risk-management[/I].

Two [B]totally different[/B] sets of criteria are therefore involved.

Im with Rhody there.
The best I ever did in a contest was 6th, when I was only a few weeks into fx and knew nothing.
I just piled everything on one trade, gold I think, and it went in my favour. Absolutely no money management or strategy, basically like going into a casino and putting everything on black.
You will learn diddly squat from contests, but good luck all the same, just don’t take it too seriously

Post me the link; i’ll have friendly competition

So, on a demo contest, I need to trade not minding a good strategy whatsoever. Maybe you are right. I could take bug risks and end up accumulating profit in just one trade. This could be fun

Ok I’m in! Game on!! Nickname ZEB4X.ca. In these types of contests I just try to finish. Good luck!

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 :slight_smile: 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 :slight_smile:

where i can take part in demo contests?

@Rasuli, I used this link to join. 5 days left for the next round to begin. :59:

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