I just signed up for this contest: Forex Contest OctaFX | Myfxbook, which coincidentally starts on my birthday (hopefully a good sign :P) Now, I don’t expect to win by any means but I do love a good challenge.
This is my first one and was just wondering if anyone here is signing up or have played in these types of contests before? And if you could offer any tips, please feel free to do so!
Thanks in advance,
Dre
Nope, and for the following reasons
1 - they promote traders practicing terrible money management (usually won by people who have an “all-in” strategy and win large if it pays off in their favor
2 - sometimes, it’s sponsored by a broker who will offer you $xxx amount if you win the contest. you’ll find that you are not able to withdraw the money from the broker until you have gone through certain hoops they make you jump through
3 - why practice trading on a contest, when you can learn at your own pace on a demo account? no pressure
Yes, and it is exciting!
I do it for the fun of it, testing new EA and test my manual capabilities. The experience create a live environment of which you have 10k to compete with. Knowing that others are in for the chase is wonderful for my psychology. I measure my self after each competition to see where I have finished in the race as well as how much money I have made with the new EA and manual trades.
My tip is for you to use an email that will be for this purpose and give incorrect phone number when joining. This way you will not be bombarded with marketing.
Enjoy the Challenge and do it for the experience!
it its a demo contest that involves makig your account the largest in a small amount of time, usually I go crazy with it and try extreme strategies. its demo anyway! i do this to release somstress thats all 
I understand your very valid points going into this. Being a newbie to FX I know that what I’ll do in this contest isn’t what I should do with my own real account once I go live. That being said, I love competition and it would be nice to win 1st to use that money to trade with.
+1. A contest is great for the broker sponsoring it, but terrible especially for new traders. Besides what has been mentioned by ivanyo (point #1 and 2) it also promotes the mindset that you should trade in this manner going forward which will result in a loss over time.
Trust me there is no such thing as free money and for every dollar you ‘get’ from your broker your broker earns much more than that. Stop chasing bonus cash and deposit bonuses, trade your own funds and don’t get tied up with crazy requirements.
Forex trading contests are just wasting of time. It is more like playing poker where you’ll go “ALL IN” and hope you are going to catch some big move.
Not true…they are great for testing purposes where you have live competitors. It doesn’t matter will you win or lose, what matters is how your system showed.
Why do you need to compete though? You can test your system on a demo account and determine what works, and what doesn’t?
Why does it have to be a contest about who makes the most money?
Because it’s boring You have some incentive here to do your best while testing your strategy…and you can see how you fare against the others I like competitions in life in general, because you are always competing against someone, be it yourself or others…
You have the wrong mindset - if finding a profitable strategy is not enough for you, you are going to fall hard on your face because of greed.
I don’t see greed anywhere in my post, I talked about competing…where is greed in that?