Guys, I would like to hear from all of you about Demo contest that offer by brokers.
What is your view on those contests ?
Agree or disagree, Demos are like toying trades, I rather go for the real live thing, you know, If you lose real money you get the real feeling of losses. How do you control that emotion. I do believe demos are good for testing trade strategies but not so good for managing emotions when it comes to real time trading.
I do agree but its not about emotions, When you enter the Forex you must test your self on demo first to check your mistakes and recover it.
Can I have more replies on this topic please ?
Demo contest is more of a trading competition to help sharpen a traders trading skill. It is organised by brokers as a way of encouraging traders have a feel of their trading platform. In most cases, the top 3 traders who made consistent profits are given a prize. The last demo contest I entered was via Profiforex; though I didn’t win the prize, I learnt a lot of lessons and skills that has helped me in my real trading account.
Ok- in my experience:
95% of Demo Contests are just a way for a broker to pump up their brand.
They advertise the ability to “win real money”, by trading with “fake” money.
Use common sense here- what reputable brokerage firm would just give away thousands of dollars to traders playing with demo software? Do you see “demo contests” w/ big FX trading firms? Or, smaller, less-known brokerages who are unregulated and situated in Cypress / Russia / etc etc.
Most of the time, in order to qualify, you’ll need to open a live account w/ that broker.
Then, IF you can win (going up against some crazy algo-heads in Europe), the mere winnings you make are funded into your live account to trade with.
There is usually a TON of fine print, which most newer folks fail to read as well.
What can possibly be the worst thing that happens if you tried out one of these contests?
The best thing you could do, is educate yourself on how to trade- follow professionals - treat it like a business - save money - open a small account - and trade.
Jake
Thanks for detailed explanation BUT I`m not agree that only less know broker offer demo contest, there are many reputed brokers are also offering Demo contest and yes I do agree that those contests are just to get new trader.