Im pretty new to online trading but I really like to participate in trading competitions that are offered by various brokers. I always look for the ones who offer the most money. Most of the time they are free demo account competitions and they give you like “100,000” USD to trade with and you need to win as much as you can during one month and the winner wins about 5000 dollars.
I have recently seen a broker that is organising a competition with a total prize fund of 100,000 USD. The winner of the competition gets 25,000 USD!! It is clearly one of the largest competitions I have found so far. The only difference with the other competitions is that you have to deposit 100 USD in order to participate.
Its kinda like a poker tournament where you need to pay in order to participate in the competition.
I wanted to know what you all thought about this new type of competition…
I like the fact that they offer such a huge prize fund and its probably the reason why you have to deposit money from the start in order to participate.
I think that if you are already “that” kind of trader, then, you can make the 25k by yourself in few days of trading… right?
Anyway, to make extra 25k cash just by doing what you routinely already do is not a bad idea…
Except that I’m NOT there, yet!!!
Personally, I have no interest in the competitions, but each to their own wants and needs. I am learning forex to make a career out of it, but if you like the thrill of a competition for a few $$ entry, then I hope you do well.
In my opinion, the competition people do not actually use a long term profitable strategy - those people will never win as a competition encourages high risk taking for high gains and you have to chase that to be competitive.
If you are doing it for the thrill of the competition, go for it. If you have it in your mind that it might prove your prowess as a trader, I would say think again, and learn a solid, consistently profitable method.
ye, I see what you all are trying to say. I understand what you mean by it not being a “long term profitable strategy” if you just want to win the competition. But the thing is you deposit the 100usd to participate and then you can trade using your normal (safer) strategy if you wish. If you manage to beat people in the competition and win a prize, that would be good, but if you dont, you just trade normally like you would with any broker. They dont close your trading account after the competition ends. You can choose to ignore the competition, but still be registered in it and you may have a chance to win a prize. I just feel the prize fund is sooo big that I would be stupid not to try it out.
So in a way you dont HAVE to take crazy risks. You can just follow your normal strategy and see what happens.
Ye, but thats the thing, It is a real competition with a live money account. You wont get all the noobies who just gamble their way through. I was also like you; looking for a competition that wasnt a demo one. At least now the traders actually make serious trades cause they would loose their money otherwise.
The competition takes place by a broker called everestmarkets.
Im not able to send you the full link cause babypips doesnt let me.
Just go on their website and then under the PROMOTIONS tab and then COMPETITION. Not DEMO COMPETITION.
Lottery prizes are bigger than that and entry is cheaper… You will probably have a better change in winning one of those than winning such a competition the first time.
I also don’t understand what is new about this? Often they als have fine print setting the conditions to can actually lay your hands on that money… If not, it is just a poker competition, and you should participate if you enjoy that.
I hope nobody asks where that competition is, because it almost sounds like an advertisment…
I am not at all comfortable with this thread and the OP. First he doesn’t state that it is a real money contest until I mentioned my ineterest. The first post mentions an entry fee of $100. That would be unrefundable in accordance with poker tournament rules. There is is much more involved in setting up a real money account than entering a contest, but there is no mention of that. I am very dubious.
Of course there also the lack of posting history which is usually a red flag.
So for those who stumble across this, let it be known that Everest Markets has lost it’s accreditation and is not answering any emails. I suspect they have collapsed and should be avoided like the plague.
