Should I enter a FX trading competition?

So, here’s the thing:

I recently started trading with actual real life money and so far, I’m doing way better than I thought I would.

The thing is, I just got an e-mail from my broker (that I won’t tell you who is so the Forum police doesn’t think I’m spamming something) saying that they are having a trading competition until the end of the week and that I can earn some extra cash if I have a high percentage of profits.

Did you guys ever did something like that and, if so, what were the results?

It depends on that broker; generally I don’t believe this type result (fair); manipulation is obvious!

I really don’t see the point to be honest, sounds like some type of scam

Hmmm. :thinking: Idk about this. :open_mouth: Not sure how a “trading competition” would work exactly. Haha. :slight_smile: Could you share a bit more about the mechanics or haha are you also not allowed? :sweat_smile:

I see there are some forex contests that may have been manipulated too much. profit up to 10000% in the week. If you win, you may not get cash

That’s one of my questions: where is the scam? I read the regulation over and over again and the trades keep working the same way they do on regular trading anyways.

It is as I said on a previous reply: you trade regularly with the same leverage and commissions, and if by the end of the week I’m on the top 3 on higher percentage of profits i get extra cash.

It feels too good to be true, but I’m failing to see any sort of scam over it.

Hadn’t thought of that. But do you mean brokers manipulating the results or traders that found a way to cheat the system?

Do you have any examples of manipulated FX contests?

idk, I’m just thinking what’s the point?

Lets share my story; when I was a newbie; then basically I was doing gambling (very early stage of trading)! I participated in a demo trading competition and somehow managed 500%+ profit (by NFP trading); I was so far from others competitors; but end of the game my position was 11th! But during the competition time; my result was much better; don’t know how & when others account traded actually!

Can you be more specific about it? I am intrigued by this.

i think as a newcomer you enjoyed everything , because the result you had not bad at all.

You are free to do whatever you like as long as you have the time. As for me, I would prefer a demo contest since no risk involved but time.

demo contest is the best source to prove trading skill, some contest ensure real prize money for competition.

I had no idea there is Demo contests!

I am not talking about the traders; of course I am talking about the brokers!

It really depends on your personality. Holding trading competitions is exactly how brokers make MORE money. If you’re the type to wanna have fun and find adrenaline in instant gratification then by all means do it but keep in mind it’ll affect your end balance result since you’re not focused on the long term statistical accuracy of your trades because now you’ve just factored in a man-made game that “rewards greed” and if you’re lucky enough you’ll make it in the competition but honestly you’re better off staying away from the hunger games than to get involved and most likely lose like the rest.

I think it depends on the time you have to spend on competition, your subjective odds of winning and of course the value of the prize. When I was a newbie I often participated in Hotforex demo contest with 1K prize, I even took 3rd place and got my 200 dollars on live account which I then used as my initial trading capital. So it really depends on several factors.

Great insight, haven’t thought of the statistical impact of it.
The last time the fellas at Ospreyfx made a competition they left it for a month, so maybe that doesn’t have to be super rushed as normally does things go?