@Greenish_Eric I know poker sites have things like that but I have never heard of anything like this before for FOREX.
I think it comes down to how much your trust your broker and who they are regulated by. I have several accounts with UK mainstream companies.
Well, if the competition is playing with demo money, I don’t see why not. You get to see other trader’s ROI, and it may blow your mind.
Trading competition is like playing in a poker tournament. You only get payoff, when you are in the top few positions. The structure of the game only favor the foolish and lucky ones. It is the broker’s way of luring people into the money game. To get into the money placing, more often than not, you will be force to take trades that can blow your account. If you lose, there is always another competition just around the corner.
Sometimes, you see traders that can consistently get into the top few placing. They are usually intraday scalpers or momentum traders, who have found their edge with their own methodology and eons of deliberate practice. Scalping is an extremely high risk and exhausting form of trading style, but if you manage to master it, can be pretty rewarding. Not everyone is suitable for this kind of style, as it can literally suck the life force out of you, and will feel like you are in a living hell.
There is almost a total disregard for money management when it comes to FX trading competition. You don’t get to learn about money management at all, unless you don’t care about the money placing and just want to get some experience and see how well you can fare against others with your own methodology. Nonetheless, any kind of experience in trading is good experience. If you never try, you’ll never know.
Ultimately, if your wish is to become a full-time trader one day. Risk management is still the key to survival in the long run. Competition is only good for some fun experience.
I had experience with demo account where you would get real 100$ if you make 100% on demo account in a specifoc period of time and under some conditions.
I have won and I have received 100$ on real account. There are competitions that are ok.
The only reason why broker is offering this kind of contest is pure marketing to get you to trade more. Because they earn money through spread whenever you open a trade.
Competition is great for those that wins :). Majority will lose and broker will earn large amount of money.
Broker never offers something for free. At the end they are winners compared to all participants.
if you are making money on your own account I would say stay away from the competition, it will only push you to over-trade over-leverage and might even mess with whatever edge you have now.
Play to your strength, keep at it, see what works for you and gain experience, you don’t need the “some extra cash” if you can trade profitably
I trust them enough to spend money with, so I’ll probably try having a knock out it
i think if you just started trading, then competition just yet won’t be a good idea, most prob will lead to revenge trading. but if you think you can handle your emotions and your are not a " i have to win in every competition" person, then you can give it a go.
Well let us know how you get on …I am genuinely intrigued 
Not nearly as close to the top, but I got some extra profit from being risky, so I guess it all went well?
like the present I found the contest at FBS. people in position 1 from $ 10000 to $ 2 840 922.14 in just 6 days.
while, transaction history will not be public
Even if you trade gambling, you can’t grow that fast
Oh god no!!!
don’t do it.
99% of the time it is a ploy to get you to invest more than you wanted and were willing to do with the promise of a great reward waiting at the end of the rainbow.
You should Surprise your broker by asking some unpredictable questions like “how many traders have signed on”, ask to see hard data before making a decision - if they won’t show it - it’s a scam.
Real, legit traders that may run such contests are bound by contest rules - ask to see those in writing.
Any avoidance would make the situation quite clear.
Kinda late for that, but after your comment I looked and they have the terms and condition as well as a leader board available to everyone to check, so I think they’re legit!
If they dont ask you for additional money in order to take participation in contest trading, then it seems ok to participate. However, as Kujay previously said, try to keep your emotions under control as there is great danger of revenge trading, which is not at all good thing to do
Yeah, they didn#'t!
But I think; new traders shouldn’t join in any competition; because maybe it will make them greedy!
and they will lose their money most likely,new traders should only focus on learning the skill and staying away from any broker competitions
Well said & it’s true; I see most the winners are making unrealistic profit; don’t know how!
its all just hard work, and practice, and sleepless nights lol
Quick question. I have been passively following this thread.
Hey Simeon!
1- Nope
2- Biggest % of profits
3- It endend on september 1st!