Increase Your Chance Of Winning And Read Our Tips On Forex Competitions

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Principal Points

• What are the advantages of forex live competitions?
• Increase your chances of winning by picking up our tips

Who doesn’t love a good giveaway right? Traders are used to the adrenaline and exhilaration that investing in the live markets can give you. Imagine adding that adrenaline to the exhilarating feeling of competing with other traders.

In this article, we take a dive into forex competitions and how you can climb to the top of the leaderboard with our handy tips. Ready to start winning? Read on.

What is a Forex Trading Competition?

A Forex trading competition is a contest between traders with the aim of achieving the highest return over a specific timeframe.

Why Should Traders Take Part in Forex Competitions?

Embracing our competitive side can definitely bring out the best in us and our skills. Trading on the live markets tends to be a solitary activity where your only competitor is yourself and your past achievements. However, when you are trading together with other participants who have the same goal as you, you are testing yourself and your skill against traders who are usually expert traders. This can be a positive experience for a number of reasons:

Gives You the Motivation to Improve Yourself

One of the worst things a trader can do is to fall into a slump and think that he/she cannot keep improving. Just like in any solitary activity, it is easy to become a victim of lethargy and find it hard to motivate yourself to keep improving. When you are testing your skills against other traders, you automatically start pushing yourself to be better, helping you keep learning and improving your skill.

You Can Evaluate Yourself Against Other Traders

Similar to a classroom environment, when you are in a group you start to measure yourself against your peers. Being aware of your shortcomings can push you to work on them while knowing your strengths can give you the boost you need to be successful. This brings us to our next point.

An Added Sense of Satisfaction When You Prove Yourself

Imagine then that you are one of the winners in a forex competition! You would have the affirmation that you are indeed at the top of your game, giving you the satisfaction of knowing you are one of the best traders out there.

How Can you Get to the Top?

Now we have outlined the advantages of participating in a Forex competition, it is also important to learn some tips that can help you win.

It is vital that traders act with caution even during the competition. Trading recklessly and without exercising discipline in trading may cost you not just the winning position in the competition but can also increase the chance of losing capital on the live markets.

So, what are some of the steps you can take to increase your chance of winning? Check out the below tips:

1. Choose the Right Broker & the Right Competition

It might be obvious but the first thing you need to do is make sure that the online broker you are using is the right one for you. Before you sign up for any competition make sure that the broker is reputable and honest. You can even try out its services by signing up and trading for some days before you join their competition. Check out potential competitions that your favorite online brokers may be running, for instance, our current Trading Competition will not disappoint. It is much better to enroll into a competition by a broker you know and trust already.

2. Do Not Rush

Some participants tend to rush into the competition and work very hard in the beginning. This might work if the competition is a short one (eg. a 24-hour one). However, for long-term competition, you should pace yourself and take it easy. As Aesop’s fable taught us, ‘slow and steady wins the race’.

3. Do Not Be Afraid to Stick to What You Know

Especially if you have been trading for a long time, you might have a certain tactic or strategy that is your favorite. During a competition do not be afraid to stick to your tried and tested methods. Unless the competition specifies it, there is no reason why you should discard your trading strategy. Keep doing what you do as normal just make sure your focus is impeccable.

4. Keep a Trading Journal

As we always say, keeping a trading journal is always wise if you want to trade successfully in the long term. It is especially the case when you are participating in long-term competition. Knowing the strategies that were beneficial and being aware of tactics that did not work will help you gain insight into the winning strategy that can help you climb your way to the top of the leaderboard.

5. Maintain Calm and Keep Your Emotions in Check

Your mind and your attitude can make or break your trades. The benefits of mastering your emotions have recently come to the forefront in trading education as more traders are embracing meditation, self-awareness techniques, and a positive attitude to help them become self-aware traders and gain success on the live markets. To help find your zen when trading Forex we have the perfect guide, read our Staying Focused While Trading Forex to learn how you can master your emotions.

6. Why Having a High Win Rate is Key

To achieve a high win rate and continuously rank high in any Forex contest traders should execute this effectively traders should have a wide stop loss and small target profit.

You are now thinking, but my losses will wipe out my profits, right? And you are right, losses will eventually eliminate any small gains. However, by executing this you are betting that the losses will come after the closing date of the contest. This is more effective the shorter the competition runs for. As always this should be taken with complete caution.

Now you know what it takes to excel in a trading competition why not put it to the test. We have a perfect competition! From May to July 2021 we are giving traders to step it up and be in the running of 3 great prizes, sign up now and join in the fun.