Free forex contests! Is it worth to participate? What do you think about them?

[Profiforex com]

Hello everyone!

It would be great to hear your opinions about contests here. Have you ever participated in forex contests? What kind of contests do you prefer?

Since we often organize different contests, we want to hear your suggestions for improving our contests' rules.

Do you think that forex demo contests can be a good start fo beginner traders, especially if the money prizes (for example $500) are payed out to real accounts?

 

[the hare]

Do you think that forex demo contests can be a good start fo beginner traders, especially if the money prizes (for example $500) are payed out to real accounts?

Depending on which side of the fence you sit, Its either a smart or a dumb idea.

 

[Pazienza]

Depending on which side of the fence you sit, Its either a smart or a dumb idea.

I concur. The slaughterhouse needs new lambs all the time.

 

[Shakone]

The best forex contest I've been in was the Varengold one, because it wasn't about maximum return, but consistent returns,a nd it was over a period of about 3 months. I was second/third for a number of weeks but eventually fell away. Another forum member lasted a lot longer at the top.

I think the ones in which it is about taking huge risks to get 20%+ a day are a waste of time, and encourage bad habits. but if no money is at risk, and you're not going to let bad habits creep into your real trading, then I suppose it's a fair amount of fun.

So if you want advice on how to make the contest more about 'good trading' I'd say look at an approach like Varengold, or in some way limit risk/drawdown/stake size etc, and see who can come out on top after a long enough period of time.

 

[Hotch]

Sharpe or something similar would be better than varengold imo.

 

[redart]

XTB trading competition winner won a million Euros last month. Nice.

 

[wackypete2]

Depending on which side of the fence you sit, Its either a smart or a dumb idea.

I sitting right on the fence and it's feeling kinda good at the moment so I don't want to take sides.

Peter