If you don’t know what an online forex trading competition, it’s basically a competition sponsored by forex brokers. It’s a fairly new concept which supplies traders with a lot of possibilities.
An online forex trading competition includes everything that’s essential to compete and win: up-to-date information, along with a completely functional and convenient Live Account. If you’re keen on joining a forex trading competition, we suggest that you check out ContestFX. It gives you acess to the different contests taking place in different amounts of time, in one hour to several weeks You have access to a number of different contests. The good thing about it is that there are several contests that let you handle demo accounts but award you with real prize money. If that isn’t a good deal for you, we don’t know what is.
Unlike stocks, foreign exchange trades have low, or no, commissions and costs. Nevertheless, new foreign exchange traders will always be advised to consider a conservative approach and employ orders, like stop-loss, to reduce losses. High leverage, which needs to be conservatively applied, gives traders the chance to attain dramatic results with much less capital than is essential for other marketplaces like stock trading. However, foreign exchange buying and selling requires strategy and training, but could be a lucrative area for people searching for high profits.
Before joining a trading competition, make sure to study the markets and to practice, practice, and practice. Know the basic principles of currency buying and selling especially if you’re a new trader, or refresh yourself with advanced concepts if you are a more knowledgeable investor. You can trade 24 hrs each day, 5 days per week. Forex brokers have expert teachers who will help you implement your personal foreign exchange buying and selling strategy according to live streaming data and analysis.