Forex live contests
If you are looking for Forex live contests, we have it for you here. In this page you will find information about the latest live contests by top Forex brokers in the industry. We regularly update all the promotions that are announced by top Forex brokers and so you will be the first person to know them.
Forex live contests require deposits but offer more possibilities to win
When there are a lot of demo contests then why go for live contests that require deposits?
Forex live contests are less popular and also they appear less attractive than demo contests but there is a catch. First of all for beginner traders it is advisable to take part in demo contests rather than live contests, which you can consider after gaining some experience.
Well the simple question is why take part in live contests when one can take part in demo contests which are free of cost. Now the simple answer is that in live contests, the competition is less and the possibilities to win are much higher compared to demo contests. Consider the following two points
1. Since demo contests are free, the number of participants in demo contests usually runs in thousands and lakhs, this makes winning a prize in demo contest a real herculean task. On the other hand live contests require a deposit, therefore the participants in live contests are much lower compared to a demo contest. This means lower competition and higher chances for winning a prize.
2. Demo contests, as the name suggests involves demo money and therefore participants in a demo contests take risks blindly. Who cares if the demo account is lost, it's either 0 or 10000%+. On the other hand live contests require trading with real money and this actually makes the trader think twice before taking any risk or opening any trade. This is the reason why we see huge turnovers and profits in the case of demo contests, which are much lower in case of live contests. Thus in a live contest, trading takes place in real market conditions and with risk management being followed (at least to some extent) unlike demo contests where it's just a mad race for profits.
We are not saying that winning a prize in a live contest is easy, it's much difficult but less difficult than winning a prize in a demo contest. Many traders spend days competing in a demo contest to finally at the end miss the winning place by a small margin. Again it should also be remembered that if we lose a demo account while competing to win a prize, we don't bother much but it hurts a lot if we lose our hard earned money in the race to win a prize. So keeping in view all the factors, the decision always needs to be taken by the trader, after all it's the trader himself/herself who has to take all the trading decisions too.