Forex Demo Contests are getting more and more popular these days especially for newbie traders. This kind of promo is one of the Forex Brokers' ways of attracting new clients. Other popular Forex Brokers have demo contests too but most of them lasts for a month or longer, so if you are looking for a Weekly Forex Demo Contest then Tickmill is here.
Tickmill holds a demo contest for traders to test their skills and strategies in trading, this is a good option for those traders who recently wiped out their accounts and doesn't have money yet to fund their live accounts again. This is also a good option for traders who are looking for a free way to fund their live accounts, especially people who doesn't have spare money to put to their live accounts.
Joining demo contests is a good way to improve your trading skills. With a demo contest account, you can't lose money and you can win a prize. Read below for the contest information.
Qualifications for joining Tickmill's Weekly Demo Contest:
1. Must be at least 18 years old. Minors not allowed.
2. Must have a live account with Tickmill first before registering in the contest. This is to prevent cheaters from creating multiple accounts.
3. Contest account information must match with your live account with Tickmill, full name, e-mail and contact number.
Restrictions:
1. Contestants are not allowed to use Expert Advisors or autotraders. Use of such will result to disqualification.
2. Contestants are only allowed to register one account for each weekly contest. Use of multiple accounts will result to immediate disqualification.
3. Residents of the countries that are not included in the list during registration cannot participate in the contest.
Prizes:
1st Place - $200
2nd Place - $100
3rd Place - $50
4th - 10th - $25
11th - 20th - $15
2nd Place - $100
3rd Place - $50
4th - 10th - $25
11th - 20th - $15
Note:
1. Contestants can only win the 1st, 2nd and 3rd Place once, but you can be on the 4th - 20th place unlimited times and you can join the contest as many times as you want until you win.
2. Prize won can be fully withdrawn without restrictions or can be traded using your live account.
How to win the demo contest?
Here is a popular strategy in winning demo contests, it is called "All-in Strategy" where you go all-in by opening a trade with the maximum lots allowed.
Before the contest starts, analyze the charts first especially the H1, M30 and M15 then make a choice as to where the price is headed based on your analysis, then open a trade with the maximum lots allowed once the contest has started. In Tickmill, the starting balance is $10,000 and leverage is 1:500 so that means you can trade about 40 lots maximum.
Open a trade to the direction of your analysis then aim for a 30 pips profit. Once your TP (Take Profit) gets hit, your balance will be doubled. Just repeat the process by doubling the lot size every time you hit your TP and your $10,000 starting balance will turn to more than $320,000 if your TP gets hit five times in a row and it will guarantee you a spot in the top three contestants.
Easy? Of course..........not.
It will take a lot of practice before you are able to win these contests especially if you're a newbie trader. There are a lot of people competing for the prize so you will need the patience and discipline in trading in order to win, and you will develop those skills by joining these demo contests.
The above strategy is only one of the several effective strategies to win demo contests. You can also open 40 lots then leave it open until the contest ends then check what happened. Usually you will be stopped out, but if you entered at the peak or bottom price of the week, then you'll multiply your balance.
What currency pair to trade?
GBP/JPY is a good option because it is highly volatile and your TP will be easily hit, but of course you'll also be stopped out immediately if you go the wrong way.
EUR/USD is also good for scalping because it has the lowest spread of all currency pairs and it's not highly volatile which is a good choice for contestants who want to scalp a few pips at a time.
You can trade any pair you want, just choose the pair that you trade often because that's the pair you're most comfortable with.
What if you go the wrong way and you get stopped out?
Then better luck next week. But you can still continue trading using the same strategy after being stopped out, it will take a lot more time though since your balance will already be less than half.
Tickmill Sign Up link
https://tickmill.com/
https://tickmill.com/
tags: forex demo contest, forex trading competition, forex winning strategy, one day forex demo contest
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