Monthly Forex Demo Contest

Forex Demo contests are getting more and more popular these days. This is one of the ways of Forex Brokers to attract new clients. A lot of well known Forex Brokers are offering this kind of promotion and OctaFX is one of them, so if you are looking for a free monthly Forex Demo Contest, then OctaFX is here. 

OctaFX offers a demo contest for traders who want to improve their trading skills and strategies and want to win real money prize at the same time. With a demo contest account, you'll trade risk free while trading in real market conditions. Read below to learn more about the contest.

- The Contest duration is 1 month from the start date to the finish date.

- During the registration period anyone can register for the Contest.

Contest prizes:

1st place gets 500 USD
2nd place gets 300 USD
3rd place gets 100 USD

The last place gets another 100 USD

Contest Terms and Conditions

- Contestant must be at least 18 years old. Minors are not allowed to participate.

- Each contestant must provide real data during the registration. Providing fake data will result in disqualification from the Contest.

- ANY KIND of IP match will be subject to disqualification.

- Arbitrage trading or any other abuse with pricing or quotes will be subject to disqualification.

- OctaFX reserves the right to reject or disqualify any participant without explaining the reason.

- Reasons for disqualification may include opening big volume opposite orders with the same currency pairs in different trading accounts at approximately the same time, as well as the usage of failures in the quote flow for getting guaranteed profit, or any other kinds of cheating.

- Starting balance is 1,000 USD and
leverage is 1:500.

- Minimum volume is 0.10 lot and maximum volume is not limited.

- All trading techniques or EAs are allowed.

- On the contest finish date all the open orders will be automatically closed at the current market rate.

Determination of winners

- The participant with the highest balance wins the contest.

- Winners' names will be published in the Company news.

- The prize is paid into the client's real account at OctaFX and can be withdrawn without restrictions.

- In case two or more contest winners have equal balances in the end of the contest, they will share the prize equally.

- A participant can win (first, second or third prize) only once. If he/she wins again, only 10% of the prize will be paid.

- In case the prize funds are used for real trading, the withdrawal limit is 300% of the prize funds (including both the prize funds and profit).

- OctaFX reserves the right to declare any prize already given invalid and subject to cancellation upon direct or indirect evidence of attempted fraudulent operations with the prize funds.

Join the contest now and get chance to win up to $500, fully withdrawable.

Link to OctaFX Demo Contest

http://www.octafx.com/contests/octafx-champion/

See also: 
Free $10 Forex No Deposit Bonus Without Verification

Top ECN Brokers 

Best Forex Brokers

tag: free forex monthly demo contest

Free Weekly Forex Demo Contest

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

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/

See also:
Free $10 Forex No Deposit Bonus Without Verification 

ECN Forex Brokers

tags: forex demo contest, forex trading competition, forex winning strategy, one day forex demo contest