Do you want to start investing now? Are you interested in financial markets? You may answer both questions “yes”, but the reality is often disappointing. Some people don’t have either the courage or information to start trading right away. Risks scare them. However, you can start making money without investing real cash. How? One of the ways is participating in a Daily Forex Contest.
Traders Union regularly hosts various events allowing people without any background in stock or financial markets to try their skills and learn more about trading without risking anything. To understand how valuable this opportunity is, let’s talk about the contest in detail.
The best brokers never ask traders to blindly trust them. Instead, each broker offers you to create a demo account and learn more about trading conditions and analytical tools. These demo accounts are nothing but a training instrument for beginners but you can use them to your advantage. You just need to enter a contest.
A contest is a friendly tournament with hundreds of participants. Each contestant creates a demo account and starts trading with the same starting conditions as the others. The winner is determined by the size of the demo deposit at the end of the period. Each contest lasts for about a month and winners receive cash prizes and bonus funds.
The prize pool is provided by a sponsor. It is usually a broker that wants to promote its platform and invite new clients. While prices may seem small, they allow you to start trading right away and test your skills in the real financial ecosystem.
Currently, the ongoing contest is sponsored by RoboForex and offers a $200 prize pool to its participants. It is the 4th contest since December 2021. Top 10 traders will receive hefty cash prizes:
- 1st place receives $45;
- 2nd place receives $40;
- 3rd place receives $30;
- 4th place — $20;
- 5th place — $15;
- THE remaining TOP5 traders receive $10 each.
You can enter the contest at any moment. Note that these contests are organized regularly so don’t forget to check the schedule and announcements.
The Advantages Of Contests
One of the biggest obstacles that any beginner faces is insufficient experience. The absence of knowledge induces fear and prevents people from entering the market. They are afraid of losses and don’t know enough about money management and investing to start trading.
A contest is a safe place for people to try their knowledge and learn from each other before committing real money. A demo account on its own is nothing but a fancy toy. However, the competitive nature of any contest encourages people to make choices carefully and behave as they would in the real market. It is a valuable learning experience that you will unlikely get somewhere else.
Winning first place is possible through sheer luck. Some people may get lucky and earn a lot of money from a deal that they made without any forethought. If you get lucky and win, you receive a hefty prize. $45 is enough to open several relatively big deals and make good money.
Losses Are Not The End Of The World
Another thing that contest teaches all participants is that losing money is a natural part of the money-making process. You will inevitably lose on some decisions but will earn more on others. If you learn how to cut your losses and maximize profits, the difference, in the long run, will be apparent. However, you cannot understand it without some practice.
The contest lasts for a month and teaches you how trading works over a long period. By carefully managing your virtual balance, you will slowly get the idea that losing money is not as scary if you can make up for it by making smarter choices in the future. It is an educational process. Some traders spend their whole lives honing their craft. This consistency is something that comes only with experience.
Again, the most valuable thing in the Daily Forex Contest is an experience that simply cannot find anywhere else. Traders Union is a great place to learn more about these contests, enter one, and start making money without investing any real cash.