Trading Contests

[Bourneidentity]

Hi Everyone,

I'd like to find out what people think of trading contests. Are they worth entering? A friend of mine plays in the TopTradr Monthly Contest, where you can win a capital allocation to trade with. I'm interested to find out more about contests as i'm new to trading and not sure if they are worth while. i'm certainly not at the stage to enter in a live contest yet, but i have heard mixed reviews about TopTradr and it seemed worthwhile to find out a bit more about contests.

I'd really appreciate any advice.
Thanks so much

 

[Jason Rogers]

Hi Everyone,

I'd like to find out what people think of trading contests. Are they worth entering? A friend of mine plays in the TopTradr Monthly Contest, where you can win a capital allocation to trade with. I'm interested to find out more about contests as i'm new to trading and not sure if they are worth while. i'm certainly not at the stage to enter in a live contest yet, but i have heard mixed reviews about TopTradr and it seemed worthwhile to find out a bit more about contests.

I'd really appreciate any advice.
Thanks so much

Hi Bourneidentity,

The biggest factor that differentiates the TopTradr contest from most others is that it's specifically designed to reward good trading practices. You don't get rewarded for getting lucky or earning massive returns on a few highly leveraged trades. You're rewarded for being a good, consistent trader. To score the most points, you have to be able to place low-risk/high-reward trades regularly, and you need to be able to consistently grow the equity in your account.

The contest is structured this way because TopTradr (the company) is looking for FXCM clients to back with their own money. Any FXCM account holder can enter the contest by downloading the contest mobile app from either the Google Play Store or the Apple App Store. Trades are still placed via the Trading Station. The mobile app is just used to monitor your progress on the contest leaderboard.

You mentioned that you're not ready to enter a live contest yet. You're still welcome to create a demo account to link to the contest mobile app. You wouldn't be eligible to win the weekly cash prizes with a demo account, but you could get a feel for how the contest scoring works and see how you stack up against other demo traders.

Let me know if you have any further questions.

Jason