Profiforex newbie demo contest

Discussion in 'Forex' started by Herbert, Dec 9, 2016.

  1. Herbert

    Herbert

    This is the first contests I have joined. It kicks off in two days time. It is better when the contestants are not much, there is a good chance I will come out one of the winners; 1 to 10th position.

    Now I need you my fellow traders to help me out with a good demo trading strategy. I need a system that would work perfectly on a demo account so that I can get a good result. I need money to start forex trading, that is why I want to start participating on demo contests.
    .
    help out a guy please with some trading systems or tips!!!
     
  2. Hi Herbert,

    Honestly speaking, if you want to success in trading you'd better don't joint any contest.

     
    Xela likes this.
  3. CBC

    CBC

    mods? u there?
     
  4. Xela

    Xela


    I admire your confidence and wish you good luck.



    I admire your confidence all the more, knowing that you need others to suggest a strategy for you but still feeling there's a good chance you'll emerge one of the winners!

    These competitions are inevitably about profit-maximisation, in huge contrast to real trading, which is primarily about risk-management.

    Two totally different sets of criteria are therefore involved.

    Contests are won by the players with the highest returns. You therefore need to reject any concept of "good trading" or a "good strategy", and throw most risk-management rules away. I hope that the habits inculcated by doing that enough to emerge one of the winners won't damage your future trading prospects too much. ;)




    I agree, really.
     
    Street Trader likes this.
  5. Xela, You are a very kindly trader :)

    Yes you are right about that! >95% traders failed (including me before ;)) because they are over trading and of course no risk-management.

    Trader have learned a bad habits (over trading) after contests then they'll bring that trading style to live account and of course they burned all hard money.
     
    Xela likes this.
  6. Obvious broker shill is obvious...
     
  7. Herbert

    Herbert

    Really? I would like to know why you have said this. Anyways, contest has begun and I suck at the moment....
     
  8. I am interested in this contest. @Herbert, what are the rules? I just checked when the next contest would be coming up on the 2nd January. Registration completed. Are there any requirements aside from having a demo account?
     
  9. Not really, if you read the contest information, you will find that all requirements are to be met after the contest. such as posting your result on social media.. and trading with the prize fund.
     
  10. Still, if a demo contests is about winning and coming out with the highest profit, then why would anyone not consider risk management, knowing he would lose the contest if things go wrong.

    Although, a demo contestant would be willing to take a huge risk, since nothing would be lost aside from the prize money, he still needs to be careful. Why join the contest in the first place if you are just going to throw your chances away? I am sure that one can win a contest by applying the rules of risk management.
     
    #10     Mar 2, 2017