Trading Competition Details
This is not a meaningless Demo contest, this is a live trading competition, where competitors will trade their own, live trading account. We want to make this forex trading competition as realistic to live trading conditions as possible. So The Forex Village has teamed up with Lite Forex to offer traders a fantastic trading competition. First off, you can open an account with LiteForex with as little as $1!! If you like, you can look at this as an ‘Entry Fee', except that it's your money to trade as you like.
The competition winner for October was Vikram Pradesh from Mumbai, who made a staggering 164% return on his trading. Well done Vikram!
How Does the Competition Work?
The forex trading competition begins at 00.00GMT on the first trading day of each month and ends at 23.59 GMT on the close of the last trading day of the month. The winner will be determined by calculating the highest percentage gain each month. All winners will be notified by the 5th trading day of the following month, and prize money will be sent by either Paypal or wire transfer to the competition winners.
Entry is permitted at any time throughout the month. Once you have an account, you are automatically entered for all subsequent trading competitions - so as long as you continue to trade, you have a chance of winning!
Why do I need to open a live account?
We want to encourage sensible, thought fuelled trading, not hot-headed risk taking. By having a live trading competition, we are able to stimulate live trading conditions, not meaningless trading on a demo account.
If we allowed entry to the competition on demo accounts, then there would be nothing to stop a trader from submitting 2 seperate entries under different names, then taking a highly leveraged ‘short' trade with one account, and a ‘long' trade with the other. Whatever happens to the currency pair in question, the ‘trader' is left with one of his entries having made a spectacular return.
The purpose of the competition is to avoid these problems, and to encourage sensible trading.
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