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The Use Of Trading Competitions While Trading In Forex
With the objective of getting more clients and to thwart the competition, Introducing Brokers (IBs) and futures commission merchants (FCMs) are often seen doling out rewards and other schemes on behalf of their forex firms. There are firms that will give you more than $250 to open your account with them , money being the easiest and simplest way to lure in a client. Most firms also offer trading course's so some of them also end up offering rebates on the course fee for new, and interested, clients. The trading games where people trade with virtual accounts is another platform for giving away goodie's generally the winner gets cash awards and trading accounts. If you like this article on foreign exchange visit money exchange rates for more education.
Banks used to do this before , by giving the incentive of a toaster r a TV to people who would come in for a Certificate of Deposit. What has retail done to the forex? These kinds of incentives to get new accounts opened might be just a passing fad for the firms looking to get ahead of the rest; however, the real competition is not in a marketing tournament but among the traders in forex and themselves.
The main goal being the winning trades, every day sees the forex traders fight it out with the market in a battle with their trading instinct. Yet, if this daily trading contest was to be formalized into a series of competitions, what would it look like? Originally there will the period of simulation wherein traders shall learn to use their skills and tactics of trading comfortably so that they have no qualms when executing real trades later on.
The simulation phase will then lead to a mini-account period where the trading will be carried out in small values of real money. Finally, you'd find a trading competition with large stakes. This stage makes the adrenaline pump harder than ever as each pip has the secret to a $10.00 win, or a loss. Almost any account holder will find that this adds up. If a trading game is to come close to reality it has to bring in the phases mentioned here and also include special tasks in every period. More information on the topic of foreign exchange is located at currency converter calculator.
Instead of having their current format, these contests should think of rewarding performance along a variety of lines. The participant with the highest average pip per winning trade can be rewarded with a prize. How about a prize for the trader who has the lowest average pips per losing trade?
For instance, there can be a sub-contest where the participant who has more than 10 sequential wins of more than 10 pips will be the winner. This would find those people who deliver wins constantly. The prizes can also range from a variety of cash awards to chances of trading proprietary capital.
However, the trader does not need to await the announcement of a contest. There is no issue if you simply view your daily trades as a contest job. You can have your own contest by firstly stating the targets of the trades and then you can go about accomplishing them one after the other. What you have to try and get is the following , and it does not matter if you have a demo account, or a mini or a real one.
It might be a ratio of 60% of wins to losses for trades with 25 or 50 round turns; 7 trades that reap more than 15 pips as their mean; 7 trades that win consecutively; or maybe even 3 winning trades in one week in the least that have value more than 50 pips. The drawdown of any one month should not be allowed to go past 20% and losing stretches must be contained within three losses at maximum. You should be able to get profits from making trades at per equity per trade 2% risk factors and that too from 50 such trades in a string.
After going through at least ten different economic releases that are out at 8:30 a.m.EST, select four pairs of currency to trade and in and extract profits from them. Besides functioning as a means of marketing, trading games are also a means of gauging your abilities on the trading floor. Consistency and discipline are the two things that a trader should always keep in mind and strive to improve. Every trader of forex must have some yardstick or the other to measure progress.
Test of Will - Canada in Korea - Part 2
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