Most beginner traders in the forex interpret the rules for a variety of contests set up by brokers and DCs as exclusively the maximum result, the maximum increase of the simulated account within the shortest possible time paying no attention to MM (money management), nor the trading plan, nor the trading strategy they have developed with a view to preserving funds even in a simulated account rather than maximizing their profits in a live account. What is the principal difference between contests organized by forex brokers and DCs and how can traders and investors benefit from such contests?
The Third Academic Contest: main features for traders and investors
The of Forex and Stock Exchange Trading just announced the First Contest of Traders (the most transparent and unbiased one, not only in ex-USSR nations) when results of the Second Contest have been summarized and the Third one is expected to start.
Forex traders appreciated how practical and unbiased these contests are in the context of the main objective - an online demonstration of all strengths of your trading system in a dynamic market rather than a drive for profits, maximum enlargement of the simulated account.
In turn, the Forex Trend's team in conjunction with professional traders of the Masterforex-V Trading Academy is organizing the Third Academic Contest. The interest aroused by such contests didn't leave many traders and investors indifferent as the contest is about a steady growth of the account and an understanding of what is happening in the market.
Such contests for investors are nothing else but an opportunity to select the best of the best traders. It is at this stage that investor's requirements to grow the account as much as possible fell into oblivion. Now what they primarily require is security - growth of the investment account with minimum risks, minimum drawdown and compliance with all trading rules.
What lies ahead?
The trader's competition is open to everyone who wants, not only students of the Masterforex-V Academy. On the one hand, it is a response to feedback from many traders wishing to assess their ability in the most objective contest, and, on the other, an indication that competition among contestants will be even more serious.
Novelties also include the contest organizers' decision to hold the competition in two independent sections - short-term scalpers and medium-term traders. This decision of the organizers means that the number of profitable trades will not affect final results as there will be two summary tables.
The main change, however, in terms and conditions of the Third Contest of the concerns its partner - trading in the forthcoming competition will be based on Forex Trend, a young company which, nevertheless, has been fruitfully cooperating with the for a long time (in particular, it sponsored the First Academic Contest) and is in the TOP of the Supreme League of Forex Brokers' Rating s from the . The main prize fund of the contest has also been contributed by Forex Trend as part of its involvement in the Third Academic Contest.
Forex Trend attracts traders with a large number of PAMM accounts, including a unique PAMM 2.0 account that guarantees protection of investor funds.
Andrey Polishevich, General Manager of Forex Trend, tells Market Leader about the joint project of Forex Trend and the .
Market Leader (ML): Sorry, but my first question will be entirely mercenary: how large is the prize fund of the Third Masterforex-V Contest offered by your company?
Andrey Polishevich (AP) (laughs): I understand how important the main incentive is. The prize fund offered by Forex Trend is $20,000. Is that enough to pique 'interest'?
ML: What made your company get involved in organizing the contest of the ?
AP: Transparency and professional attitude demonstrated by the Academy. We liked a lot that Masterforex-V hears out the opinions of both experts and common contestants. I also believe the Academy to be the best educational project for traders. In the previous contest, winners opened PAMM accounts in our company. Some of them still make investors happy with their professionalism and decent trading results.
ML: What are the main contest rules?
AP: Main contest rules include security, stability, growth of the trading account, effective dynamic TS (trading system) and the trader's desire to work rather than rush for huge profits and a minimum trading risk.
ML: How would you characterize the contest held on simulated accounts?
AP: Only positively. We are confident that entry of the real currency market should be preceded by serious training, both theoretically and professionally. The forex offers huge profits but any reasonable person understands that such financial results can be only ensured by an almost scientific approach, discipline, psychological balance and a perfectly elaborated trading strategy rather than a promise of a financial pyramid. The simulated account is quite suitable for developing these qualities.
ML: However, over 90 percent of traders that come to the forex market go broke very soon.
AP: Because they are dazzled by the promise of profits and enter the forex market without any preparation. It is contests similar to competitions held by the that help their participants develop persistence, equanimity, compliance with the trading strategy they selected - things that are so necessary for live currency trading and management of investor funds.
We got quite a nice duo - you do the training, we offer jobs!
ML: Thank you for the interview. We hope that the results of the Third Academic Contest will be as interesting as this meeting.
Dear readers! Here you can discuss terms and conditions of the forthcoming contest and ask questions
