In order to learn something, it is necessary to do something. This is especially true of those beginning Forex traders who want to learn the specifics of Forex trading in practice instead of reading tons of books (most of which are useless). Indeed, they say practice makes perfect.
However, most beginners either do not have enough funds to start trading for real money or do not want to risk their money. Is there a way out for them? Yes, there is. FXOpen, a major Forex broker, has started a series of free trading tournaments with cash prizes. Moreover, the winner of such a tourney will get an opportunity to manage a PAMM account, not to mention the fact that you get a chance to master your trading skills in a genuine trading environment without any risk of losing your funds, simultaneously competing with others.
Dozens of participants have already turned into professionals through winning the contests. Now they make decent profits on a regular basis.
Trading Tourney – Knowledge and Skills Make Money
Those beginning traders who dare dream about reaching the same financial “Olympus” that Buffet, Soros, Williams, Elder and other trading and investment gurus did should know where, when, how and why to open and close a certain trade. However, knowledge itself is not enough to become a winning trader. It is necessary to turn knowledge into skills through constant practice. One of the best ways to put knowledge into practice and to master skills is to participate in trading tournaments. On the one hand, you ensure yourself against major losses as you participate in those contests for free. On the other hand, you compete with others, master your skills and have a chance to win decent cash prizes and to start your trading career.
FXOpen created its own project dedicated to trading contests. It is called ForexCup. These contests are the fastest and most efficient way towards becoming a professional trader because they are adapted to real trading conditions.
This the very start of ForexCup, the broking company has already conducted over 60 different trading contests with over $100 000 in cash prizes. Some of the winners have become successful PAMM managers.
ForexCup includes the following trading contests:
– Profitable Week – free weekly contests for demo accounts. The size of the cash prize depends on the profit gained over the course of the tourney. The prize pool is $1500. Sometimes it can be even bigger.
– FX Market Masters – free monthly tourneys. The winner is invited to work as a PAMM manager.
– Profit Hunters – another tourney introduced by FXOpen. It is held twice a month. In order to participate in it, you have to pay a certain fee as a buy-in. The prize pool may vary depending on the size of buy-ins and the amount of participants.
Anyone can participate and win any of these tournaments provided that he/she is skilled enough. Others can use free tourneys to train and master their skills.
For example, Ilya Gladovsky, a Ukrainian trader, won the «Profitable WeeK” contest that was conducted 11/19/2012 through 11/23/2012, thereby outpacing 1113 opponents! In 5 trading days, he opened 5 traders to turn $5000 into $17618, which is +252%. He earned $350 (without paying a penny for participation).
