It seems that there's no shortage of enticing and alluring competitions in the FX marketplace, particular for traders who are looking for the opportunity to show off their skills against a global pool of eager and ambitious competitors. OctaFX, in conjunction with Forex-TSD, have recently announced the arrival of a new competition designed to explore the “limits” of a trader’s ability in a no-holds-barred simulator contest.
Participants will each be given a starting sum of $10000 and 1:500 leverage in a race to see who can accrue the most wealth within a one month period. Although the funds used to facilitate this competition are fake, the prize winnings are very real. The 1st place winner will receive 2500 USD, while the 2nd and 3rd place participants will receive 1500 USD and 1000 USD, respectively. Financial prizes are also offered to 4th and 5th placed competitors.
Competitions such as these serve two primary purposes. Not only do they give amateur traders the opportunity to explore new strategies in a friendly competition, but they also raise awareness of trading software platforms, which, in this instance, is represented by the OctaFX platform all competitors will be using throughout the duration of the event.
Because of this, it could be asserted that both OctaFX and the five lucky finalists will all leave this competition a “winner.” Although OctaFX is dispensing cash to each of the winners, it is likely that they believe that participants in the competition will return to the company and continue to use their platform for commission-drive trading.
Additional information about this competition can be found at http://www.octafx.com/company/news/$-6000-prize-pool-in-a-new-octafx-&-forex-tsd-demo-contest/. Contestants must register on the website before the competition begins in order to be included in the event.
There really is no reason why those interested in enhancing their FX trading abilities should not participate in an event such as this. The opportunity to expand one's abilities in a competitive environment will prove to be an invaluable experience for those who have not yet had the opportunity or ability to engage in FX trading in the real world. Essentially, the knowledge gained in this competition is as valuable as the actual prize itself.