Excel Markets Forex Demo Account Trading Contest - $10,000 in Cash Prizes - 10 Winners
The Excel Markets trading contest offers $10,000 USD in CASH prizes and utilizes demo accounts so it is risk free.
Forex Razor will be hosting it's second trading competition beginning April 15, the same day the March contest ends. This time the ante is even larger, sponsored once again by www.excelmarkets.com the prize pool for April's trading contest has grown from $5500 to $10,000 USD Cash! First place walks with a whopping $5000, second with $2000, third with $1000, and 4th and 5th both get $500 with the remaining 5 places getting $200 each.
Also, the rules have changed a little for this contest, as there will be 1:400 leverage, $100,000 fake money accounts, and up to 60% peak to valley equity drawdown will be allowed before a contestant is disqualified.
There is still 5 days left in the March contest and over half of all contestants have been disqualified for exceeding the 50% drawdown threshold. There have been a lot of margin calls and I know for some people it was their first time learning about margin requirements and how to avoid margin calls. I really believe in involving a drawdown requirement because while some of us may take risk management for granted, there are so many people out there just blowing their money by trading in such a way they can never win because their risk tolerance is just not sustainable. I am glad to see people learning more, and experiencing the burn of poor money management even if it is just on a demo account.
No doubt, to win one of these competitions you are forced to take on massive risks but at least drawdown is a factor. There are other statistical forex systems out there and other contests and none that I know of have a drawdown component, but at the same time at least for the systems out there I am familiar with it would not be possible for them to include a drawdown component because the system lacks the requisite accuracy - one guy's drawdown would be captured while the next guy may have the same drawdown but the system would miss part or all of it. I think it's best if we continue to enforce contest drawdown requirements as long as we have the luxury of having enough precision to do so fairly.
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