Contests - trading with prizes
Any sport has a goal - to shoot more accurately, run faster, etc. In trading, a similar goal is to take a profit accurately according to a developed system (or several systems), i.e. both in sports and in trading on the markets you need to show results.
In sports, all athletes are in the same conditions before the start - whether it's a tennis court, a swimming pool, the firing line. In the markets, everyone sees the same chart, but the ability to work on it depends on the skill of the trader.
To achieve success in trading it is necessary, as well as in sports, to devote a lot of time to it. If you play tennis for example for an hour a day, then after a while the basics of the game will be mastered quite quickly, but it is unlikely that you will become a master. Trading also requires enough time, especially at the initial stage.
contests
Traders also have their own competitions.
Trader's contests There are several types of tournaments, just like different disciplines in sports. Tournaments differ according to their duration (competition may last one day, two months or more), the set of instruments (somewhere in the rules allow to trade on all markets, but there may be restrictions or division into categories), limitation of certain types of trading (usually scalping and scalping).
In some contests, the winner is determined not by the number of profits, but by points, which are the sum of profit, drawdowns, profit factor and a number of others throughout the contest.
It is important to participate only in those contestsYou can also choose tournaments that match your trading style. If you trade intraday or medium term, then one-day tournaments are unlikely to work for you.
The goal of winning a serious competition is not so much the main prize as the opportunity to attract the attention of potential investors. Winning a contest that lasts for several months, for example, shows both the trader's ability to make a stable profit and his psychological stability.
To participate or not to participate in competitions?
First, you have to decide if participating in contests is part of your goals. You don't have to prove to everyone that you are a good trader. If your goal is to win a trader's tournament, to become famous in the trading environment and to find good investors, then you need to approach it seriously and thoroughly.
For successful participation in any competition it is necessary to prepare and train in advance. If you want to win at contestsIf you want to take part in a contest, you have to read its terms and conditions carefully first. The main thing is that participation in the contest should be based on your trading, i.e. you should look for a contest that suits your trading and not change your trading for a particular contest.
If the tournament has a history, look at the results of the top ten. In case your trading system is capable of similar, you can start training. The TS may show less results, then further work on your trading is needed.
It is desirable to trade several times in the conditions of the contest. You can have a separate account with a similar balance and leverage, and trade there exactly according to the rules of the contest. Such training will be extremely useful, because it allows you to feel the course of the competition and be prepared for it in advance.
Winning a contest always boosts your self-esteem and gives you new inner strength. If you can win several contests, thus demonstrating your stability, there will be no shortage of investors, and maybe you will even get on the cover of forbes.